ALYI Electric Vehicle Strategy Affirmed By Volkswagen $2.3 B Investment In China
May 29 2020 - 12:34PM
ADVFN Crypto NewsWire
Dallas, TX --
May 29, 2020 -- InvestorsHub NewsWire -- Alternet Systems, Inc.
(USOTC:
ALYI) today highlighted the Volkswagen announcement featuring a
$2.3 billion investment in the electric vehicle
market in China as a parallel strategy affirming ALYI’s efforts in
Africa. In a recently published ALYI update (republished
below), management confirmed its $300 million African electric
mobility project remains on track and to date, has not been
impacted by the Covid-19 pandemic. The ALYI update was
published in conjunction with the company’s release of its Q1 2020
financial report and 2019 annual financial report. Again,
both reports show the company’s base revenue has not been impacted
by the Covid-19
pandemic.
The management
update from May 27, 2020 has been included again here in its
entirety below.
Management Update and 2020 Outlook; Upcoming
ICO
ALYI has a sound
business strategy designed to sustain itself through an early
development stage … even one impacted by the likes of the current
Covid-19 pandemic. The company has a recurring consulting operation
that carries the expenses of the base operation necessary to
execute on the long-term business plan to introduce a paradigm
shifting electric mobility business model. The recent 2019
annual financial report and the subsequent Q1 financial report both
demonstrate ALYI’s sustainability. Now halfway through Q2,
management is confident that the Q2 report will demonstrate the
same and the company has every reason at this time to believe that
Q3 will also be sustainably on
track.
Management
cautiously reports that the launch of ALYI’s paradigm shifting
business model built on $300 million in electric mobility contracts
in Africa is also on tract. With founding electric vehicle
designs and prototypes already complete and ready for production,
the current development phase involves the upcoming initial coin
offering (ICO) to be launched by ALYI’s funding partner. The
ICO is intended to fund ALYI electric vehicle
production.
ALYI is well
on track with its funding partner for the African electric mobility
project. ALYI’s funding partner is optimistic that the
Covid-19 impacted markets could benefit the upcoming ICO. The
market-wide Q2 financial results coming out in July and August
depicting the April and May Covid-19 economic impact could make the
electric mobility ICO a standout opportunity. Our funding partner
has already partitioned its own cryptocurrency on the Ethereum
Blockchain. A pre ICO funding round is ready to launch and ICO
details are being
finalized.
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.
Alternet
Systems, Inc. Contact:
Randell Torno
info@lithiumip.com
+1-800-713-0297
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