DALLAS, March 11, 2020 /PRNewswire/ -- Alternet Systems, Inc. (USOTC: ALYI) today confirmed a funding milestone published yesterday in a management update to inform shareholders of recent substantial progress advancing the company toward the rollout of its electric vehicle solution in Africa. The update yesterday also sheds new light on the company's overall business plan by presenting new context surrounding the company's strategy and objectives. The update is included again here in its entirety below.
ALYI entered the electricity storage sector in the summer of 2017 when it acquired a patent portfolio of innovative lithium battery technologies and appointed a new management team. ALYI adopted a strategy of exploring various electricity storage applications for its portfolio of lithium battery technologies. The strategy emphasized building partnerships with other organizations pursuing objectives that could benefit from ALYI's technology portfolio. ALYI management recognized the promise of concentrating business development efforts where 1) there was an opportunity for a new technology to leapfrog incumbent technology and 2) there was an opportunity for exponential growth from the implementation of a new technology. In pursuit of a fertile opportunity for exponential growth triggered by the introduction of a leapfrog technology, ALYI management gravitated toward electric powered transportation in Africa.
Per capita automobile ownership in the U.S. is seventy percent (70%) and fifty percent (50%) in Europe. Per capita automobile ownership in Africa is just two percent (2%). The per capita consumption of electricity in the U.S. is twenty-six (26) times higher than per capita consumption in Sub Sahara Africa according to a report titled Powering African from McKinsey & Company. Today, only half the population of Sub Sahara Africa has access to continuous electric current.
The inevitable transportation productivity improvements coming in Africa are unlikely to include any resemblance to the individual automobile ownership model underlying the transportation infrastructure in the U.S. and Europe. Africa is ripe for the technology leapfrog rollout of electric powered, self-driving, connected autonomous vehicles (CAVs) delivering individualized transportation solutions via a shared ride model. With over one billion people living in Sub Sahara Africa, the implementation of an individualized electric powered transportation solution presents a highly exponential growth opportunity.
ALYI has developed an electric motorcycle with a side car designed specifically for implementation in the African shared ride market. Gas powered motorcycle taxis are already common in Africa. The ALYI electric motorcycle is designed to improve energy efficiency, passenger capacity and safety all at a lower per unit cost. ALYI has already a secured contract in Kenya for its electric motorcycle. ALYI has also secured complimentary contracts supporting its initial electric motorcycle contract. Combined, ALYI has over $300 million in eclectic mobility related projects. ALYI is now working to finalize the funding necessary to begin commercial production of its electric motorcycle.
ALYI has established a partnership with an organization launching a cryptocurrency dedicated to funding electric mobility projects in Sub Sahara Africa. Given the exponential return on investment (ROI) potential from implementing a technology leapfrog transportation solution in Africa where per capita automobile ownership is only 2% today, a cryptocurrency investment strategy can democratize that ROI opportunity giving anyone with access to the internet an opportunity to participate. The cryptocurrency objective is to raise $100 million. The cryptocurrency initiative has received interest from an investor that may underwrite the $100 million offering. ALYI is currently the only organization in partnership with the cryptocurrency initiative. Today, ALYI is pleased to share that our cryptocurrency partner has taken a major step forward. The cryptocurrency has now been partitioned on the Ethereum blockchain. A marketing plan for an initial cryptocurrency offering (ICO) is being finalized. A regulatory review is being conducted. As timing of the ICO becomes more predictable a target date will be announced.
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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