SOS Announces Lease of Office in Manhattan as its North American Headquarters

Rhea-AI Summary

SOS Limited (NYSE: SOS) has officially announced the lease of its North American headquarters located at 866 2nd Ave, New York, NY. This facility will support the company's business development and blockchain R&D efforts in North America. CEO Yandai Wang emphasized SOS's commitment to expanding its blockchain technology operations outside of mainland China. The company has been actively increasing its global presence, and this new office marks a significant step in its growth strategy.

Positive

• Lease of a new headquarters in Manhattan, enhancing SOS's global presence.
• Facility expected to support business development and blockchain R&D in North America.

Negative

• SOS's blockchain and supercomputing operations are still under development, presenting uncertainties.
• Potential challenges in managing its newly launched commodity trading business.
• Risks associated with local regulations on cryptocurrency mining affecting operations.

QINGDAO, China, Oct. 18, 2021 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") announced the lease of its North American headquarters at 866 2nd Ave, New York. SOS Information Technology New York Inc., a wholly owned subsidiary of SOS Ltd., has leased a full floor of office space at 866 2nd Ave, New York, NY.

 SOS has been actively expanding its global footprint during the past year or so. Leasing of the Manhattan space signifies a new chapter of SOS' growth. The facility is expected to accommodate SOS's business development, management, blockchain R&D activities in North America.

Mr. Yandai Wang, CEO of SOS, commented, "We are committed to further expand our blockchain technology business in countries outside of mainland China. As we move forward into our next stage of growth, this office in Manhattan will serve as headquarters for our North America Operations for our blockchain R&D business.

About SOS Limited

SOS is an emerging blockchain-based and big data-driven marketing solution provider, with a nationwide membership base of approximately 20 million in China. SOS is also engaged in blockchain and supercomputing operations, and may expand into.cryptocurrency security and insurance in the future Since April 2021, we launched commodity trading via our subsidiary SOS International Trading Co. Ltd, The core infrastructure of SOS' marketing data, technology and solutions to insurance and emergency rescue services is built on big data, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. SOS has created a cloud "software as a service (SaaS)" platform for emergency rescue services, with three major product categories: basic cloud, cooperative cloud, and information cloud. This system provides innovative marketing solutions 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 in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance.  SOS cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Words such as "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," "look" or similar expressions may identify forward-looking statements. Specifically, forward-looking statements may include statements relating to the Company's:

• ability to execute its business plan;
• changes in the market for SOS' products and services; and
• expansion plans and opportunities.

These forward-looking statements are based on information available as of the date of this press release and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

These risks and uncertainties include, but not are limited to, the risk factors described by SOS in its filings with the Securities and Exchange Commission ("SEC"). These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to:

• Local government's policies and regulatory oversight of crypto currency mining operation and our other operations;
• SOS's blockchian and supercomputing, commodity trading and marketing solutions businesses are still under development, with many uncertainties in the future direction and integration of these various business segments;
• Failure to manage the newly launched commodities trading business effectively;
• Loss of key customers in the commodity trading business;
• failure to access a large quantity of power at reasonable costs could significantly increase SOS operating expenses and adversely affect our demand for SOS's mining activities;
• any significant or prolonged failure in the data warehouse facilities and data mining facilities that SOS operates or services it provides, including events beyond its control, would lead to significant costs and disruptions and would reduce the attractiveness of its facilities, harm its business reputation and have a material adverse effect on its results of operation;
• security breaches or alleged security breaches of our data warehouses could disrupt SOS operations and have a material adverse effect on its business, financial condition and results of operation; and
• other risks and uncertainties indicated in SOS's SEC reports or documents filed or to be filed with the SEC by SOS.

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

View original content:https://www.prnewswire.com/news-releases/sos-announces-lease-of-office-in-manhattan-as-its-north-american-headquarters-301402074.html

SOURCE SOS Limited

FAQ

What is the significance of SOS Limited's new headquarters in Manhattan?

The new headquarters in Manhattan represents SOS Limited's commitment to expanding its blockchain technology operations in North America.

When did SOS Limited announce the lease of its North American headquarters?

SOS Limited announced the lease on October 18, 2021.

What does SOS Limited do?

SOS Limited is a blockchain-based and big data-driven marketing solution provider with services in blockchain technology, supercomputing, and commodity trading.

What are the risks mentioned in SOS Limited's press release?

Risks include local government policies on cryptocurrency, uncertainties in business development, and potential management challenges in commodity trading.

What are the future prospects for SOS Limited following this announcement?

The lease of the new headquarters is a strategic move to bolster SOS's growth in blockchain technology and expand its market presence in North America.