Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective July 31, 2014, Fabio Alvino resigned from the Board of Directors (the
"Board") of Alternet Systems, Inc. (the "Company"). Mr. Alvino's resignation was
not the result of any disagreement with the Company on any matter relating to
the Company's operations, policies or practices.
On July 30, 2014, the Board appointed Fernando Cisneros to fill the vacancy
created by Mr. Alvino's resignation, effective July 31, 2014.
Mr. Cisneros, 36, is an entrepreneur and private equity investor with deep
financial expertise. Since April 2012 Mr. Cisneros has been a Partner at Octagon
Group, a Peruvian real estate development firm, and spearheading multi-million
dollar residential and commercial projects. Prior to Octagon Group, Mr. Cisneros
was a Vice President in LXG Capital from May 2010 to April 2012, a boutique
Latin American investment bank, working on mergers and acquisitions,
divestitures, general strategic advisory services, and capital raising. Mr.
Cisneros has also served as a Partner in Flow Investments, from December 2008 to
February 2010, a global macro hedge fund, where he focused on equities and
options. Previously he was Vice President of Finance at Grupo Mistral, a private
group of companies in the industrial, retail, and consumer product sectors in
Venezuela. Lastly, he began his career as an Analyst at Lazard FrÈres in mergers
Mr. Cisneros holds a BA in Economics from Duke University and an MBA from
Columbia Business School.
Mr. Cisneros is qualified to serve on the board of directors due to his broad
and diverse business experience in multiple industries and markets. In addition,
Mr. Cisneros brings deep financial and structuring experience combined with keen