Farmingdale, NY , May 11, 2018 (GLOBE NEWSWIRE) — Long Blockchain Corp. (OTCPink: LBCC) (the “Company”) today announced the appointment of Sanjay Sachdev to the Company’s Board of Directors and Shamyl Malik, the Chief Executive Officer of the Company, as the Chairman of the Board. Mr. Sachdev will be an independent director, and was nominated by TSLC Pte Ltd. (“TSLC”) pursuant to the terms of the previously-announced contribution and exchange agreement between the Company and TSLC. Mr. Malik will replace William Hayde as Chairman of the Board, with Mr. Hayde continuing on as a director.
Mr. Sachdev has spent more than 25 years building asset management businesses in a number of emerging markets. He is a 2018 Advanced Leadership Initiative Fellow in Residence at Harvard University. In addition, since 2013 Mr. Sachdev has been the Chairman of Zyfin Holdings, a leading asset management and economic research firm focused on the India, ASEAN and MENA regions. He drove the creation of several multi-billion dollar asset management businesses, across public and private markets investing in different asset classes, and has worked with the Principal Financial Group, Shinsei Bank of Japan and the Tata Group in the US, India, S.E. Asia and Japan.
Shamyl Malik, Chairman and Chief Executive Officer of the Company, stated, “Sanjay has spent his career developing companies in the global financial services sector, leaving behind an exceptional record of success and resulting in his remarkable depth of experience in the industry. We are thrilled to have Sanjay join our Board as Long Blockchain enters its next phase of growth.”
“I have been impressed with Long Blockchain’s vision and am honored to be joining its Board,” commented Mr. Sachdev. “I share the Company’s optimism for the new and exciting developments in blockchain technology, and look forward to working with Shamyl and the Board to realize its vision of becoming a leader in blockchain technology.”
Shamyl Malik added, “I want to further thank Bill Hayde for his strong leadership and tireless efforts as Chairman of the Board. He has played a critical role in the development of the Company over the past six months and we look forward to his continued contributions as a director.”
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.
Forward Looking Statements
This press release includes statements of the Company’s expectations, intentions, plans and beliefs that constitute “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to the discussion of the Company’s business strategies and its expectations concerning future operations, margins, sales, new products and brands, potential joint ventures, potential acquisitions, expenses, profitability, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements include any statement that does not directly relate to a historical or current fact. You can also identify these and other forward-looking statements by the use of such words as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “thinks,” “estimates,” “seeks,” “predicts,” “could,” “projects,” “potential” and other similar terms and phrases, including references to assumptions. These forward looking statements are made based on expectations and beliefs concerning future events affecting the Company and are subject to uncertainties, risks and factors relating to its operations and business environments, all of which are difficult to predict and many of which are beyond its control, that could cause its actual results to differ materially from those matters expressed or implied by these forward looking statements. These risks include the Company’s history of losses and expectation of further losses, its ability to expand its operations into blockchain technologies, its ability to develop or acquire new brands, the success of its marketing activities, the effect of competition in its industry and economic and political conditions generally, including the current economic environment and markets. More information about these and other factors are described in the reports the Company files with the Securities and Exchange Commission, including but not limited to the discussions contained under the caption “Risk Factors.” When considering these forward looking statements, you should keep in mind the cautionary statements in this press release and the reports the Company files with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and the Company cannot predict those events or how they may affect it. The Company assumes no obligation to update any forward looking statements after the date of this press release as a result of new information, future events or developments, except as required by the federal securities laws.
Long Blockchain Corp.
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