ALYI Courted By $100 Million ICO Underwriter
February 04 2020 - 9:52AM
ADVFN Crypto NewsWire
ALYI Courted By $100 Million ICO
Underwriter
Dallas, TX --
February 4, 2020 -- InvestorsHub NewsWire -- Alternet Systems, Inc.
(USOTC:
ALYI) today revealed that a prospective underwriter has
expressed interest in the Company’s initiative to raise $100
million in conjunction with a cryptocurrency offering. ALYI
is executing on a project in Africa to produce electric motorcycles
for the shared ride market in Africa. The electric motorcycle
project is a first step of a planned long-term electric mobility
research and development and production cycle. A target $100
million initial coin offering (ICO) is intended to accelerate an
existing $300 million in eclectic vehicle
projects.
Last week, ALYI
participated in meetings in Malta 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. Malta was selected because it’s the first nation to
establish laws governing 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
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