Dallas, Texas--(Newsfile Corp. - October 28, 2020) - Alternet Systems, Inc. (OTC Pink: ALYI) today announced a comprehensive management update highlighting the company's latest progress with the electric vehicle race to be the anchor event in an annual electric mobility symposium; the introduction of an additional new electric motorcycle design path, and the status of RevoltTOKEN's pending Initial Cryptocurrency Offering (ICO). The update is included in its entirety below.
ALYI Management Update
We have our heads down, working diligently, making tremendous strides of late advancing our electric mobility ecosystem vision that we are eager to share here today. We are working closely with our RevoltTOKEN funding partner and are also sharing RevoltTOKEN updates here today as well.
The ALYI electric mobility ecosystem vision is centered around introducing an annual industry wide symposium in Kenya to bring commercial and academic resources together that combine design and engineering expertise to create an original electric mobility future, not one based on merely reengineering combustion engine transportation. With low per capita transpiration saturation, Africa is the ideal location for pursuing an original electric mobility future. In North America, electric vehicle adoption requires consumers to replace an existing mode of transportation while in Africa, consumers are more likely to be engaging a transportation solution for the first time.
The ALYI annual symposium centric electric mobility ecosystem vision is intended to be anchored by a globally recognized electric vehicle race event. ALYI recently announced a major multiparty milestone agreement and that agreement specifically pertains to the target electric vehicle race event. The agreement has been in the works for years and management is elated to achieve this recent milestone and grateful to its partners party to the agreement. The agreement represents the cooperation of government and commercial participants on multiple continents that in addition to juggling the usual challenges of such an agreement, had the added difficulties of accommodating COVID-19 impacts to operations.
The agreement is confidential at this time and disclosure requires the mutual agreement of all parties involved. We are at work drafting a release that will sufficiently and fairly highlight the contributions and opportunities for all involved. We look forward to a release coming soon.
To accelerate ALYI's electric mobility ecosystem vision, ALYI has launched an electric motorcycle manufacturing initiative. The ALYI ReVolt Electric Motorcycle was conceived on the pilot electrification of a BMW R71 clone. Since the original pilot motorcycle, the ALYI design team has introduce two additional design paths. The company will produce an electric sleek retro style BMW R71 clone (www.revoltmotorbikes.com) and a conversion kit for do-it-yourselfers to electrify their own BMW R71 or R71 clone. ALYI's second design path leads to an electric motorcycle to be produced immediately to specifically support an Uber and Lyft type transportation solution evolving the African motorcycle taxi (Boda) market. ALYI's design team has now launched a third design path to develop a paradigm changing, state-of-the-art electric motorcycle. Look for more news soon on the third design path.
ALYI's funding partner, RevoltTOKEN (www.revolttoken.com) has committed to funding ALYI's electric mobility ecosystem vision through independently launching an Initial Cryptocurrency Offering (ICO) to raise $100 million. RevoltTOKEN has already created a token (see RevoltTOKEN website) and plans to immediately make the token available through an ICO once finalizing all regulatory prerequisites. RevoltTOKEN recently elected to domicile in Bermuda and expects all registration and licensing requirements in Bermuda to be complete soon clearing the way for the launch of the RevoltTOKEN ICO. In the meantime, RevoltTOKEN continues to make pre-ICO funds available for ALYI to continue advancing its business plan.
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.