Dallas, Texas--(Newsfile Corp. - June 30, 2020) - Alternet Systems, Inc. (OTC Pink: ALYI) management today highlighted recent electric vehicle (EV) industry momentum in conjunction with ALYI's own notable and substantial progress. ALYI management points out that overall industry progress brings attention to how ALYI learns from industry readily recognized participants such as Tesla and correspondingly implements a strategy to differentiate itself and seize market segments separate from those targeted by the readily recognized EV industry participants. ALYI today announced executing a letter of intent (LOI) for a $25 million first tranche investment in advance of a planned initial coin offering (ICO) to fund ALYI's $300 million electric mobility initiative in Africa (see more below on $25 million investment and ICO).
EV notable overall industry progress concurrent with ALYI's own progress includes . Workhorse has gained substantial investment attention since recently announcing . Electric truck producer Nikola is also getting at this time. Similarly, Tortoise Acquisition Corp is also an investor favorite as it moves forward on the .
ALYI $25 Million Investment @ $50 Million Valuation And Planned ICO
The planned ALYI investment is one component of the investor's overall $100 million initial cryptocurrency offering (ICO) strategy. The investor is independently launching an ICO dedicated to funding ALYI's overall $300 million electric mobility project in Africa with future plans to fund additional electric mobility initiatives in Africa. The investor has already partitioned on the Ethereum Blockchain in advance of the planned ICO.
The $25 million first tranche investment is structured at a $50 million pre-money valuation of ALYI in consideration of the company's $300 million electric mobility initiative. The $25 million first tranche investment represents a valuation of ALYI common stock at approximately $0.05 per share.
The first $25 million tranche is structured to result in a change of control with the investor becoming the controlling shareholder. A management change is not part of the planned investment. Randell Torno will remain as the Chief Executive Officer. 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. The ReVolt Electric Motorcycle pilot passed initial design requirements and ongoing pilot design refinements are expected to soon deliver a reduced overall weight and improved cruising range.
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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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