Dallas, Texas--(Newsfile Corp. - May 29, 2020) -  Alternet Systems, Inc. (OTC Pink: ALYI) today highlighted the Volkswagen announcement featuring a in the electric vehicle market in China as a parallel strategy affirming ALYI's efforts in Africa. In a recently published ALYI update (republished below), management confirmed its $300 million African electric mobility project remains on track and to date, has not been impacted by the Covid-19 pandemic. The ALYI update was published in conjunction with the company's release of its Q1 2020 financial report and 2019 annual financial report. Again, both reports show the company's base revenue has not been impacted by the Covid-19 pandemic.

The management update from May 27, 2020 has been included again here in its entirety below.

Management Update and 2020 Outlook

ALYI has a sound business strategy designed to sustain itself through an early development stage … even one impacted by the likes of the current Covid-19 pandemic. The company has a recurring consulting operation that carries the expenses of the base operation necessary to execute on the long-term business plan to introduce a paradigm shifting electric mobility business model. The recent 2019 annual financial report and the subsequent Q1 financial report both demonstrate ALYI's sustainability. Now halfway through Q2, management is confident that the Q2 report will demonstrate the same and the company has every reason at this time to believe that Q3 will also be sustainably on track.

Management cautiously reports that the launch of ALYI's paradigm shifting business model built on $300 million in electric mobility contracts in Africa is also on tract. With founding electric vehicle designs and prototypes already complete and ready for production, the current development phase involves the upcoming initial coin offering (ICO) to be launched by ALYI's funding partner. The ICO is intended to fund ALYI electric vehicle production.

ALYI is well on track with its funding partner for the African electric mobility project. ALYI's funding partner is optimistic that the Covid-19 impacted markets could benefit the upcoming ICO. The market-wide Q2 financial results coming out in July and August depicting the April and May Covid-19 economic impact could make the electric mobility ICO a standout opportunity. Our funding partner has already partitioned its own cryptocurrency on the Ethereum Blockchain. A pre ICO funding round is ready to launch and ICO details are being finalized.

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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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