The company entered into a comprehensive funding agreement with RevoltTOKEN that includes a current USD 25 million first tranche investment commitment at USD 0.05 per share. Alternet has initiated a USD 2.5 million drawdown on the first USD 25 million to start the construction on a 100-acre facility in Africa.
Fremont, CA: Dallas-based Alternet Systems confirmed that its funding partner RevoltTOKEN would present a comprehensive update on the USD 100 million transaction intended to fund Alternet's electric mobility business. RevoltTOKEN has just secured the last key component necessary to proceed with the funding transaction. Along with featuring the key component now in place, the presentation will include an overall update on progress toward the launch of the RevoltTOKEN initial cryptocurrency offering (ICO). Based on both individual investor and institutional investor response, the presentation will specifically include an overview of how the USD 100 million funding could be well exceeded.
The company entered into a comprehensive funding agreement with RevoltTOKEN that includes a current USD 25 million first tranche investment commitment at USD 0.05 per share. Alternet has initiated a USD 2.5 million drawdown on the first USD 25 million to start the construction on a 100-acre facility in Africa. Overall, RevoltTOKEN intends to invest USD 100 million in conjunction with an independent initial cryptocurrency offering (ICO). RevoltTOKEN has already partitioned a cryptocurrency on the Ethereum Blockchain in advance of the planned ICO.
The company announced that it expects a new fleet order for its ReVolt Electric Motorcycle to double the company's current production outlook. Earlier this month, the company announced entering into discussions regarding additional fleet orders. Management now expects to sign an order resulting from those discussions by the end of September. Alternet has already entered into an initial USD 20 million electric motorcycle order and an additional letter of intent for a USD 30 million contracts. Both the agreements cover a six-year duration resulting in an overall USD 300 million revenue opportunity. The new order is expected to be signed this month and would edge Alternet towards a USD 500 million revenue opportunity.
More than two years ago, Alternet piloted an electric motorcycle that was a BMW R71 clone retrofitted with an electric motor in its first rendition. The BMW R71 is a breathtaking iconic image popularized through decades of frequent Hollywood screen appearances and the real engineering breakthroughs that maintain the bike's relevance.