ALYI $100 Million African Electric Vehicle Financing Initiative Moves Forward
February 03 2020 - 9:09AM
ADVFN Crypto NewsWire
ALYI $100 Million African Electric
Vehicle Financing Initiative Moves Forward
Dallas, TX --
February 3, 2020 -- InvestorsHub NewsWire -- Alternet Systems, Inc.
(USOTC:
ALYI) today reported on its meetings in Malta last week with
local legal representatives, crypto strategy experts and African
electric vehicle partners to coordinate the launch of new business
entity domiciled in
Malta.
The new business
details were finalized, and the formation of a new entity licensed
to issue cryptocurrency is underway. The new Malta business
is the target organization intended to launch a $100 million
initial coin offering (ICO) to fund infrastructure for electric
vehicle production in Africa. Malta was selected because it’s
the first nation to establish laws governing cryptocurrency. All parties
participating in the African electric vehicle initiative believed
Malta’s legal cryptocurrency structure is essential to navigating
the challenges associated with the overall novelty of the
cryptocurrency market. All participants further believe that
the Malta domicile brings credibility to the African electric
vehicle cryptocurrency setting it apart from any suspicion that
overshadow some cryptocurrency initiatives. The African
electric vehicle cryptocurrency initiative is positioned to take
advantage of Malta’s growing reputation as the capital of
cryptocurrency. Notably, the meetings last week included
a session with a third-party investment organization expressing
interest in underwriting the planned $100 million ICO. The
company plans to continue publishing regular updates on the
progress of the $100 million African electric vehicle ICO
initiative.
ALYI African Crypto
Strategy Highlights
The firm, IW
Global (www.IW-Global.com)
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 has partnered with IW Global and ALYI’s
production and marketing partners in Kenya to 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
existing $300 million in electric vehicle projects. Malta has
been selected as the domicile for the
NewCo. Malta is
credited as the first country to create Cryptocurrency
regulations.
ALYI Institutional
Commitment
ALYI recently
announced securing institutional commitment to support an annual
African electric mobility technology conference and symposium to
advance the deployment of electric powered transportation solutions
specific to Africa. The focus includes environmental sustainability
but also overall transportation efficiency applicable to the
African transportation infrastructure, economy, and consumer. ALYI
CEO, Dr. Randell Torno, contends that the immediate opportunity for
electric powered transportation growth in Africa by far exceeds the
electric powered transportation opportunity anywhere else in the
world and that the electric mobility technology innovations that
will be developed for Africa will ultimately form the foundation of
commercial electric powered transportation everywhere. In short,
Africa is the global proving ground for electric powered
transportation. In December, Dr. Torno concluded meetings in London
where he secured institutional brand name commitment that will
serve as the anchor event and attraction at the annual African
electric mobility technology conference and symposium. The planed
conference and symposium location is Nairobi,
Kenya.
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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