VIASPACE Press Release
VIASPACE Clean Energy, Other Businesses in Cohen Research Update
Company Making Key Advances in Renewable and Alternative Energy
IRVINE, CA-June 22, 2009-VIASPACE, Inc. (OTCBB: VSPC), a clean energy company providing products and technology for renewable and alternative energy, is covered in a research update issued June 15, 2009, by Cohen Independent Research Group (CIRG). The report, including a buy recommendation and price targets, is available at http://cohenresearch.com/reports/vspc_update_06-15-09.pdf .
VIASPACE Inc. is a clean energy company focusing on renewable energy and alternative energy. In renewable energy, the Company is cultivating and marketing a fast-growing grass as a non-food feedstock for cellulosic low-carbon biofuels and biomass. Recent news indicate VIASPACE is increasing acreage and plantings of grass seedlings and seeking supply contracts with biofuel producers and electricity generating plants.
Its alternative energy businesses include fuel cell cartridges and rechargeable lithium-ion batteries. The Company is working with SAMSUNG to develop and commercialize fuel cells for military and consumer applications and, to meet expected demand, is establishing a large-scale production and distribution network.
A subsidiary involved in security technology is developing sensor systems for detecting chemicals, toxic gases and explosives. The Company also has made key progress under its contracts with the U.S. Army and U.S. Navy to develop new sensor systems to detect a range of chemical and explosive threats, including improvised explosive devices, or IEDs.
The strategic non-core business is providing near-term financial resources for growing the Company's renewable energy business, and during the first quarter of 2009 cash flow from that business enabled VIASPACE to begin increasing production capacity of feedstock for biofuels and biomass. For first-quarter 2009, ended March 31, the Company reported higher revenues and improved operating and net results, compared to first-quarter 2008.
The CIRG research update also reviews VIASPACE's plan to list its renewable energy subsidiary, VIASPACE Green Energy Inc. (VGE), as a publicly traded, fully reporting company. This move is expected to enhance long-term shareholder value for VIASPACE Inc. shareholders, as VIASPACE Inc. will maintain its majority ownership of VGE, continue to manage VGE's grass cultivation operations and continue to consolidate financial results, including cash flow. As a separate company, however, VGE financials will be more transparent, which is expected to increase visibility of its grass business and potential, facilitate access to capital should external financing become a beneficial alternative, and promote stronger valuation, which would accrue to VIASPACE shareholders via their indirect holdings of 59% of VGE shares.
VIASPACE Chief Executive Carl Kukkonen said: "Grass cultivation and activities to increase acreage are progressing according to plan, as are efforts to establish supply contracts with biofuel producers and electrical generation plants. Our primary focus is in China, where our first grass crops will be harvested, biomass power plants have been built, and biomass-produced energy is being subsidized. And as we develop this source of revenue, we will continue to pursue opportunities with biofuel producers and, in the nearer term, more immediate opportunities in the market for animal feed, as one of China's national priorities is sufficient supplies of meats and other animal protein for its rapidly growing population."
About VIASPACE Inc.
VIASPACE is a clean energy company providing products and technology for renewable and alternative energy that reduce or eliminate dependence on fossil and high-risk-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. VIASPACE subsidiary Ionfinity has operations in security-related systems and technology for military, defense and commercial applications. For more information, please see http://www.viaspace.com/ or contact Dr. Jan Vandersande, Director of Communications, at 800-517-8050 or mailto:IR@VIASPACE.com.
Safe Harbor Statement
Information in this press release and interview includes forward-looking statements which 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 those 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 the Annual Report on Form 10-K for the year ended December 31, 2008, as well as general economic and business conditions; changes in demand for the Company's products; competition from larger companies; technological change; and other factors over which VIASPACE has little or no control.
References to the CIRG report are for informational purposes only and do not constitute an endorsement, agreement or disagreement with the content, accuracy or conclusions contained in the report.