VIASPACE Press Release
Inter-Pacific Acquisition has Potential to Rapidly Accelerate Revenue Growth
PASADENA, CA, October 29, 2008-VIASPACE Inc. (OTCBB: VSPC) today commented on its announced acquisition of Inter-Pacific Arts Corp. (Inter Pacific),a company with ongoing profitable operations generating unaudited 2007 revenues of approximately $5 million, net income of $1.2 million, and $3 million in cash and equivalents.
Dr.Carl Kukkonen, CEO of VIASPACE, stated, " VIASPACE made this acquisition to enter the biofuels industry as a major expansion of its focus in the $54 billion clean energy market sector. This acquisition will compliment VIASPACE's continued interest in fuel cell cartridges for lap tops and cell phones through its DMFCC subsidiary. Inter-Pacific has a worldwide license to grow and sell an ultra-fast-growing hybrid grass to be used for production of biofuels, and has already begun production of this high-yield hybrid grass for both biofuels and animal feed, two underserved markets in China with ready customers. VIASPACE intends to rapidly accelerate development of the hybrid grass business, which can quickly become the major revenue driver above and beyond the current $5 million in revenue of the commercial operations of the Inter-Pacific subsidiary. The combined revenue can grow very rapidly above the current $5 million as additional land is planted and harvested. We expect VIASPACE to be profitable by the end of 2009."
Kukkonen continued, "In addition, Inter Pacific already generates $5 million in revenue from its commercial operations, which we are planning to also expand at a projected growth of 20% per year. This revenue can provide all of the cash flow needed to build up the more profitable hybrid grass business without further investment by VIASPACE. Inter Pacific also possesses sufficient land to begin operations as well as the facilities and dorms needed to support the hybrid grass business staff."
About VIASPACE (OTCBB: VSPC) - Founded in 1998 with the objective of transforming proven space and defense technologies from NASA and the Department of Defense into hardware and software solutions that solve today's complex problems, VIASPACE benefits from important patent and software licenses from Caltech, which manages NASA's Jet Propulsion Laboratory. VIASPACE is committed to alternative energy and green technologies. For more information, please see www.VIASPACE.com or contact Dr. Jan Vandersande, Director of Communications, at 800-517-8050 or IR@VIASPACE.com. For a photo of the grass, please contact IR@VIASPACE.com.
Press contact: Dr. Carl Kukkonen 626-768-3360
This news release includes forward-looking statements. These forward-looking statements relate to future events or our future performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Such factors include without limitation the risks outlined in our periodic filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-KSB, for the fiscal year ended December 31, 2007, as well as general economic and business conditions, the ability to acquire and develop specific projects and technologies, the ability to fund operations, changes in consumer and business consumption habits, competition with larger companies, demand for biofuels and animal feed particularly in China, risks associated with international transactions, crop development, growing, and harvesting related risks, and other factors over which VIASPACE has little or no control.