U.S. Markets open in 1 min

Alternet Systems Launches Worldwide Payment Processing Business Through Strategic Agreement With BitPay

MIAMI, FL--(Marketwired - Sep 3, 2014) -  Alternet Systems, Inc. ( OTCQB : ALYI ), a business to business facilitator for digital currency and mobile commerce services in the digital asset and virtual currency ecosystem, today announced that its wholly owned subsidiary Alternet Payment Solutions ("APS") has launched its worldwide payment processing business through a strategic channel partner agreement with BitPay -- the world leader in business solutions for the bitcoin digital currency.

Alternet Systems, Chief Executive Officer, Henryk Dabrowski commented, "Alternet is providing a next generation digital currency and payment ecosystem focused on three distinct segments of the marketplace which includes comprehensive currency processing, identification and transmission. Our strategic agreement with BitPay will allow us to initiate our sales process with several potential clients in Latin America and the Asia-Pacific region. We believe that our backlog of opportunities will continue to grow globally and we will generate our first revenues from this business in the fourth quarter of 2014."

APS has entered into a non-exclusive agent agreement to sell and support the BitPay platform into Alternet's customer base. APS will leverage its experience in the mobile and disruptive payments technology industry to focus on providing business to business Bitcoin payment methods such as converting local currency to Bitcoin and/or Bitcoin to USD in the Americas, Caribbean and Asia-Pacific.

Mr. Dabrowski continued, "With Alternet's experience in disruptive payment technologies and a network that spans many countries that contain leading mobile operators, financial service providers and banks; we believe APS will rapidly deploy BitPay's solutions in these markets. This will also broaden our global service offering related to facilitating transactions beyond utilizing Ven, a global digital currency traded on international markets and originally used by members of the social network service Hub Culture. We now have a reliable and secure partner to fulfill transactions with Bitcoin. Together, we will enable customers the ability to fulfill digital currency transactions online and through mobile devices."

Tony Gallippi, Executive Chairman and Co-Founder of BitPay, stated, "Digital currency adoption and user demand for alternative payment methods continue to rapidly grow globally. We believe in the vision and successful past experience of introducing disruptive payment technologies that Alternet Systems possess, and look forward to working together to expand our global reach."

Bitcoin is an open source peer-to-peer cryptocurrency. Companies such as Newegg, TigerDirect and WordPress have begun accepting bitcoin in addition to fiat currencies such as dollars or euros. BitPay specializes in allowing ecommerce and retail merchants to accept bitcoin payments with the option to receive settlement in either bitcoin, their local currency, or a mix of the two. BitPay provides payment processing services for over 40,000 businesses and processes over $1 million in bitcoin sales each day.

About Alternet Systems Inc.:
Alternet Systems Inc. ( OTCQB : ALYI ), headquartered in Miami, Florida, is an enterprise accelerator company focused on the complementary, high-growth markets of Digital Currency, Mobile and Internet Commerce and Cyber-Security products and services. Through its subsidiaries, Alternet captures and converts extraordinary growth opportunities surrounding the explosion of newly adapted Internet technologies and platforms. More information about Alternet and its subsidiaries can be found at www.alternetsystems.com and by following the company on Twitter www.twitter.com/alternetsystems.

About BitPay:
BitPay offers basic bitcoin payment processing at no cost, while offering paid business and enterprise solutions for larger businesses that need additional features and support. The payment processor offers in person and online payment solutions, combined with industry-leading support to their clients. BitPay has a strong track record in this growing digital currency market.

Safe Harbor Statement:
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.