Dallas, Texas–(Newsfile Corp. – July 1, 2020) – Alternet Systems, Inc. (OTC Pink: ALYI) today announced the company will receive up to $2.5 million in advance of a $25 million first tranche investment agreement currently committed under a letter of intent (LOI). ALYI yesterday announced executing a letter of intent (LOI) for a $25 million first tranche investment at in advance of a planned initial coin offering (ICO) to fund ALYI’s $300 million electric mobility initiative in Africa. In addition to producing the ReVolt Electric Motorcycle for the shared-ride market, ALYI intends to generate annual revenue from producing an annual electric mobility conference and symposium that includes a major brand name anchor event. The prefunding is intended to support the initiation of immediate efforts necessary to prepare for the inaugural electric mobility event next year. The funds will be provided as a loan convertible into the $25 million first tranche investment. The complete first tranche investment agreement is anticipated to be completed within the next 90 days.
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