ALPHA TECHNOLOGY (INT) LIMITED
BATCH ONE CUSTOMER LOYALTY REWARD SCHEME
SCHEME RULES

 

Introduction

These rules govern the relationship between us, Alpha Technology (Int) Limited (Alpha), and you, our valued customer.

The Scheme is designed for batch one customers who purchased either a 50Mh/s or 250 Mh/s Viper (each a Viper) from Alpha on or before 31 August 2014, and who fulfil the eligibility requirements set out in paragraph 3.

Membership of the Scheme is not automatic. Being admitted to the Scheme, and being permitted to remain a member of the Scheme, is subject to the rules set out in paragraph 3

For the avoidance of doubt, the Scheme will have no application to any orders which are placed on or after 1 September 2014, whether in relation to batch one Vipers or to any subsequent batches.

Loyalty reward payments

As a member of the Scheme, you will be entitled to a loyalty reward payment each time that Alpha declares a dividend.

Following the expiry of each financial year of Alpha, Alpha shall consider whether it wishes to declare a dividend for shareholders. There shall be no obligation on Alpha to declare any dividend to shareholders and the decision on whether or not to declare any dividend shall be entirely a matter for Alpha’s discretion.

 If Alpha declares a dividend in any of the financial years up to and including the financial year ending 31 August 2020, it will also declare a bonus pool for Scheme members, which will amount to 3/7 of the value of the shareholder dividend. This means that Scheme members will be entitled to 30% of the total of the dividend and bonus pool.

By way of example, if Alpha declares a shareholder dividend of £70,000, this would mean a members’ bonus pool of £30,000. There will be no bonus pool unless a shareholder dividend is declared.

The bonus pool shall be distributed amongst the eligible customers in proportion to the value of orders placed and paid for by members. You will be allocated 545 “Alpha Points” for each 250 Mh/s Viper you purchased in a Qualifying Order, and 135 “Alpha Points” for each 50 Mh/s Viper you purchased in a Qualifying Order.

Alpha will calculate the total amount of Alpha Points held by members at 9am on the date that the dividend is declared, then divide the total bonus pool by the total number of Alpha Points to calculate the amount to be paid out to members per Alpha Point that the relevant member has.

 By way of example, if the bonus pool was £30,000, and the total amount of Alpha Points held by members was 300,000, each Alpha Point you hold will entitle you to a loyalty reward payment of 10p. If you have bought one 250 Mh/s Viper in a Qualifying Order, you would have 545 Alpha Points, and therefore be entitled to a total loyalty reward payment of £54.50 for that financial year.

If a member ceases to be eligible at some point after 9am on the dividend declaration date, but before that member has received his or her loyalty bonus payment, the payment that would otherwise have been due to that member shall be forfeited and retained by Alpha for its own use.

If you are entitled to a loyalty reward payment, this will be paid to you by Alpha within 90 days of the date of the declaration of the shareholder dividend. All members of the Scheme will be notified of the total amount of the bonus pool and of their share by email. Payment will be made by direct transfer into each customer’s bank account.

Members shall have no right to disclosure of information about other members and their respective percentage entitlements.

In the event of any dispute as to the accuracy of any percentage entitlement, you agree that Alpha may request its auditors to confirm the position. You shall be required to pay the auditor’s costs in advance of such advice being requested.

You agree the conclusion of the auditors (whether requested by Alpha, you, or another member) shall be conclusive and binding Alpha and all members.

Alpha shall make the payment to your bank account using the details you have provided to Alpha. Alpha shall not be responsible if you have provided incorrect details or if the details Alpha hold are outdated.

 Eligibility for the Scheme

 You are eligible to join the Scheme if:

you purchased one or more Vipers on or before 31 August 2014 (a Qualifying Order);

 you have not cancelled your Qualifying Order(s) and/or forfeited your deposit; and

 you have paid all payments due to Alpha in respect of your Qualifying Order(s) on time as they fell fall due (in accordance with Alpha’s terms of order).

Joining the Scheme is entirely optional. Alpha is offering this Scheme as a reward to our customers for their loyalty: there is no charge to join and no membership fee. Any order you have placed will not be affected by your membership of the Scheme. If you are eligible to join the Scheme and would like to join, you should complete a membership form (accessible via this link until 31 October 2014) and email it to loyalty@alpha-t.net.

Your properly completed membership form must be received by Alpha no later than 5.00pm UK time (GMT) on 31 October 2014. Unfortunately Alpha cannot accept forms that are lost, delayed or incorrectly completed, unless the form is resubmitted and received prior to the deadline. If your properly completed membership form is not received by the deadline we will assume that you do not wish to participate and you will not be eligible to join at a later date.

If you have made more than one Qualifying Order you should only submit one membership form, and you must make clear in your membership form which Qualifying Orders you wish to be considered for the purposes of your membership. To be eligible to join the Scheme you must fulfil the eligibility requirements in respect of all of the Qualifying Orders you include in your membership form.

If you have made an order and you do not include it within your membership form, we will assume that you do not wish it to be taken into account for the purposes of this Scheme it will immediately cease to be considered a Qualifying Order from the date on which you submit your membership form

By submitting a membership form you are confirming to Alpha that you believe you are eligible to be a member of the Scheme, and agreeing to comply with these Scheme Rules. On receipt of your membership form, Alpha will consider your application and check that you are eligible to join. Alpha shall admit you as a member of the Scheme unless it reasonably considers that you are not eligible to join.

 On admission to the Scheme you will be sent a confirmatory email by Alpha. Once admitted, you will then remain a member of the Scheme until the expiry date (as described in paragraph 3.11), unless prior to that date:

you cancel a Qualifying Order and/or forfeit your deposit;

you fail to make a payment due to Alpha in respect of a Qualifying Order as it falls due (in accordance with Alpha’s terms of order);

 you notify Alpha in writing (including by email) that you no longer wish to be a member of the Scheme;

we attempt to make a payment to you in accordance with the Scheme but it fails because we do not have up to date bank account details for you;

we become unable to contact you because we do not have up to date contact details for you;

it becomes illegal or unlawful for you to participate in the Scheme or to receive payments in accordance with it, or Alpha believes in its reasonable opinion that your continued membership of the Scheme would be likely to bring Alpha or any party associated with it into disrepute; and/or

you carry out an act which is against these Scheme Rules, or fail to comply with any of your obligations set out in these Scheme Rules, or breach any other agreement you have with Alpha; and/or

 you become bankrupt or subject to any insolvency procedure or any other similar process or event, whether in the United Kingdom or elsewhere.

If Alpha reasonably believes that one of the events set out above has occurred, Alpha may immediately terminate your membership of the Scheme, together with any rights you have as a member. Such termination shall be deemed to have occurred immediately on the occurrence of the particular event set out above.

On termination of your membership Alpha shall within a reasonable period send a notification to the most recent email address you have provided for communication purposes notifying you of the termination. Alpha’s decision regarding any termination of membership shall be final.

If your membership is terminated, Alpha shall have no obligation to make any further payments to you, even if the payment has already fallen due in accordance with these Scheme Rules.

Once your membership has been terminated, you will not be eligible to rejoin the Scheme.

 The Scheme expires in 2020. The final financial year in respect of which a loyalty reward payment may be due is the financial year ending 31 August 2020. Once all distributions have been made in respect of that financial year (if any) the Scheme shall end and these Scheme Rules shall cease to have effect.

Keeping ALPHA UPDATED

If at any time after you submit your membership form any of the details included within the form change, including but not limited to your email address and your bank account details, you must inform Alpha as soon as possible by email to loyalty@alpha-t.net (or to such other alternative address as Alpha may provide you with from time to time).

If Alpha tries to contact you and is unable to do so, or attempts to make payment to you and such payment fails, Alpha may immediately consider your membership of the Scheme terminated in accordance with paragraph 3.7.

Alpha may from time to time need to request additional information from you in order to comply with legal or other obligations, for practical or operational reasons, or for other reasons. You agree that if such information is required you will provide it as soon as reasonably practicable.

Status

Nothing in this loyalty bonus scheme gives you any entitlement to a shareholding or any other interest of any nature whatsoever in Alpha.

These terms set out the entire terms which shall govern the arrangements in relation to this Scheme, and supersede and extinguish any previous discussions, arrangements, agreements, representations or understandings between you and Alpha.

General

You are responsible for making any tax payments which may be due on your loyalty reward payment in accordance with local law. If Alpha is required by law to make any deductions or withholdings from your payment then it will do so and will pay to you the net amount.

All payments will be calculated and made in pounds sterling. Alpha cannot accept any responsibility for the exchange rates applied by banks when converting the money into your local currency, or any charges your bank may make to you for receiving the payment.

Alpha shall not be liable or responsible for any failure to perform, or delay in performance of, any of its obligations under this agreement that is caused by an event outside Alpha’s reasonable control.

Alpha’s total liability to you under the Scheme shall be limited to any loyalty reward payment due to you in accordance with the Scheme Rules.

This agreement is personal to the customer as identified in membership form submitted when signing up this the Scheme. You cannot transfer your rights to any other person and no other person shall have any rights to enforce any terms of the Scheme.

 No variation to the rules of the Scheme shall be effective unless made in accordance with this paragraph 6.6. Alpha may update the rules of the Scheme from time to time in its discretion save that it shall not (a) reduce the proportion of the bonus pool in relation to the dividend payment, (b) change the way that each member’s share of the bonus pool is calculated or (c) make the Scheme expiry date any earlier than the end of Alpha’s 2019/20 financial year, in each case unless required to do so for legal compliance reasons.

Where Alpha updates the rules in accordance with paragraph 6.6, it shall provide you with no less than 30 days’ notice by email (except where a shorter notice period is required for legal compliance reasons). If you notify Alpha prior to the rule change that you do not accept the rule change, this shall be treated as a notification that you wish to leave the Scheme as described by paragraph 3.7.3, and Alpha shall be obliged to accept such notice and terminate your membership. Otherwise you shall be deemed to accept the new rules and to be bound by them.

The Scheme (including any associated non-contractual disputes or claims) is governed by English law and you and Alpha hereby accept the exclusive jurisdiction of the English courts in relation to any dispute arising under or in connection with this Scheme.

https://alpha-t.net/loyalty-scheme-rules/

Remember this?
(emphasis added by original author, Mubasher Akram)

Just in case you weren't sure about what they were asserting to be a sure thing, solid fact, the following words were in the same announcement:
(emphasis added by me)

So, in terms of the 'qualifying' status for this offer, they cite,
Now would this be the balance payment they originally said would be called for somewhere about a month prior to them shipping, because I don't recall them actually providing evidence of there being anything that even equates to a functional product, plus the fact that their inability to provide a credit-card payment processor for the balance payment to be made, resulted in:
I haz confused.

Are the people who were told they could wait to make the final payment, now classed as non-entitled to this spangly new offer?

"ALPHA TECHNOLOGY (INT) LIMITED
BATCH ONE CUSTOMER LOYALTY REWARD SCHEME
SCHEME RULES

 

Introduction

These rules govern the relationship between us, Alpha Technology (Int) Limited (Alpha), and you, our valued customer.

The Scheme is designed for batch one customers who purchased either a 50Mh/s or 250 Mh/s Viper (each a Viper) from Alpha on or before 31 August 2014, and who fulfil the eligibility requirements set out in paragraph 3.

Membership of the Scheme is not automatic. Being admitted to the Scheme, and being permitted to remain a member of the Scheme, is subject to the rules set out in paragraph 3

For the avoidance of doubt, the Scheme will have no application to any orders which are placed on or after 1 September 2014, whether in relation to batch one Vipers or to any subsequent batches....."


THIS IS A FUCKN JOKE!

2 business days left for them to deliver. KNC is hashing, other OEMs are following suit. LTC difficulty rising.

Scheme - a plan or programme of action, especially a crafty or secret one

Rest assured, the earth is spinning.

 "Alpha shall consider whether it wishes to declare a dividend for shareholders. There shall be no obligation on Alpha to declare any dividend to shareholders and the decision on whether or not to declare any dividend shall be entirely a matter for Alpha’s discretion."


Well, sure, that makes total sense.



We'll give you money if we decide to give you money. 

I'm sure people will be just fine with that.

Is it not fucking hilarious that Alpha themselves is calling this a SCHEME? 

ROFL!!!!!!!!!! WTF!!!

LOLOLOLOLOLOL

I THOUGHT THIS WAS A JOKE!!! LOLOLOL

Updated terms;

They don't do pigs

“Forbidden to you (for food) are: dead meat, blood, the flesh of swine, and that on which hath been invoked the name of other than Allah.”
[Al-Qur'an 5:3]
 

Its not even funny really. Alpha are once again taking a dump from a great height all over their customers. If they weren't finished before they are now. Look at the differences from the initial offer to the one on the table now.

First  we are proposing to give up a 30% stake in the company to our entire batch 1 customer base

Now:  You are eligible to join the Scheme if:

         you purchased one or more Vipers on or before 31 August 2014 (a Qualifying Order);

         you have paid all payments due to Alpha in respect of your Qualifying Order(s) on time as they fell fall due (in accordance with Alpha’s terms of order).

Then: Our proposition is that you will receive the miner as well as a shareholding in the company

Now: As a member of the Scheme, you will be entitled to a loyalty reward payment each time that Alpha declares a dividend

Then: What this shareholding effectively does, is make our customers an integral part of Alpha Technology by being partial owners of the company.

Now: Nothing in this loyalty bonus scheme gives you any entitlement to a shareholding or any other interest of any nature whatsoever in Alpha.

Then: We will in fact be having a vote on our forum very soon in regards to this issue

Now: Joining the Scheme is entirely optional....... If you are eligible to join the Scheme and would like to join, you should complete a membership form

Then: all of our batch 1 customers WILL get ROI one way or another as long as we are in business as you will have full right over issues of dividends forever

Now: The Scheme expires in 2020


BTW they just removed a post that pasted the "Loyalty Scheme offer" on their forum. That pretty much sums Alpha up. Truly a bunch of childish crooks.