Dr. Huazhong (Eric) Yan A Renowned Cryptocurrencies Security Expert Joins SOS to Spearhead SOSs Effort to Expand into Digital Assets Security Industry

News provided by

Jan 06, 2021, 08:00 ET

QINGDAO, China, Jan. 6, 2021 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") announced today that SOS has entered into employment agreement with Dr. Eric H. Yan, an expert in cryptocurrency mining, security and insurance technologies. Dr. Yan is expected to utilize his cryptocurrency mining, protection, insurance expertise and his industry resources to lead SOS's efforts to set up a new business to apply blockchain-based security and insurance technologies in the safeguard of cryptocurrencies and digital assets, and strategically upgrade SOS's existing portfolios of products and services. SOS plans to set up a new wholly owned subsidiary SOS Digital Technologies Inc., to be led by Dr Yan.

Dr. Eric H. Yan is a renewed expert in the blockchain security for cryptocurrency and digital assets in China. Dr Yan has applied seven patents in China related to decentralized cryptocurrency wallets and exchanges, the protections and insurance for digital assets and cryptocurrencies, and blockchain-based security framework and solutions. Prior to joining SOS, Dr Yan founded Shenzhen eSecureChain Technologies Inc which offered various lines of products and services including decentralized cryptocurrency wallets and exchange platforms, and crypto mining; the protection and insurance technologies for digital assets and cryptocurrencies; assets digitization and tokenization; blockchain-based security framework and solutions; Decentralized Finance (DeFi) and etc.

SOS anticipates to utilize the new subsidiary to be spearheaded by Dr. Yan to provide the infrastructure services in blockchain security for its big data insurance marketing and rescue services, and even providing insurance and banking services for digital assets and cryptocurrencies.

SOS Chairman Mr. Yandai Wang commented, "Since digital assets are one form of assets and cryptocurrencies are one form of currencies, there should have been digital assets insurance companies and cryptocurrency banks. So far, there has been none such institute. The primary reason might be that, without solid secured protection and insurance technologies for digital assets and cryptocurrencies, any kind of digital assets insurance and cryptocurrency banking services will be risky, like a skyscraper on sands. Especially because almost all of existing cryptocurrency wallets and exchanges are centralized today. Dr Yan's technologies have revolutionized the way to protect our digital assets and cryptocurrencies from being attacked and lost. The truly decentralized cryptocurrency wallet and exchange technologies developed by Dr Yan have been proven to be bullet-proof. Once SOS Digital Technologies Inc is created, SOS plans to launch the first digital assets insurance company and the first cryptocurrency bank in the world, backed up by Dr Yan's technologies. This venture is urgent as about 20% of cryptocurrencies are stolen or lost every year. Such venture is highly necessary as DCEP, the sovereign cryptocurrency offered by the central Bank of China, is in its testing stage and other sovereign cryptocurrencies are coming soon."

About SOS Limited

SOS Limited, through its operating subsidiary, SOS Information Technology Co., Ltd. ("SOS") is a high-technology company providing a wide range of services to its corporate and individual members, including marketing data, technology and solutions for emergency rescue services. SOS transforms digital technology into data-driven operations through the research and development of big data, cloud computing, Internet of Things, blockchain and artificial intelligence.

We have created a SOS cloud emergency rescue service software as a service (SaaS) platform with three major product categories: basic cloud, cooperative cloud, and information. 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.

SOS has obtained a national high-tech enterprise certification and the title of "big data star enterprise," awarded by Gui'an New District Government. Staying on the forefront of digital technology innovation, the Company has registered 32 software copyrights and 2 patents. For more information, please visit: http://www.sosyun.com/

Forward-Looking Statements

Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties;, SOS's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities market acceptance of our products; the ultimate impact of the current Coronavirus pandemic, or any other health epidemic, on our business, our research programs, healthcare systems or the global economy as a whole; our intellectual property; our reliance on third party organizations; our anticipated financial and operating results, including anticipated sources of revenues; our assumptions regarding the size of the available market, benefits of our product offering, product pricing, timing of product launches; management's expectation with respect to future acquisitions; statements regarding our goals, intentions, plans and expectations, including the introduction of new products and markets; and our cash needs and financing plans and etc. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. SOS may not realize its expectations, and its beliefs may not prove correct. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Additional information concerning these and other factors that may impact our expectations and projections can be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2019. SOS's SEC filings are available publicly on the SEC's website at www.sec.gov. SOS disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE SOS Limited