QINGDAO, China, Jan. 21, 2021 /PRNewswire/ -- SOS Limited
(NYSE: SOS) (the "Company" or "SOS") announced today it has
entered into a purchase agreement to procure 14238 BTC mining
rigs with BTC Hash Power of approximately 527P, as well as 1408 ETH
mining rigs with Hash Power of approximately 1056G as part of SOS'
plan to execute its strategic plan of cloud cryptocurrency mining
in pursuit of the rising cryptocurrency prices.
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 includes 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 purchase agreement, SOS is expected to pay
approximately US$20 million to
purchase 14238 PCS built with parts including the Momentum T2T
37T Double Speed, 1408 Momentum A10 Pro 780M, from HY International Group New York Inc. a
seller of cryptocurrency mining rigs. The pool of prospective
mining rigs will generate BTC Hash Power 527P and ETH Hash Power
1056G, once all of these mining rigs are set up in place and in
operation, the pool of harsh power is projected to create roughly
3.5 BTC and 63 ETH every day, making about $206,551USD per day, based on the current
cryptocurrency prices. The shipment is expected to be delivered
over three time installments: (1) February
14, 2021, 5000 PCS; (2) March 14,
2021, 5000 PCS; and (3) April 15,
2021, 5646 PCS;
SOS Chairman Yandai Wang also commented, "the price momentum of
mainstream cryptocurrencies, such as BTC and ETH are currently
expected to strengthen even further. Through this procurement, SOS
is promptly seizing the
opportunity."
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.
View original
content:http://www.prnewswire.com/news-releases/sos-ltd-enters-into-the-purchase-agreement-to-acquire-15645-mining-rigs-btc-hash-power-527p-eth-hash-power-1056g-301212399.html
SOURCE SOS Limited