Dallas, Texas--(Newsfile Corp. - June 29, 2020) - Alternet Systems, Inc. (OTC Pink: ALYI) today confirmed the company is scheduled to finalize terms and execute a letter of intent (LOI) for a $25 million first tranche investment to fund ALYI's $300 million electric mobility initiative in Africa. The LOI is scheduled to be finalized and executed by end of business today with an announcement to be released pre-market tomorrow.
The company further confirmed the LOI for the $25 million first tranche investment will 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 planned ALYI investment is one component of an overall $100 million initial cryptocurrency offering (ICO) strategy. 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's funding partner for the African electric mobility project has already been partitioned on the Ethereum Blockchain. A pre-ICO funding round is underway and ICO details are being finalized.
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.
The first $25 million tranche is intended to result in a change of control with the investor becoming the controlling shareholder. A management change is not part of the planned investment. A second tranche at valuation calculated after the first $25 million investment is planned before the end of the year.
For more information and to stay up to date on the latest developments , please visit: http://www.alternetsystemsinc.com
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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