VIASPACE Press Release
VIASPACE UPDATE ON VIASPACE GREEN ENERGY IPO
Company in Negotiations for Second Closing
Irvine, CA- November 23, 2009- VIASPACE Inc. (OTC Bulletin Board: VSPC), a clean energy company growing Giant KingTM Grass as a low-carbon, renewable energy crop, today provided an update on the status of the initial public offering of its majority owned subsidiary VIASPACE Green Energy.
VIASPACE Green Energy (VGE) filed registration statement on form S-1 with the Securities and Exchange Commission (SEC) to register shares for public sale. VGE received comments from the SEC and filed an amended S-1 on November 19, 2009. It is available on the SEC website http://www.sec.gov/ under the company name VIASPACE Green Energy.
VIASPACE CEO Dr. Carl Kukkonen stated, "We are very optimistic that the registration statement for VIASPACE Green Energy will be approved."
Under the terms of the Securities Purchase Agreement dated October 21, 2009 and its amendments, VIASPACE is obligated to pay $4.8 million in cash plus interest to the seller to effect the second and final closing. The deadline for the second closing has been extended until November 26, 2009. VIASPACE is in active negotiations with the seller.
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 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 includes 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.