QINGDAO, China, Jan. 19, 2021 /PRNewswire/ -- SOS Limited
(NYSE: SOS) (the "Company" or "SOS") announced today it has
entered into a non-binding letter of intent to acquire FXK Tech
Corporation("FXK"), a Canadian-based company, specializing in
the blockchain technology consulting and operations and support for
cryptocurrency exchanges and cloud crypto algorithmic power
exchanges, to further extend SOS ecosystem of blockchain and
cryptocurrencies, as well as to expand its operations to North
America.
FXK is a licensed crypto technology provider in Canada. Its current services and products
include the design, construction, operations and support of
exchange platforms of cryptocurrencies and cloud crypto algorithmic
power, and blockchain-based solutions.
SOS is an emerging blockchain-based and big data-driven
marketing and service provider, with a nationwide membership base
of approximately 20 million in China. Recently, SOS has outlined its strategy
in blockchain and cryptocurrencies, which include a series of
initiatives to expand its business into cryptocurrency mining as
well as cryptocurrency security and insurance. The core
infrastructure of SOS rescue, insurance marketing and service
supply chain is built on big data,
blockchain-based technology, cloud computing, AI, satellite, and 5G
network, etc.
Pursuant to the Letter of Intent, SOS is expected to acquire
100% of the outstanding shares of FXK for a combination of Class A
ordinary shares and cash. The Company's planned acquisition of
FXK is aimed to further expand and upgrade its ecosystem of
cryptocurrencies and digital assets as well as to expand its
business to North America. As the
transaction proceeds, the Company will publicly disclose required
information either through press releases or SEC filings, as
appropriate.
Dr Huazhong Yan, Vice President
of SOS Information Technology Co. Ltd, the Company's operating
subsidiary, commented, "with its leading-edge technologies in
cryptocurrency exchanges, and crypto algorithmic power
exchanges, acquisition of FXK will further expand our
ecosystem of cryptocurrencies and cloud crypto mining and security
and insurance."
SOS Chairman Yandai Wang also commented, "FXK is a leader
in cryptocurrency and crypto algorithmic power exchange
technologies. If the acquisition is completed, our operations will
be expanded to North America as
well as expedite the executions of our strategy in cryptocurrencies
and cloud crypto mining and security and insurance."
Completion of the transaction is subject to due diligence
investigations by the relevant parties, the negotiation and
execution of a definitive share exchange agreement, satisfaction of
the conditions negotiated therein including the approval of the
Company's Board of Directors, approval by NYSE of the listing of
shares issued in the transaction, and the satisfaction of other
customary closing conditions. There can be no assurance that a
definitive agreement will be entered into or that the proposed
transaction will be consummated. Further, readers are cautioned
that those portions of the LOI that describe the proposed
transaction, including the consideration to be issued therein, are
non-binding.
About FXK Tech Corporation
FXK Tech Corporation ("FXK") is a Canadian-based company,
headquartered in Richmond, B.C,
specialized in the blockchain technology consulting, and operations
and support for crypto currency and cloud crypto algorithmic power
exchanges. FXK is a licensed leading-edge crypto technology
provider fully complied with provisional and federal regulations
and law. The core R&D team consists of a group of leading
researchers in blockchain and cryptocurrencies. Its current
services and products include: the design, construction, operations
and support for exchange platforms of cryptocurrencies and loud
crypto algorithmic power, and blockchain-based solutions. For more
information, please visit: https://www.fxk.com/
About SOS Limited
SOS Limited, through its operating subsidiary, SOS
Information Technology Co., Ltd. ("SOS") is a high-technology
company providing a wide range of services to its corporate and
individual members, including marketing data, technology and
solutions for emergency rescue services. SOS transforms digital
technology into data-driven operations through the research and
development of big data, cloud computing, Internet of Things,
blockchain and artificial intelligence.
We have created a SOS cloud emergency rescue service software as
a service (SaaS) platform with three major product categories:
basic cloud, cooperative cloud, and information. This system
provides innovative marketing solutions to clients such as
insurance companies, financial institutions, medical institutions,
healthcare providers, auto manufacturers, security providers,
senior living assistance providers, and other service providers in
the emergency rescue services industry.
SOS has obtained a national high-tech enterprise certification
and the title of "big data star enterprise," awarded by Gui'an New
District Government. Staying on the forefront of digital technology
innovation, the Company has registered 32 software copyrights and 2
patents. For more information, please
visit: http://www.sosyun.com/
Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate," "believe," "expect," "estimate," "plan," "outlook,"
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include timing
of the proposed transaction; the business plans, objectives,
expectations and intentions of the parties;, SOS's estimated and
future results of operations, business strategies, competitive
position, industry environment and potential growth opportunities
market acceptance of our products; the ultimate impact of the
current Coronavirus pandemic, or any other health epidemic, on our
business, our research programs, healthcare systems or the global
economy as a whole; our intellectual property; our reliance on
third party organizations; our anticipated financial and operating
results, including anticipated sources of revenues; our assumptions
regarding the size of the available market, benefits of our product
offering, product pricing, timing of product launches; management's
expectation with respect to future acquisitions; statements
regarding our goals, intentions, plans and expectations, including
the introduction of new products and markets; and our cash needs
and financing plans and etc. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. SOS may
not realize its expectations, and its beliefs may not prove
correct. Due to known and unknown risks, our actual results may
differ materially from our expectations or projections. All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
Additional information concerning these and other factors that
may impact our expectations and projections can be found in our
periodic filings with the SEC, including our Annual Report on Form
20-F for the fiscal year endedDecember 31, 2019. SOS's SEC filings
are available publicly on the SEC's website at www.sec.gov.
SOS disclaims any obligation to update the forward-looking
statements, whether as a result of new information, future events
or otherwise.
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SOURCE SOS Limited