ALYI - Alternet Confirms Investment Schedule And $50 Million Valuation
June 29 2020 - 8:09AM
InvestorsHub NewsWire
Dallas, TX -- June 29, 2020 --
InvestorsHub NewsWire -- Alternet Systems, Inc. (USOTC:
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.
Alternet
Systems, Inc. Contact:
Randell Torno
info@lithiumip.com
+1-800-713-0297
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