ALYI Electric Motorcycle Business Could See New Oportunities
Alternet Systems (OTC Pink: ALYI) announced advancements in its electric motorcycle business that may enhance its merger discussions.
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Rhea-AI Summary
Alternet Systems (OTC Pink: ALYI) announced advancements in its electric motorcycle business that may enhance its merger discussions. The company plans to adapt its strategy to further its Electric Vehicle (EV) ecosystem vision amid market conditions. Notably, ALYI's electric motorcycle taxi strategy could qualify for a foreign government grant, potentially increasing its business value. Additionally, discussions are ongoing for a merger involving ALYI's electric motorcycle assets, with due diligence currently in progress.
Positive
- Electric motorcycle taxi strategy may qualify for foreign government grant, enhancing business value.
- Merger discussions with a third party for electric motorcycle assets are underway, indicating potential growth.
Negative
- None.
Details
News Market Reaction – ALYI
The recorded move for ALYI in the trading session of this news was -4.00%.
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Dallas, Texas, July 07, 2022 (GLOBE NEWSWIRE) -- Alternet Systems, Inc (OTC Pink: ALYI) today announced new developments in the company’s electric motorcycle business that could improve ALYI’s posture in the previously announced merger discussions and expand ALYI’s options separate from the merger discussions.
ALYI is developing plans to adapt the company’s strategy to continue on course toward achieving its Electric Vehicle (EV) ecosystem vision within the conditions presented by the prevailing market.
The initiative to adapt the company’s strategy was first address in a letter to shareholders from CEO Randell Torno on May 17th.
The company recently learned its electric motorcycle taxi strategy may be eligible to benefit from a foreign government grant. The grant could make the electric motorcycle business more valuable and open new business development options.
ALYI is in discussions with a third party exploring a merger of ALYI’s electric motorcycle assets. An NDA has been executed and due diligence is underway.
The company will continue to provide updates as developments proceed.
To learn more about ALYI, visit 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.
Contact:
Alternet Systems, Inc.
Randell Torno
info@lithiumip.com
+1-800-713-0297
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