– Appoints Shamyl Malik as Chief Executive Officer –
– Formation of Board Subcommittee to Lead Spin-Off of Beverage Subsidiary –
Farmingdale, NY, Feb. 20, 2018 (GLOBE NEWSWIRE) — Long Blockchain Corp. (NasdaqCM: LBCC) (the “Company” or “LBCC”) today announced new developments to advance the Company’s transition toward the development and acquisition of Blockchain applications that can leverage the benefits of distributed ledger technologies (DLT/Blockchain).
Shamyl Malik Appointed CEO of Long Blockchain Corp.
The Board of Directors has appointed Shamyl Malik as Chief Executive Officer of the Company, effective immediately. Mr. Malik brings over a decade of financial technology experience to LBCC having held positions as Global Head of Trading at Voltaire Capital, Head of FX Electronic Trading at Morgan Stanley, and Head of Electronic Market Making for Emerging Markets and Precious Metals in the Capital Markets Division at Citibank. He currently serves on the Company’s Board of Directors, having been appointed on January 2, 2018, and as Chairman of the Company’s Blockchain Strategy Committee.
“Shamyl’s appointment to CEO is a valuable development in accelerating the Company’s business transition. He brings exceptional insights and experience in financial technology,” said Bill Hayde, Chairman of the Board of Directors.
Mr. Malik added, “We see an attractive opportunity to develop Blockchain solutions for the global financial markets, and are eager to implement our business strategy through internal applications development and complimentary merger targets that the Company is evaluating.”
Spin-Off of Beverage Business to Shareholders
The Board of Directors has also approved Management’s intentions to pursue a spin-off of the Company’s existing beverage subsidiary, Long Island Brand Beverages, LLC (“LIBB”). The Company aims to structure and complete the proposed spin-off during the second quarter of 2018, with the intention to maintain a public listing for the beverage business. In connection with the foregoing, the Board of Directors has formed a beverage subcommittee, comprised of Bill Hayde, John Carson, and Tom Cardella, with responsibilities for appointing the Board and Chief Executive Officer of the spun-off company and to oversee the beverage business until the spin-off is completed.
Philip Thomas, former Chief Executive Officer and Director of the Company who will be a member of the Board of Directors of LIBB once the spin-off is completed, commented, “It was always our intention to spin off our beverage business following our shift to Blockchain technology and we believe that it is currently the appropriate time to take such action. Shamyl has shown great initiative and leadership since joining the team, and his appointment as CEO and our planned spin-off will allow the Company to execute on a clear, focused Blockchain strategy.”
“It is anticipated that the spin-off will provide shareholders the opportunity to capitalize on both the Company’s new Blockchain business and the value to be created by LIBB’s ongoing growth. Stockholders will own the same percentage of LIBB as they currently own in the Company,” Mr. Thomas added.
Additional details regarding the appointment of Mr. Malik, the departure of Mr. Thomas, the spin-off and other related matters will be set forth in a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.
About Long Blockchain Corp.
Long Blockchain Corp. is focused on developing and investing in globally scalable blockchain technology solutions. It is dedicated to becoming a significant participant in the evolution of blockchain technology that creates long term value for its shareholders and the global community by investing in and developing businesses that are “on-chain”. Blockchain technology is fundamentally changing the way people and businesses transact, and the Company will strive to be at the forefront of this dynamic industry, actively pursuing opportunities. Its wholly-owned subsidiary Long Island Brand Beverages, LLC operates in the non-alcohol ready-to-drink segment of the beverage industry under its flagship brand ‘The Original Long Island Brand Iced Tea®’. For more information on the Company, please visit www.longblockchain.com