Dallas, Texas--(Newsfile Corp. - July 1, 2020) - Alternet Systems, Inc. (OTC Pink: ALYI) today announced the company will receive up to $2.5 million in advance of a $25 million first tranche investment agreement currently committed under a letter of intent (LOI). ALYI yesterday announced executing a at in advance of a planned initial coin offering (ICO) to fund ALYI's $300 million electric mobility initiative in Africa. In addition to producing the , ALYI intends to generate annual revenue from producing an annual electric mobility conference and symposium that includes a major brand name anchor event. The prefunding is intended to support the initiation of immediate efforts necessary to prepare for the inaugural electric mobility event next year. The funds will be provided as a loan convertible into the $25 million first tranche investment. The complete first tranche investment agreement is anticipated to be completed within the next 90 days.
ALYI - Electric Powered Transportation
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The developing ALYI annual African electric mobility technology conference and symposium is designed to advance the deployment of electric powered transportation solutions specific to Africa. The focus includes environmental sustainability but also overall transportation efficiency applicable to the African transportation infrastructure, economy, and consumer. ALYI CEO, Dr. Randell Torno, contends that the immediate opportunity for electric powered transportation growth in Africa by far exceeds the electric powered transportation opportunity anywhere else in the world and that the electric mobility technology innovations that will be developed for Africa will ultimately form the foundation of commercial electric powered transportation everywhere. In short, Africa is the global proving ground for electric powered transportation. The planed conference and symposium location is Nairobi, Kenya.
As ALYI now begins to assemble and promote the first African electric mobility technology conference and symposium targeted for the first quarter of 2021, the company emphasizes that the subject of electric transportation is far greater than the mere replacement of fossil fueled cars with electric powered cars. For instance, Volvo, Hyundai, Aston Martin and Porsche, to name only a few, have electric powered vertical take-off and landing (VTOL) initiatives in the works. Uber's 'Uber Elevate' program has slated deploying flying taxi services in Dallas, Los Angeles and Melbourne by 2023. ALYI is particularly focused on electric transportation solutions for the shared-ride market.
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Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
Alternet Systems, Inc. Contact:
Randell Torno
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