Dallas, Texas--(Newsfile Corp. - July 15, 2020) - Alternet Systems, Inc. (OTC Pink: ALYI) today announced acceleration plans to close a $25 million first tranche investment currently committed under a letter of letter of intent (LOI). The LOI was announced June 30, 2020 and at that time, the target closing date was 90 days. ALYI and the investor have now agreed on plans to close the transaction by the end of August.
The planned ALYI investment is one component of the investor's overall $100 million initial cryptocurrency offering (ICO) strategy. The investor has already partitioned a cryptocurrency on the Ethereum Blockchain in advance of the planned ICO. In conjunction with the accelerated closing of the $25 million first tranche, the investor is also accelerating ICO plans.
The $25 million first tranche investment is structured at a $50 million pre-money valuation of ALYI. The $25 million first tranche investment represents a valuation of ALYI common stock at approximately $0.05 per share.
A second tranche at a valuation calculated after the first $25 million investment is planned before the end of the year.
ALYI's overall $300 million comprehensive electric vehicle strategy in Africa is founded on initially launching the commercial production of the company's own ReVolt Electric Motorcycle.
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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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