Alternet Systems, Inc. (Alternet) provides mobile financial solutions and mobile security and related solutions. Utiba is a software developer and professional services provider of mobile financial services software for the telecommunications, banking and financial services industry. The Company operates its mobile financial services sales business through ATS, a Florida corporation, as a joint venture entity owned 51% by the Company and 49% by Utiba, and which does business as Utiba Americas. The Company�s technology had been developed over numerous years and provided clients with a complete suite of applications and functionality that addressed all market applications and usage. Effective October 15, 2013, the Company, Utiba, ATS, and Utiba Guatemala entered into an Asset Purchase Agreement in order to affect the sale by ATS of all of its business and assets to Utiba, as described below (ATS Transaction).