QINGDAO, China, April 12, 2021 /PRNewswire/ -- SOS Limited
(NYSE: SOS) (the "Company" or
"SOS") an emerging blockchain-based and big data-driven marketing
solution provider, announced today that SOS Information
Technology New York, Inc., a wholly owned subsidiary of the
Company, has entered into a non-binding letter of intent ("LOI") to
acquire the majority of the equity interests of each of three
US-based power plants for its planned crypto-mining operations in
North America.
Pursuant to the terms of the LOI, the Company intends to acquire
more than 51% of the membership interests of Sherman Development
LLC, Niagara Development LLC and Park Falls Management LLC. Sherman
Development LLC's recycling power plant in Stacyville, ME has claimed a capacity of 24
MW, Niagara Development LLC's hydropower power plant in
Niagara, WI has a claimed capacity
of 9 MW, and Park Falls Management LLC's natural gas power plant in
Park Falls, WI has a claimed
capacity of 20 MW.
As the transaction proceeds, the Company will publicly disclose
additional information through press releases or SEC filings, as
appropriate.
Once the Company completes a feasibility study and earnings
analysis and receives board approval, it intends to build a US
digital mining site to host SOS mining operations and potentially
other miners. If and when the site operations get underway,
the Company anticipates it will create significant jobs
opportunities in the US.
SOS Chairman Yandai Wang commented, "We have been looking for
investment opportunities in the United
States. The acquisition of this power plant is the first
step for SOS to officially enter the American market. We will
continue to increase the investment and construction of
cryptocurrency computing center in the
United States, and devote ourselves to bring better
performance to the company."
Completion of the transaction is subject to due diligence
investigations by the relevant parties, the negotiation and
execution of a definitive purchase agreement, satisfaction of the
conditions negotiated therein including the approval of the
Company's board of directors, approval by the New York Stock
Exchange of the issuance of shares to be issued in connection with
the acquisition, and the satisfaction of other additional customary
closing conditions.
About SOS Limited
SOS is an emerging blockchain-based and big data-driven
marketing and solution provider, with a nationwide membership base
of approximately 20 million in China. Recently, SOS started to get ready to
roll out its cryptocurrency mining business and plans to develop
insurance and security management solutions for digital assets and
cryptocurrencies. The core infrastructure of SOS' marketing data,
technology and solutions to insurance and emergency rescue services
is built on big date, blockchain-based technology, cloud computing,
AI, satellite, and 5G network, etc. 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, including basic cloud
(medical rescue card, car rescue card, financial rescue card,
mutual assistance rescue card), cooperative cloud (information
rescue center, intelligent big data, intelligent software and
hardware), and information cloud (News Today, E-Commerce Today).
This system provide marketing-related data, technology solutions,
and technology-driven big data 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. 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, There is no guarantee that the Company will be
able to successfully build such a hosting site nor exact timing of
such a plan,etc.
The following factors, among others, could cause actual results
to differ materially from those described in these forward-looking
statements: 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.The occurrence of any event, change or other
circumstances that could give rise to the terms of the LOI not
hereafter being memorialized in a definitive agreement; the outcome
of any legal proceedings that have been, or will be, instituted
against the Company or other parties to the LOI following
announcement of the LOI and transactions contemplated therein; the
ability of the Company to meet NYSE listing standards following the
transaction and in connection with the consummation thereof; the
inability to complete the transactions contemplated by the LOI due
to the failure to meet any closing conditions; risks that the
proposed transaction disrupts current plans and operations and the
potential difficulties in employee retention as a result of the
announcement of the LOI and consummation of the transaction
described therein; costs related to the proposed acquisition;
changes in applicable laws or regulations; the ability of the
acquired assets 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,
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