DALLAS, November 30, 2017 /PRNewswire/ --
Alternet Systems, Inc. (ALYI) today announced plans to target US Department of Defense requirements for lithium energy solutions to support combat systems. The US Defense Budget for 2018 is $700 Billion. Alternet will concentrate defense industry sales efforts on developing partnerships with the approved government contractors that already account for more than $250 Billion in annual US defense spending .
Alternet Patented Lithium Energy Solution
On July 21, 2017, the Company acquired Lithium IP Holdings in a transaction that included a management and business direction change. Randell Torno was named the new Alternet Systems Chairman and CEO. Edward Bollen, the President of Lithium IP Holdings, also joined the Altnernet Systems management team. On June 23, 2017, Lithium IP Holdings executed an agreement with Air Products and Chemicals, Inc. (APD) to exclusively license ten U.S. Patented lithium battery technologies with an option to acquire the ten U.S. Patents.
Alternet Defense Industry Experience
Randell Torno and Ed Bollen both have a long background working with companies that are key participants in both industrial and military technology industries. Together they bring both public and private sector experience working in the military and intelligence sectors. Both retired from government service, but are still engaged in recurring work with foreign and domestic government agencies. In their experience, they have repeatedly come across demand for resilient energy solutions that meet industrial and military requirements for stable, safe, long duration power in high impact operating systems. Accordingly, they went to look for such a technology solution and found the portfolio of ten lithium energy technology patents that are now exclusively licensed to Alternet in an agreement that includes an option to purchase.
Alternet Lithium Energy Integration and Development Strategy
Alternet's business strategy today is to partner with prominent third parties producing products and services that require stable, safe, long duration power in high impact operating systems. Within such partnerships, Alternet and each partner will together develop an integrated solution that includes a power component based on Alternet's lithium technology. The combination of Alternet's military background and high potential of the technology for applicability in military solutions presents a promising partnership development opportunity. At the same time, Alternet is also developing partnerships separate from the military industrial sector to include the Electric Vehicle (EV) and Hybrid Electric Vehicle (HEV) partners. Several potential partners participated in Alternet's vetting process when identifying and selecting a technology to acquire as the foundation of the company's strategy to bring a stable, safe, long duration power solution to market for high impact operating systems. Partnership announcements are anticipated to be forthcoming soon.
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.
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