DALLAS, Nov. 21, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE - Alternet Systems, Inc. (USOTC: ALYI) today reported management’s confidence in the joint project to raise $100 million to fund infrastructure for the ongoing production of electric vehicles in Africa. ALYI has hosted a kick off meeting for the project this week in Dallas, Texas with IW Global ( www.IW-Global.com ), and ALYI’s Kenyan electric vehicle production partner. The meetings wrapped up yesterday and ALYI plans to publish the latest on the project next week on Tuesday, November 26, 2019.
Separately, ALYI has already initiated and continues to develop $300 million in electric vehicle projects in Africa targeting the shared ride market. The project with IW Global is intended to substantially expand ALYI’s electric vehicle initiative 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, a well-established technology firm with a wide breadth of experience spanning projects for NASA and more has recently implemented 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 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.
Alternet Systems, Inc. Contact:
Randell Torno
info@lithiumip.com
+1-800-713-0297