The Board of Directors of Long Blockchain Corp. (NasdaqCM:LBCC) approved the spin-off of Long Island Brand Beverages, LLC on February 20, 2018. In connection with transaction, the Board of Directors of Long Blockchain 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 Long Blockchain will be a member of the Board of Directors of LIBB once the spin-off is completed. Cullen Inc Holdings Ltd., a significant shareholder of Long Blockchain, and certain other shareholders with which Cullen is affiliated entered into voting agreements with Long Blockchain pursuant to which they agreed to vote the shares of common stock of Long Blockchain owned by them, to the extent necessary, in favor of any action necessary to effectuate the Spin Off. Long Blockchain aims to structure and complete the spin off during the second quarter of 2018. Long Blockchain Corp. is aiming to structure and complete the proposed spin-off during the third quarter of 2018. Steve Wolosky of Olshan Frome Wolosky LLP acted as legal advisor to Cullen Inc. and affiliates. David Miller and Jeffrey Gallant of Graubard Miller acted as legal advisor to Long Island and Long Blockchain.