VIASPACE Press Release
VIASPACE ACQUISITION AUDIT SHOWS $5.4 MILLION REVENUE AND $1.1 MILLION NET PROFIT IN 2007
$5 MILLION REVENUE AND $1 MILLION NET PROFIT IN 9 MONTHS OF 2008
PASADENA, CA, January 13, 2009-VIASPACE Inc. (OTCBB: VSPC) announced today that the audit of the combined financial statements of Inter-Pacific Arts Corp. and Affiliate ("Inter-Pacific") for the years ended December 31, 2007 and 2006 has been completed by Goldman Parks Kurland Mohidin LLP. On October 28, 2008, VIASPACE announced that it had acquired Inter-Pacific, a company which has existing profitable operations in the framed art business. Inter-Pacific also holds a worldwide license to grow and sell China Giant King Grass, an ultra-fast-growing hybrid grass suitable as a feedstock for cellulosic biofuels and for use directly as animal feed.
The 2007 audit of Inter-Pacific reported revenues of $5,462,000 and net profit of $1,167,000. In addition, a review was completed by the independent auditors for the nine months ending September 30, 2008 and showed Inter-Pacific reported revenues of $5,066,000 and net profit of $999,000. The Company filed a Form 8-K/A on January 7, 2009 with the Securities and Exchange Commission. Please visit http://www.viaspace.com/sec_filings.php for the complete filing and details of the audit and review.
Dr. Carl Kukkonen, CEO of VIASPACE, commented: "The framed art business of Inter-Pacific is profitable and growing as shown by the results of the independent audit. VIASPACE expects to use these profits to further expand and develop the grass business. We previously announced the leasing of 100 acres of land with an option for an additional 1400 acres in Guangdong Province, China, and our current crop of 1.2 million grass seedlings is currently growing near the Inter-Pacific manufacturing facility in Guangzhou. Our initial grass revenues are expected in 2009. Revenues for the next year or two will come from sales of the grass as livestock, poultry and fish feed. In parallel, we are building the capability to grow large amounts of grass for production of non-food crop, cellulosic green biofuels."
About VIASPACE (OTCBB: VSPC) - VIASPACE was founded in 1998 and became public in 2005. VIASPACE's direct methanol fuel cell intellectual property was licensed from Caltech, which manages NASA's Jet Propulsion Laboratory where the direct methanol fuel cell was invented. VIASPACE is focused on green energy through its fuel cell cartridges, and its proprietary fast-growing grass which has markets as a feedstock for nonfood crop biofuels, as and as feed for dairy cows, pigs, sheep, goats, fish and other animals. For more information, please see http://www.viaspace.com/ or contact Dr. Jan Vandersande, Director of Communications, at 800-517-8050 or IR@VIASPACE.com.
Press contact: Dr. Carl Kukkonen 626-768-3360