Long Blockchain Corp. Determines Not to Purchase Bitcoin Mining Equipment, Remains Committed to Proposed Merger with Stater Blockchain in Developing Blockchain Solutions for the Global Fin...
LONG BLOCKCHAIN CORP COMMON (LBCC)
US:NASDAQ Investor Relations:
investors.longislandicedtea.com
Company Research
Source: GlobeNewswire
Farmingdale, NY, Feb. 02, 2018 (GLOBE NEWSWIRE) -- Long Blockchain Corp. (NasdaqCM: LBCC) (the “Company”) today announced that it will not acquire the 1,000 Antminer S9 mining rigs and 1,000 APW3++ PSUs pursuant to its previously announced purchase agreement. After thoughtful consideration and in consultation with outside technology advisors, the Company will instead focus its efforts on seeking to enter into and ultimately consummate its previously announced proposed merger with Stater Blockchain Limited (“Stater”), a technology company focused on developing and deploying globally scalable blockchain technology solutions across the financial markets, and exploring additional opportunities and strategic investments across the ancillary blockchain ecosystem. Shamyl Malik, head of the Company’s Blockchain Strategy Committee, commented, “While we continue to believe in the value of mining equipment to the blockchain ecosystem, the purchase of these machines - which was negotiated as
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