Dallas, Texas--(Newsfile Corp. - June 22, 2020) - Alternet Systems, Inc. (OTC Pink: ALYI) today announced a management update scheduled for tomorrow, Tuesday, June 23, 2020. The purpose of the update is to present details on the structure of the anticipated $25 million first tranche investment to fund ALYI's $300 million electric mobility initiative in Africa. ALYI last week announced drafting a letter of intent (LOI) with its funding partner delineating terms for an initial $25 million first tranche investment. Management expects to have the LOI finalized by the end of June.
ALYI has an overall $300 million comprehensive electric vehicle strategy in Africa 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.
ReVolt Logo
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ALYI has partnered with an independent firm founded specifically for launching an initial crypto currency offering (ICO) dedicated to funding ALYI's overall $300 million electric mobility project in Africa.
ALYI is well on track with its funding partner for the African electric mobility project. A cryptocurrency has already been partitioned on the Ethereum Blockchain. In conjunction with the LOI progress announced today, a pre ICO funding round is underway 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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