ALYI - Alternet Systems Engages IW Global To Manage Potential $100 Million Cryptocurrency Financing Strategy
October 08 2019 - 2:02PM
InvestorsHub NewsWire
ALYI – Alternet Systems Engages IW
Global To Manage Potential $100 Million Cryptocurrency Financing
Strategy
Dallas, TX --
October 8, 2019 -- InvestorsHub NewsWire -- 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: 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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