DALLAS, Oct. 08, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Alternet Systems, Inc. (USOTC: ALYI) today announced engaging IW Global to manage a potential $100 million strategic financing initiative to fund a major expansion of the company’s electric vehicle developments. The engagement is in response to an unsolicited proposal made by IW Global to ALYI. The announcement today includes a presentation (see below) on the rudimentary proposed structure of the financing with general details on the overall financing methodology.
ALYI continues to develop $300 million in electric vehicle projects in Africa targeting the shared ride market and recently confirmed a fleet order for an initial 50 electric motorcycles to be delivered in Texas. The company successfully passed an electric motorcycle prototype testing milestone recently and anticipates having its production design pilot motorcycle completed any day. The production design plans have already been approved by partners, vendors and clients. Management plans to produce and publish a short video of the production electric motorcycles once the production version is finalized.
$100 Million Strategic Financing Strategy
IW Global 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.
IW Global ( www.IW-Global.com ) is a well-established technology firm with a wide breadth of experience spanning projects for NASA and more recently with multiple blockchain solutions. Drawing on IW Global’s experience with previous ICOs, IW Global has proposed the creation of a cryptocurrency dedicated to funding infrastructure for electric vehicle production in Africa dedicated to ALYI.
IW Global has been engaged by ALYI to develop a detailed cryptocurrency strategy. ALYI has not committed at this time to implementing the strategy once it is developed. Management plans to carefully review and consider the detailed strategy prior to potentially executing. Keep in mind, ALYI has already sourced investment to fund the company’s current plans for producing electric vehicles in Africa. The proposed $100 million investment would substantially permit ALYI to expand upon and accelerate its current plans, but by no means is ALYI dependent upon the proposed cryptocurrency investment strategy.
The IW Global proposal specifically includes a regulatory compliance component. A potential ALYI cryptocurrency launch would be executed in compliance with prevailing regulatory guidelines.
Ethereum is the proposed underling platform for the ALYI cryptocurrency launch.
The Ethereum platform and blockchain is the most reliable existing blockchain and is supported by the Ethereum Foundation, based in Zug, Switzerland and the Ethereum Enterprise Alliance based in the USA with members like Microsoft, Intel, Mastercard, UBS, BBVA, Banco Santander, among others. IW Global is experienced with Ethereum and has launched previous cryptocurrencies build on the Ethereum platform.
As part of the strategic plan development, a survey will be conducted to evaluate the potential of the ALYI cryptocurrency funding opportunity. IW Global’s original proposal was for a figure exceeding the agreed $100 million amount. Based on the survey results, the actual implementation of an ICO strategy my target a higher number.
ALYI management plans to publish progress reports as the ICO strategy develops.
For more information, please visit: 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 email@example.com +1-800-713-0297
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Source: Company press release.