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QINGDAO, China, Jan. 19, 2021 /PRNewswire/ — SOS Restricted (NYSE: SOS) (the “Firm” or “SOS”) introduced as we speak it has entered right into a non-binding letter of intent to accumulate FXK Tech Company(“FXK”), a Canadian-based firm, specializing within the blockchain expertise consulting and operations and help for cryptocurrency exchanges and cloud crypto algorithmic energy exchanges, to additional lengthen SOS ecosystem of blockchain and cryptocurrencies, in addition to to broaden its operations to North America.
FXK is a licensed crypto expertise supplier in Canada. Its present companies and merchandise embody the design, development, operations and help of trade platforms of cryptocurrencies and cloud crypto algorithmic energy, and blockchain-based options.
SOS is an rising blockchain-based and massive data-driven advertising 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 embody a collection of initiatives to broaden its enterprise into cryptocurrency mining in addition to cryptocurrency safety and insurance coverage. The core infrastructure of SOS rescue, insurance coverage advertising and repair provide chain is constructed on huge information, blockchain-based expertise, cloud computing, AI, satellite tv for pc, and 5G community, and many others.
Pursuant to the Letter of Intent, SOS is predicted to accumulate 100% of the excellent shares of FXK for a mix of Class A abnormal shares and money. The Firm’s deliberate acquisition of FXK is aimed to additional broaden and improve its ecosystem of cryptocurrencies and digital belongings in addition to to broaden its enterprise to North America. As the transaction proceeds, the Firm will publicly disclose required data both by way of 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 broaden 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 trade applied sciences. If the acquisition is accomplished, our operations will probably 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 trade settlement, satisfaction of the situations 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 situations. There will be no assurance {that a} definitive settlement will probably be entered into or that the proposed transaction will probably 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 expertise consulting, and operations and help for crypto forex and cloud crypto algorithmic energy exchanges. FXK is a licensed modern crypto expertise supplier totally complied with provisional and federal rules and legislation. The core R&D crew consists of a bunch of main researchers in blockchain and cryptocurrencies. Its present companies and merchandise embody: the design, development, operations and help for trade 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, by way of its working subsidiary, SOS Info Know-how Co., Ltd. (“SOS”) is a high-technology firm offering a variety of companies to its company and particular person members, together with advertising information, expertise and options for emergency rescue companies. SOS transforms digital expertise into data-driven operations by way of the analysis and improvement of huge information, cloud computing, Web of Issues, blockchain and synthetic intelligence.
Now we 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 gives modern advertising options to shoppers akin to insurance coverage corporations, monetary establishments, medical establishments, healthcare suppliers, auto producers, safety suppliers, senior residing help suppliers, and different service suppliers within the emergency rescue companies trade.
SOS has obtained a nationwide high-tech enterprise certification and the title of “huge information star enterprise,” awarded by Gui’an New District Authorities. Staying on the forefront of digital expertise innovation, the Firm has registered 32 software program copyrights and a pair of patents. For extra data, please go to: http://www.sosyun.com/
Ahead-Wanting Statements
Sure statements made herein are “forward-looking statements” throughout the that means of the “secure harbor” provisions of the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements could also be recognized by means of phrases akin to “anticipate,” “consider,” “anticipate,” “estimate,” “plan,” “outlook,” and “challenge” and different related expressions that predict or point out future occasions or developments or that aren’t statements of historic issues. Such forward-looking statements embody timing of the proposed transaction; the enterprise plans, targets, 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 every other well being epidemic, on our enterprise, our analysis packages, healthcare methods or the worldwide economic system as an entire; our mental property; our reliance on third occasion organizations; our anticipated monetary and working outcomes, together with anticipated sources of revenues; our assumptions relating to the dimensions of the out there market, advantages of our product providing, product pricing, timing of product launches; administration’s expectation with respect to future acquisitions; statements relating to our objectives, intentions, plans and expectations, together with the introduction of recent merchandise and markets; and our money wants and financing plans and and many others. These forward-looking statements replicate the present evaluation of present data and are topic to numerous dangers and uncertainties. In consequence, warning should be exercised in counting on forward-looking statements. SOS could not understand its expectations, and its beliefs could not show appropriate. As a consequence of recognized and unknown dangers, our precise outcomes could 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. Apart from as required underneath the securities legal guidelines, the Firm doesn’t assume an obligation to replace these forward-looking statements.
Extra data regarding these and different components which will impression our expectations and projections will be present in our periodic filings with the SEC, together with our Annual Report on Kind 20-F for the fiscal 12 months 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
