VIASPACE Press Release
VIASPACE RENEWABLE ENERGY SUBSIDIARY TO BECOME PUBLICLY TRADED COMPANY
VIASPACE to Retain Majority Ownership in VIASPACE Green Energy Inc., Including Management, Operations and Consolidated Financials
PASADENA, CA-June 4, 2009-VIASPACE Inc. (OTCBB: VSPC), a clean energy company providing products and technology for renewable and alternative energy, today announced that it has filed a Form S-1 with the Securities and Exchange Commission to list its majority-owned subsidiary, VIASPACE Green Energy Inc. ("VGE"), as a separate public company and expects that shares of VGE will be traded on the OTC Bulletin Board.
VIASPACE's ownership in VGE, and VGE's management, operations and focus on renewable energy will remain unchanged. No new shares will be issued, and no funds will be exchanged as a result of this filing.
VIASPACE Chief Executive Carl Kukkonen commented: "As a separately reporting public company, VGE's business, growth potential and financial progress will be more visible and therefore offer a more direct, focused and transparent opportunity for investors in renewable energy. I will continue to be the CEO of both VIASPACE and VGE, and no management changes are anticipated. Since VIASPACE is retaining its majority ownership of VGE and thus would benefit from VGE's growth and valuation potential, we are excited with this new structure."
Through an acquisition of Inter-Pacific Arts (IPA) on October 21, 2008, VGE grows and markets proprietary Giant King Grass, a renewable cellulosic non-food resource: 1) for producing low-carbon liquid biofuels for transportation, such as cellulosic ethanol, methanol and green gasoline ("grassoline"); and 2) as a full or partial substitute for coal to reduce carbon emissions from electricity-generating power plants. From an initial planting of 1.2 million seedlings in late 2008 in southern China, three million seedlings are now growing on 112 acres, which are leased for 25 years. VGE is negotiating for additional land for new plantings and continuing propagation in an effort to expand production capacity to meet rising worldwide demand for cellulosic, non-food sources of energy.
VGE's IPA subsidiary also continues to manufacture high quality framed art in its factory in China and sell to U.S. retailers.
Kukkonen added: "The filing of Form S-1 to make VGE a separate public company also meets a condition of the second closing of the IPA acquisition on October 21, 2008.
About VIASPACE Inc.: VIASPACE is an alternative energy company providing products and technology for renewable and clean energy that reduce or eliminate dependence on fossil and other high-pollutant energy sources. The Company provides raw material for cellulosic biofuels and develops and markets fuel cell cartridges, products and technology. VIASPACE subsidiary Direct Methanol Fuel Cell Corporation owns a portfolio of fuel cell patents licensed from Pasadena-based California Institute of Technology (Caltech), which manages NASA's Jet Propulsion Laboratory, where the direct methanol fuel cell was invented. 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.
Safe Harbor Statement: Information in this news release and include forward-looking statements. These forward-looking statements relate to future events or 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, risks outlined in our periodic filings with the U.S. Securities and Exchange Commission, including Annual Report on Form 10-K for the year ended December 31, 2008, as well as general economic and business conditions; the ability to acquire and develop specific products and technologies; changes in consumer and business demand for the Company's products; competition from larger companies; changes in demand for alternative and clean energy; risks associated with international transactions; risks related to technological change; and other factors over which VIASPACE has little or no control.