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QINGDAO, China, Jan. 19, 2021 /PRNewswire/ — SOS Restricted (NYSE: SOS) (the “Firm” or “SOS”) introduced at the moment it has entered right into a non-binding letter of intent to amass FXK Tech Company(“FXK”), a Canadian-based firm, specializing within the blockchain know-how consulting and operations and assist for cryptocurrency exchanges and cloud crypto algorithmic energy exchanges, to additional lengthen SOS ecosystem of blockchain and cryptocurrencies, in addition to to increase its operations to North America.
FXK is a licensed crypto know-how supplier in Canada. Its present providers and merchandise embrace the design, building, operations and assist of alternate platforms of cryptocurrencies and cloud crypto algorithmic energy, and blockchain-based options.
SOS is an rising blockchain-based and massive data-driven advertising and marketing and repair supplier, with a nationwide membership base of roughly 20 million in China. Lately, SOS has outlined its technique in blockchain and cryptocurrencies, which embrace a collection of initiatives to increase its enterprise into cryptocurrency mining in addition to cryptocurrency safety and insurance coverage. The core infrastructure of SOS rescue, insurance coverage advertising and marketing and repair provide chain is constructed on massive knowledge, blockchain-based know-how, cloud computing, AI, satellite tv for pc, and 5G community, and so forth.
Pursuant to the Letter of Intent, SOS is anticipated to amass 100% of the excellent shares of FXK for a mix of Class A atypical shares and money. The Firm’s deliberate acquisition of FXK is aimed to additional increase and improve its ecosystem of cryptocurrencies and digital property in addition to to increase its enterprise to North America. As the transaction proceeds, the Firm will publicly disclose required data both via press releases or SEC filings, as acceptable.
Dr Huazhong Yan, Vice President of SOS Info Know-how Co. Ltd, the Firm’s working subsidiary, commented, “with its modern applied sciences in cryptocurrency exchanges, and crypto algorithmic energy exchanges, acquisition of FXK will additional increase our ecosystem of cryptocurrencies and cloud crypto mining and safety and insurance coverage.”
SOS Chairman Yandai Wang additionally commented, “FXK is a pacesetter in cryptocurrency and crypto algorithmic energy alternate applied sciences. If the acquisition is accomplished, our operations will likely be expanded to North America in addition to expedite the executions of our technique in cryptocurrencies and cloud crypto mining and safety and insurance coverage.”
Completion of the transaction is topic to due diligence investigations by the related events, the negotiation and execution of a definitive share alternate settlement, satisfaction of the circumstances negotiated therein together with the approval of the Firm’s Board of Administrators, approval by NYSE of the itemizing of shares issued within the transaction, and the satisfaction of different customary closing circumstances. There could be no assurance {that a} definitive settlement will likely be entered into or that the proposed transaction will likely be consummated. Additional, readers are cautioned that these parts of the LOI that describe the proposed transaction, together with the consideration to be issued therein, are non-binding.
About FXK Tech Company
FXK Tech Company (“FXK”) is a Canadian-based firm, headquartered in Richmond, B.C, specialised within the blockchain know-how consulting, and operations and assist for crypto foreign money and cloud crypto algorithmic energy exchanges. FXK is a licensed modern crypto know-how supplier absolutely complied with provisional and federal rules and legislation. The core R&D staff consists of a bunch of main researchers in blockchain and cryptocurrencies. Its present providers and merchandise embrace: the design, building, operations and assist for alternate platforms of cryptocurrencies and loud crypto algorithmic energy, and blockchain-based options. For extra data, please go to: https://www.fxk.com/
About SOS Restricted
SOS Restricted, via its working subsidiary, SOS Info Know-how Co., Ltd. (“SOS”) is a high-technology firm offering a variety of providers to its company and particular person members, together with advertising and marketing knowledge, know-how and options for emergency rescue providers. SOS transforms digital know-how into data-driven operations via the analysis and growth of huge knowledge, cloud computing, Web of Issues, blockchain and synthetic intelligence.
We now have created a SOS cloud emergency rescue service software program as a service (SaaS) platform with three main product classes: fundamental cloud, cooperative cloud, and data. This technique supplies modern advertising and marketing options to purchasers comparable to insurance coverage corporations, monetary establishments, medical establishments, healthcare suppliers, auto producers, safety suppliers, senior dwelling help suppliers, and different service suppliers within the emergency rescue providers trade.
SOS has obtained a nationwide high-tech enterprise certification and the title of “massive knowledge star enterprise,” awarded by Gui’an New District Authorities. Staying on the forefront of digital know-how innovation, the Firm has registered 32 software program copyrights and a couple of patents. For extra data, please go to: http://www.sosyun.com/
Ahead-Trying Statements
Sure statements made herein are “forward-looking statements” throughout the that means of the “protected harbor” provisions of the Personal Securities Litigation Reform Act of 1995. Ahead-looking statements could also be recognized by means of phrases comparable to “anticipate,” “imagine,” “anticipate,” “estimate,” “plan,” “outlook,” and “venture” and different related expressions that predict or point out future occasions or traits or that aren’t statements of historic issues. Such forward-looking statements embrace timing of the proposed transaction; the enterprise plans, aims, expectations and intentions of the events;, SOS’s estimated and future outcomes of operations, enterprise methods, aggressive place, trade surroundings and potential development alternatives market acceptance of our merchandise; the last word impression of the present Coronavirus pandemic, or some other well being epidemic, on our enterprise, our analysis applications, healthcare methods or the worldwide economic system as a complete; our mental property; our reliance on third social gathering organizations; our anticipated monetary and working outcomes, together with anticipated sources of revenues; our assumptions concerning the dimensions of the accessible market, advantages of our product providing, product pricing, timing of product launches; administration’s expectation with respect to future acquisitions; statements concerning our targets, intentions, plans and expectations, together with the introduction of recent merchandise and markets; and our money wants and financing plans and and so forth. These forward-looking statements mirror the present evaluation of current data and are topic to numerous dangers and uncertainties. Because of this, warning have to be exercised in counting on forward-looking statements. SOS might not understand its expectations, and its beliefs might not show appropriate. Resulting from recognized and unknown dangers, our precise outcomes might differ materially from our expectations or projections. All forward-looking statements attributable to the Firm or individuals appearing on its behalf are expressly certified of their entirety by these components. Aside from as required below the securities legal guidelines, the Firm doesn’t assume an obligation to replace these forward-looking statements.
Further data regarding these and different components that will impression our expectations and projections could be present in our periodic filings with the SEC, together with our Annual Report on Type 20-F for the fiscal yr endedDecember 31, 2019. SOS’s SEC filings can be found publicly on the SEC’s web site at www.sec.gov. SOS disclaims any obligation to replace the forward-looking statements, whether or not on account of new data, future occasions or in any other case.
SOURCE SOS Restricted
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