Alternet Systems Inc (ALYI)

[lesgetrich]

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ALYI Moves One Step Closer To Closing $20 Million Electric Motorcycle Order

DALLAS, May 03, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Alternet Systems, Inc. (USOTC: ALYI) (“ALYI”) today announced a substantial development in the recently announced opportunity to close a strategic $20 million order for their ReVolt Electric Motorcycles. Last month, ALYI management held key meetings in Kenya in conjunction with a developing opportunity to open an assembly plant to complete manufacturing in Africa for ReVolt Electric Motorcycles to be sold across the African continent. The deal to build the manufacturing opportunity included an initial order for two thousand ReVolt Electric Motorcycles which would total $20 million in sales. ALYI has already signed $1.5 million in confirmed orders for its ReVolt Electric Motorcycles to be delivered in Kenya prior to last month’s meetings. As of today, ALYI management has received confirmed investment interest in the Kenyan assembly plant project. With the combination of the physical plant asset and the initial $20 million order, a potential European investment group has formally expressed initial investment terms and invited ALYI management to meet in London later this month for the purpose of refining the terms into a contract.

ALYI is focused on offering varied, environmentally sustainable, energy storage solutions for targeted markets, including consumer electric vehicles and military applications. The first product category is lithium battery-powered motorcycles, to be followed by motorbikes. ALYI also has an ongoing hemp energy storage initiative leading its current efforts to introduce an alternative to lithium batteries.

ALYI Updated Periodic OTC Market Current Information Standard Reporting

ALYI has recently made a change in its OTC Market Current Information Standard Reporting procedures. In addition to requiring quarterly and annual financial reports and certain form disclosures, OTC Market Current Information Standard Reporting requires companies to have a lawyer review a company’s disclosures and publish a letter in the company’s disclosures regarding their findings. The lawyer that has previously conducted this review for ALYI has recently suffered a major health issue and ALYI has had to engage a new lawyer. The unanticipated health issue and the corresponding change resulted in a slight delay in the filing of this required legal letter. The letter is now published and ALYI is anticipated to be deemed current with its required disclosures shortly.