QINGDAO, China, June 21, 2021 /PRNewswire/ -- SOS Limited (NYSE:
SOS) (the "Company"or "SOS") announced today that it has entered
into a joint venture agreement with Niagara Development LLC
("Niagara Development"), a New
Jersey limited liability company, for a joint venture to be
based in Niagara, Wisconsin.
The joint venture, FD LLC, is expected to carry out
crypto-currency mining operations and construct an
international standardized Digital Super Computing Custody
Operation Center.
Under terms of the agreement, Niagara Development will be
responsible for providing up to 150MW of electricity, including
electricity generated from renewable sources, and construction the
Digital Super Computing Custody Operation Center. SOS will be responsible for the
management, operations and financing of the joint venture. SOS
remains committed to its block-chain strategy and strive to become
a sustainability leader in the industry.
In response to developments in the laws and regulations
pertaining to blockchain operations in China, SOS has begun shifting its bitcoin
mining operations to the U.S. The majority of SOS' China operations, namely, its insurance
businesses, call centers and ethereum mining businesses, remain
unaffected and fully operational.
Yandai Wang, Chairman of SOS, commented, "SOS continues to
increase its development of comprehensive blockchain solutions for
digital trade, digital finance and other industries. We decided to
acquire a sustainable power supply as far as possible, as we
expand our blockchain operations into North America and look forward to successful
operation of the joint venture. We continue to explore the
possibility of acquisition of Niagara Development, Sherman
Development LLC, and Park Falls Management LLC. Although at this
point, we do not have any definitive agreement for such
acquisition, we remain optimistic about our strategic expansion in
North America."
SOS is an emerging marketing and solution provider based on
blockchain and big data. It has about 20 million members in
China. In July 2020, the headquarters of SOS moved from
Gui'an new area to Qingdao West Coast new area. SOS has outlined
its strategy in blockchain and cryptocurrency, including a series
of measures to expand its business to cryptocurrency mining and
cryptocurrency security and insurance. The core infrastructure of
SOS' marketing data, technology and solutions to insurance and
emergency rescue services is built on big data, blockchain-based
technology, cloud computing, AI, satellite, and 5G network, etc.
SOS has created a cloud "software as a service (SaaS)" platform for
emergency rescue services, with three major product categories:
basic cloud, cooperative cloud, and information cloud. This system
provides innovative marketing solutions to clients, such as
insurance companies, financial institutions, medical institutions,
healthcare providers, auto manufacturers, 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 the Gui'an
New District Government. Staying on the forefront of digital
technology innovation, the Company has registered 99 software
copyrights and 3 patents. For more information, please visit:
http://www.sosyun.com/
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' 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.
The following factors, among others, could cause actual results
to differ materially from those described in these forward-looking
statements: Readers are cautioned that the outcome of any legal
proceedings that have been, or will be, instituted against the
Company or other parties to the JV following announcement of the JV
and planned operations of the JV; the ability of the Company to
meet NYSE listing standards following the transaction and in
connection with the consummation thereof; the inability to engage
in the operations of the JV; risks that the proposed operations
disrupts current plans and operations; costs related to the JV's
operations; changes in applicable laws or regulations; the ability
of the JV to meet its financial and strategic goals, due to, among
other things, competition, the ability of the Company to grow and
manage growth profitability, maintain relationships with customers
and retain its key employees; the possibility that the Company may
be adversely affected by other economic, business, and/or
competitive factors; and other risks and uncertainties described
herein, as well as those risks and uncertainties discussed from
time to time in other reports and other public filings with the
Securities and Exchange Commission (the "SEC") by the Company.
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 ended December 31,
2020. SOS' 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