QINGDAO, China, Feb. 25, 2021 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") announced today that it entered into a definitive agreement with Leibodong Hydropower Station("Leibodong") in Hejiang County, Luzhou, Sichuan. Pursuant to the definitive agreement, Leibodong will supply SOS with electricity and physical space to house crypto mining rigs for a term of three years in order for SOS to operate its own cloud crypto mining and big data center.
Pursuant to the definitive agreement, Leibodong shall lease SOS with its own physical site or sublease physical site which are expected to be approximately 1350 square meters (approximately 14531.28 square foot) for SOS to house about 3500 sets of crypto mining rigs. The rent is about RMB 3.50 (approximately $0.5422) per square meter per month.
SOS Chairman Yandai Wang commented, "We are glad to enter into the definitive agreement with with Leibodong after three weeks' of negotiation since we entered the framework agreement on February 3, 2021. I am very pleased with the deal. The sustainable and cost-effective crypto mining supply chain is one of key success factors for cloud crypto mining. The Leibodong Cloud Crypto Mining Center based in Hejiang County, Luzhou, Sichuan sets an example and standard on how SOS will continue to secure cheap electricity in regions with rich renewable energy resources, such as Sichuan China. We will continue to search for cheap and sustainable power plant to execute our aspiring strategy of cloud crypto mining."
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/
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 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.
SOURCE SOS Limited