SOURCE: Alternet Systems, Inc.

Alternet Systems, Inc.

May 18, 2010 09:10 ET

Alternet Systems, Inc. (ALYI) to Acquire Proprietary Security Technology

Acquisition to Assist Subsidiary International Mobile Security (IMS) in Fulfilling Product Strategy

MIAMI, FL--(Marketwire - May 18, 2010) -  Alternet Systems, Inc. (OTCBB: ALYI), a leading enabler of secure mobile commerce and payment transactions, today announced it has concluded a term sheet to acquire proprietary technology to support its recently formed subsidiary, International Mobile Solutions (IMS). Alternet has concluded due diligence with the confidential acquisition target and expects to consummate the deal in the coming month.

Alternet launched IMS last year to address security concerns when deploying mobile commerce and transaction services. IMS also expands Alternet's mobile security services to the global mobile security and mobile location based services markets, which are projected to surpass $4bb and $12bb dollars in 2014, respectively, according to recent reports from ABI Research and Juniper Reports.

Alternet recently announced the appointment of Juan Cubides to lead IMS. Mr. Cubides brings to IMS a vision of a comprehensive solution to the threats posed to digital communication, through the creation of a broad portfolio of security products and services designed to protect and manage mobile and digital communications. The technology to be acquired, which includes data and voice encryption and geo-positioning and tracking, will complement partner technologies and will help IMS fulfill this product strategy. Additionally, the acquisition target brings several projects in the sales pipeline.

About Alternet Systems Inc. (www.alternetsystems.com)
Alternet Systems Inc. (OTCBB: ALYI), a US corporation headquartered in Miami, Florida, is a leading enabler of Secure Mobile Commerce and Communications in the Americas and Caribbean. Alternet has regional presences in 17 countries throughout the region through a network of fulfillment partners and agents. Alternet's subsidiaries provide a comprehensive suite of hosted and Software as a Service (SaaS) applications for the Utility, Transportation, Financial, and Telecommunication, and Retail industries. Alternet subsidiaries include Utiba Americas, a joint venture with Utiba Pte Ltd., the leading provider of mobile payment and financial transaction software, and International Mobile Security (IMS) a newly formed provider of mobile communications security products and services.

"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

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