MIA Global, Inc. to acquire controlling interest in Alternet Systems, Inc.

Rhea-AI Summary

MIA Global, Inc. is acquiring the controlling interest in Alternet Systems Inc. (USOTC: ALYI), making ALYI another MIA Global affiliated company. MIA Global is a green energy company focusing on e-mobility products for automotive, maritime, and aeronautical uses. The company has sold over 5600 electric vehicles since 2010 and expanded into the USA in 2022.

MIA Global will supply high-quality e-mobility products to ALYI, supporting ALYI's business plan in developing markets like Kenya. The acquisition aims to expand shared e-Mobility and green energy opportunities. MIA Global intends to make further public updates on its plans for Alternet Systems, including possible operating company name and ticker symbol changes. Dr. Randell Torno will remain as Chief Executive for ALYI.

Positive

• MIA Global's acquisition of controlling interest in ALYI may lead to expansion in e-mobility and green energy sectors
• MIA Global has sold over 5600 electric vehicles since 2010, demonstrating market traction
• Partnership with a leading lithium battery manufacturer could enhance product quality and innovation
• Expansion into the US market with partnerships on East and West Coast
• Potential for revenue growth through supply of e-mobility products to ALYI

Negative

• Possible changes in company name and ticker symbol may cause short-term investor confusion
• Integration challenges between MIA Global and ALYI operations
• Potential dilution of existing ALYI shareholders' ownership

News Market Reaction

+260.00%

1 alert

+260.00% News Effect

On the day this news was published, ALYI gained 260.00%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

New Company to Expand on Shared e-Mobility and Green Energy Opportunities

SEOUL, South Korea and SHENZHEN, China and NEW YORK, Oct. 4, 2024 /PRNewswire/ -- MIA GLOBAL is acquiring the controlling interest in Alternet Systems Inc, (USOTC: ALYI) making ALYI another MIA Global affiliated company.

MIA Global is a green energy company conceptualizing, designing, manufacturing and commercializing e-mobility products for automotive, maritime and aeronautical uses. MIA Global's current operating business focuses on the commercialization of in-house manufactured e-bikes, golf carts and specialized batteries for niche applications. MIA Global affiliated companies have sold over 5600 electric vehicles since 2010. In 2022 it expanded into the USA with a corporate office in New York. After a successful 2023 CES Show (Las Vegas), MIA Global has partnered with importers, distributors, and dealers on the East and West Coast of the United States with sales currently focused on electric golf carts, e-bikes, scooters, three wheelers, e-utility vehicles, and electric boats.

The company has additional offices and a factory in Seoul, South Korea. With its partnership with one of the top leading lithium battery manufacturers in the world, MIA GLOBAL will supply high-quality and innovative e-mobility products to ALYI creating revenue growth and supporting ALYI's business plan to operationalize opportunities in the e-Mobility and green transportation sectors, primarily in developing markets such as Kenya. MIA Global's current operating business focuses on the commercialization of in-house manufactured e-bikes, golf carts and specialized batteries for niche applications.  Customers and investors can see first-hand MIA Global, Inc. products in the upcoming CES 2025 in Las Vegas, NV as well as at other PGA sponsored trade shows.

MIA Global intends to make further public updates on its plans for Alternet Systems as developments proceed including possible operating company name and ticker symbol changes to reflect a new branding and business focus. Dr. Randell Torno will stay on as Chief Executive for ALYI.

For more information, please visit: www.mia-global.com and http://www.alternetbike.com. For press inquiries contact at info@alternetbike.com. Phone 214.304.2686.

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.

View original content:https://www.prnewswire.com/news-releases/mia-global-inc-to-acquire-controlling-interest-in-alternet-systems-inc-302267410.html

SOURCE MIA Global Inc.

FAQ

What is the purpose of MIA Global's acquisition of Alternet Systems (ALYI)?

MIA Global is acquiring ALYI to expand shared e-mobility and green energy opportunities, particularly in developing markets like Kenya. The acquisition aims to support ALYI's business plan and create revenue growth through the supply of high-quality e-mobility products.

How many electric vehicles has MIA Global sold since 2010?

MIA Global affiliated companies have sold over 5600 electric vehicles since 2010, demonstrating their experience and market presence in the e-mobility sector.

Will there be changes to Alternet Systems' (ALYI) management after the acquisition?

Dr. Randell Torno will stay on as Chief Executive for ALYI after the acquisition by MIA Global, ensuring continuity in leadership.

What products does MIA Global focus on commercializing?

MIA Global's current operating business focuses on the commercialization of in-house manufactured e-bikes, golf carts, and specialized batteries for niche applications, as well as other e-mobility products like scooters, three-wheelers, e-utility vehicles, and electric boats.