SOS Ltd. Enters Non-Binding Letter Of Intent To Acquire Majority Equity Interest Of Three US-Based Power Plants To Expand Crypto-mining Operations Into North America; Financial Terms Not Disclosed
SOS Limited (NYSE: SOS) (the "Company" or "SOS") an emerging blockchain-based and big data-driven marketing solution provider, announced today that SOS Information Technology New York, Inc., a wholly owned subsidiary of the Company, has entered into a non-binding letter of intent ("LOI") to acquire the majority of the equity interests of each of three US-based power plants for its planned crypto-mining operations in North America.
Pursuant to the terms of the LOI, the Company intends to acquire more than 51% of the membership interests of Sherman Development LLC, Niagara Development LLC and Park Falls Management LLC. Sherman Development LLC's recycling power plant in Stacyville, ME has claimed a capacity of 24 MW, Niagara Development LLC's hydropower power plant in Niagara, WI has a claimed capacity of 9 MW, and Park Falls Management LLC's natural gas power plant in Park Falls, WI has a claimed capacity of 20 MW.
As the transaction proceeds, the Company will publicly disclose additional information through press releases or SEC filings, as appropriate.
Once the Company completes a feasibility study and earnings analysis and receives board approval, it intends to build a US digital mining site to host SOS mining operations and potentially other miners. If and when the site operations get underway, the Company anticipates it will create significant jobs opportunities in the US.
SOS Chairman Yandai Wang commented, "We have been looking for investment opportunities in the United States. The acquisition of this power plant is the first step for SOS to officially enter the American market. We will continue to increase the investment and construction of cryptocurrency computing center in the United States, and devote ourselves to bring better performance to the company."
Completion of the transaction is subject to due diligence investigations by the relevant parties, the negotiation and execution of a definitive purchase agreement, satisfaction of the conditions negotiated therein including the approval of the Company's board of directors, approval by the New York Stock Exchange of the issuance of shares to be issued in connection with the acquisition, and the satisfaction of other additional customary closing conditions.
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