SOS Limited (SOS) stock prices were down by 7.30% shortly after market trading commenced on June 21st, 2021, bringing the price per share up to USD$3.36 early on in the trading day.
Joint Venture with Niagara Development
June 21st, 2021 saw the company announce that it had entered into a joint venture agreement with Niagara Development LLC that will be based in Niagara, Wisconsin. The joint venture FD LLC is expected to conduct crypto-currency mining operations and facilitate the construction of an international standardized Digital Super Computing Custody Operation Center.
Specifics of the Agreement
As per the agreement, Niagara Development will be tasked with the responsibility for the provision of 150MW of electricity and the construction of the Operation Center. The electricity to be generated will include energy generated from renewable sources. Management, operation, and financing of the joint venture is to be carried out by SOS, which is committed to its block-chain strategy and strives to become a leader of sustainability.
Entry into American Market
In light of the increasingly pessimistic outlook of the laws and regulations pertaining to blockchain operations in China, the company has initiated a transition of its bitcoin mining operation to the US. Most of the company’s Chinese operations are fully operational and remain unaffected as of yet. This primarily includes SOS’s insurance business, call centers, and Ethereum mining business. As the company continues to increase its development of blockchain solutions for a myriad of industries, SOS made the decision to acquire a sustainable power supply. This move comes in preparation for the expansion of the company’s blockchain operations into North America, which it has high hopes for in light of the joint venture.
Prolific Track Record
To date, SOS has registered a total of almost 100 software copyrights, as well as 3 patents. The company has been granted a national high-tech enterprise certification as recognition of its caliber. SOS has also been awarded the title of Big Data Star Enterprise by the Gui’an New District Government, a further indication of the company’s ability to stay at the forefront of digital technology innovation.
Future Outlook for SOS
Armed with its recent expansive acquisition and a bright outlook for its transition into the North American market, SOS is poised to capitalize on upcoming opportunities afforded to it. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.