Dallas, Texas, May 17, 2022 (GLOBE NEWSWIRE) -- Alternet Systems, Inc (OTC Pink: ALYI) today released a letter to shareholders from company CEO Randell Torno. The purpose of Mr. Torno’s letter is to provide an update on the 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. Mr. Torno’s letter is included in its entirety below:

Dear Shareholders:

ALYI remains confident in its EV ecosystem strategy to build a branded EV branded event in Africa around which leading industry EV participants participate as a right of passage in proving their credentials as a viable EV component solution.

Specifically, ALYI’s strategic plan is to establish a recurring EV conference and symposium in Kenya that includes a brand name EV race.

Toward that end, ALYI, through an equity partnership in Kenya, has a provisional license for a Formula E race.

With the market enthusiasm for the EV market over the course of 2020 and the beginning of 2021, ALYI has advanced its EV ecosystem strategy on multiple fronts in an effort to accelerate the construction of EV participants in an annual EV symposium and race.

The prevailing market conditions aren’t what they were in 2020 and the beginning of 2021 when we first enjoyed some traction in the execution of our accelerated EV ecosystem plan.

As the current market continues to reflect a high degree of uncertainty in regard to economic growth potential in reaction to any number of factors of which inflation and the war in Ukraine are high on the list, ALYI management is taking into consideration the potential impact of the current conditions continuing for a period of time longer than we had hoped.

ALYI is an early-stage company dependent on access to capital in order to execute its plan.  It is prudent for us to consider ways to reduce our capital requirements so that the company can endure the prevailing market conditions.

We have developed a preliminary plan to prioritize our branded EV race and symposium and find opportunities to maintain our other EV ecosystem acceleration efforts through third parties that have the resources to capitalize the specific effort.

We are moving quickly to engage with third parties and explore the viability of our preliminary plan.  We have already entered conversations with multiple third parties.

We will keep you up to date as our plans develop and unfold.

We remain confident in the ALYI vision, and we are confident in our ability to meet the challenge of adapting our strategy to the prevailing market conditions.

Sincerely,

Randell Torno
CEO
Alternet Systems, Inc.

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
[email protected]
+1-800-713-0297