ALYI Announces Electric Vehicle ICO Acceleration Plans Moving Up $25 Million First Tranche Closing Date
16 July 2020 - 03:35AM
ADVFN Crypto NewsWire
Dallas, TX -- July 15, 2020 --
InvestorsHub NewsWire -- Alternet Systems, Inc. (USOTC:
ALYI) today announced acceleration plans to close a $25 million
first tranche investment currently committed under a letter of
letter of intent (LOI). The LOI was announced June 30, 2020
and at that time, the target closing date was 90 days. ALYI
and the investor have now agreed on plans to close the transaction
by the end of August.
The planned ALYI investment is one
component of the investor’s overall $100 million initial
cryptocurrency offering (ICO) strategy. The investor has
already partitioned a cryptocurrency on
the Ethereum Blockchain in advance of the planned ICO. In
conjunction with the accelerated closing of the $25 million first
tranche, the investor is also accelerating ICO
plans.
The $25
million first tranche investment is structured at a $50 million
pre-money valuation of ALYI.
The $25 million first tranche
investment represents a valuation of ALYI common stock at
approximately $0.05 per share.
A second
tranche at a valuation calculated after the first $25 million
investment is planned before the end of the
year.
ALYI’s overall
$300 million comprehensive electric vehicle strategy in Africa is
founded on initially launching the commercial production of the
company’s own ReVolt Electric
Motorcycle.
For more
information and to stay up to date on the latest developments ,
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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