HICKSVILLE, NY — Long Island Iced Tea Corp., a growth-oriented company focused on the ready-to-drink iced teas, has filed a registration statement on Form S-1 with the Securities and Exchange Commission (“SEC”) relating to a proposed initital public offering of its common stock.
The number of shares to be offered and the price range for the offering have not been determined. In connection with the offering, the Company has filed an application to have its shares listed on the NASDAQ Capital Markets at the closing of the offering under the symbol “LTEA.”
Launched in 2011, the company reported net sales of $1.9 million in 2015 and a net loss of $3.18 million. It has not earned a profit to date.
Long Island Iced Tea Corp. operates in the ready-to-drink tea segment of the beverage industry. The Company has developed non-alcoholic, premium iced tea bottled beverages made with quality ingredients that are offered at an affordable price. The Company is currently organized around its flagship brand Long Island Iced Tea, a premium, ready-to-drink iced tea sold primarily on the East Coast of the United States through a network of distributors.
The company sells its products to a mix of independent mid-to-large size beverage distributors who in turn sell to retail outlets, such as big chain supermarkets, mass merchants, convenience stores, restaurants and hotels principally in the New York, New Jersey, Connecticut and Pennsylvania markets It has also begun expansion into other geographic markets, such as Florida, Virginia, Massachusetts, New Hampshire, Nevada, Rhode Island and parts of the Midwest.