SMART MONEY GROUP

[Golden Cross]

SOS Ltd. Enters into a Non-Binding Letter of Intent to Acquire the Majority Equity Interest of Three US-based Power Plants

April 12 2021 - 09:00AM
PR Newswire (US)
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/