The New York-based company, which saw major stock price volatility after it unexpectedly rebranded to Long Blockchain from ‘Long Island Iced Tea’ in January, said it would similarly leverage so-called “distributed ledger technology” (DLT) in its new format.
Operations will be run via a new subsidiary dubbed Stran Loyalty Group, while Long’s CEO has also stepped down.
“Consumer brands and corporations realize that loyal customers not only purchase more goods but that they also purchase more often,” new CEO Andy Shape said in a press release:
“The Company’s goal is to use the initial loyalty business as a catalyst to implement disruptive technology solutions, including distributed ledger technology, into the loyalty industry while realizing immediate revenue and credibility from traditional loyalty contracts,” the press release continues, adding the somewhat curious proviso:
“There can be no assurance that the Company will be successful in developing such technology, or in profitably commercializing it, if developed.”