DALLAS, Feb. 4, 2020 /PRNewswire/ -- Alternet Systems, Inc. (USOTC: ALYI) today revealed that a prospective underwriter has expressed interest in the Company's initiative to raise $100 million in conjunction with a cryptocurrency offering. ALYI is executing on a project in Africa to produce electric motorcycles for the shared ride market in Africa. The electric motorcycle project is a first step of a planned long-term electric mobility research and development and production cycle. A target $100 million initial coin offering (ICO) is intended to accelerate an existing $300 million in eclectic vehicle projects.
Last week, ALYI participated in meetings in Malta with local legal representatives, crypto strategy experts and African electric vehicle partners to coordinate the launch of new business entity domiciled in Malta. The new business details were finalized, and the formation of a new entity licensed to issue cryptocurrency is underway. Malta was selected because it's the first nation to establish laws governing cryptocurrency. Notably, the meetings last week included a session with a third-party investment organization expressing interest in underwriting the planned $100 million ICO. The company plans to continue publishing regular updates on the progress of the $100 million African electric vehicle ICO initiative.
ALYI African Crypto Strategy Highlights
The firm, IW Global (www.IW-Global.com) has proposed launching and managing an Initial Coin Offering (ICO) on ALYI's behalf specifically targeted at raising $100 million to fund infrastructure for electric vehicle production in Africa. ALYI has partnered with IW Global and ALYI's production and marketing partners in Kenya to form a new company (NewCo) with the specific focus of building a new, state of the art electric vehicle production plant. This NewCo will be a separate company apart from ALYI but exclusively contracted by ALYI for producing ALYI designed vehicles.The NewCo is the business entity that would initiate the proposed ICO. The funds would be dedicated to 1.Building the plant and 2. Funding the production of ALYI's vehicles. A successful ICO would permit ALYI to substantially accelerate and expand upon its existing $300 million in electric vehicle projects. Malta has been selected as the domicile for the NewCo. Malta is credited as the first country to create Cryptocurrency regulations.
ALYI Institutional Commitment
ALYI recently announced securing institutional commitment to support an annual African electric mobility technology conference and symposium to advance the deployment of electric powered transportation solutions specific to Africa. The focus includes environmental sustainability but also overall transportation efficiency applicable to the African transportation infrastructure, economy, and consumer. ALYI CEO, Dr. Randell Torno, contends that the immediate opportunity for electric powered transportation growth in Africa by far exceeds the electric powered transportation opportunity anywhere else in the world and that the electric mobility technology innovations that will be developed for Africa will ultimately form the foundation of commercial electric powered transportation everywhere. In short, Africa is the global proving ground for electric powered transportation. In December, Dr. Torno concluded meetings in London where he secured institutional brand name commitment that will serve as the anchor event and attraction at the annual African electric mobility technology conference and symposium. The planed conference and symposium location is Nairobi, Kenya.
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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.
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