SOS Ltd. Announces Launch of Hosting Business in North America

Rhea-AI Summary

SOS Limited (NYSE: SOS) announced the launch of its Hosting Business at its Super-Computer & Hosting Center in Wisconsin on May 10, 2022. The company has signed agreements for over 21,000 mining rigs and has deployed 680 client-hosted servers. CEO Yandai Wang emphasized the importance of this launch for expanding North American operations and increasing local job opportunities. SOS has initiated the deployment of 700 mining rigs and aims to secure more power supply for further expansion. An Open House Day is scheduled for June 27, 2022, to showcase the new facility.

Positive

• Launch of Hosting Business in Wisconsin, expanding North American operations.
• Signed agreements for managing over 21,000 mining rigs, increasing operational capacity.
• Deployment of 680 client-hosted servers shows demand for hosting services.
• Initiated deployment of 700 mining rigs, enhancing future production potential.

Negative

• Uncertainties related to local government policies on cryptocurrency mining operations.
• Development of blockchain and supercomputing businesses still presents risks and uncertainties.
• Potential difficulties in managing the newly launched commodities trading business.
• Compliance issues could arise from competitiveness in securing power supply for mining operations.

QINGDAO, China, May 10, 2022 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") announced the launch of its Hosting Business at the Super-Computer & Hosting Center in Wisconsin. SOS has signed multiple agreements for hosting and managing more than 21,000 mining rigs. Over 680 client hosted servers have been deployed in mobile smart containers to date. This represents progress on another step in SOS' strategy to build out its North America operations.

Mr. Yandai Wang, CEO and Chairman of SOS, commented, "This launch marks the step-by-step implementation of  the company's plan. We will launch more mining rigs as we sign additional contracts with third parties. We will continue to invest in more high level rigs for our own mining use and increase the manpower to support local operations. This will add more jobs and support the local economy."

Through today, the company has deployed its own 700 sets of  rigs to mining production pool. More such rigs will go online as the company secures more power supply from electricity providers .

In addition, SOS announced that on the 27th of June, 2022 it will host a Super-computing Center Open House Day. Access will be granted to all successfully registered visitors. The Company anticipates it will offer Open House Days from time to time. For more information regarding the Open House please refer to: open.sosyun.com or email: open@sosyun.com.

About SOS Limited

SOS is a new high-tech company with artificial intelligence and blockchain as its core technologies. Through core technologies such as AI, block technology, satellite communication and big data, the company provides digital technical services for emergency rescue, big data marketing, international trade, digital assets and other industries, and provides customers with one-stop digital overall solutions. For more information, visit www.sosyun.com.

Forward-Looking Statements

Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Federal Securities Act, including but not limited to our expectations of future financial performance, business strategy or business. These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. SOS warns that forward-looking statements are subject to many assumptions, risks and uncertainties that will change over time. Forward looking statements may be identified by words such as "may", "can", "should", "will", "estimate", "plan", "project", "forecast", "intend", "expect", "predict", "believe", "seek", "target", "Outlook" or similar words. Specifically, forward-looking statements may include statements related to the following matters of the company:

Ability to implement its business plan;
Changes in SOS product and service market; 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; uncertainty in global supply chain and international shipping 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-ltd-announces-launch-of--hosting-business-in-north-america-301543752.html

SOURCE SOS Limited

FAQ

What is the recent announcement from SOS Limited regarding its hosting business?

SOS Limited has launched its Hosting Business in Wisconsin and signed agreements to manage over 21,000 mining rigs.

When is the Open House Day for the Super-Computing Center?

The Open House Day is scheduled for June 27, 2022.

How many mining rigs has SOS Limited deployed to date?

SOS has deployed 700 of its own mining rigs to the production pool.

What are the potential risks mentioned in the SOS Limited press release?

Risks include local government regulation, operational management challenges, and uncertainties in securing power supply.

Where is SOS Limited's new Hosting Business located?

The Hosting Business is located at the Super-Computer & Hosting Center in Wisconsin.