DALLAS, Oct. 28, 2019 /PRNewswire/ — Alternet Systems, Inc. (USOTC: ALYI) today announced the latest developments surrounding a $100 million cryptocurrency investment strategy targeted at expanding the company’s existing $300 million in electric vehicle projects in Africa.
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), a well-established technology firm with a wide breadth of experience spanning projects for NASA and more recently implementing multiple blockchain solutions, 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 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.
ALYI and IW Global have formulated a plan whereby, ALYI’s production and marketing partners in Kenya will 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 initial $300 million in existing electric vehicle projects.
ALYI has engaged legal counsel to ensure the cryptocurrency launch would be executed in compliance with prevailing regulatory guidelines.
ALYI has engaged Goldman Small Cap Research to conduct a survey with first time and experienced cryptocurrency investors in conjunction with a potential $100 million initial coin offering (ICO) that would provide strategic financing to fund a major expansion of the company’s electric vehicle developments.
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.
ALYI management plans to publish continued progress reports as the ICO strategy develops.
For more information, 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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SOURCE Alternet Systems, Inc.