VIASPACE Press Release
VIASPACE FILES AMENDED FORM S-1
VIASPACE Green Energy Subsidiary to Become Publicly Traded Company
Irvine, CA- November 30, 2009-VIASPACE Inc. (OTCBB: VSPC), a clean energy company growing Giant KingTM Grass as a low-carbon, renewable energy crop, today announced that on November 25, 2009, it filed an amended Form S-1 with the Securities and Exchange Commission to list its majority-owned subsidiary, VIASPACE Green Energy Inc. (VGE), as a separately reporting public company. The amended filing is available at http://www.sec.gov/ under VIASPACE Green Energy.
The common shares of VGE are expected to be traded on the OTC Bulletin Board. VIASPACE Inc. anticipates that its majority ownership in VIASPACE Green Energy, current management and operations of VGE, and VGE's focus on renewable energy will remain unchanged.
VIASPACE Chief Executive Carl Kukkonen reiterated that with separate reporting, VGE's business, growth potential and financial progress will be more visible and offer investors a clearer view of VGE as an investment opportunity in renewable energy. Since VIASPACE Inc. expects to retain its majority ownership of VGE, VIASPACE Inc. shareholders stand to benefit from VGE's expected business growth and appreciation in value.
The S-1 filing, effective registration by the SEC and exchange-listing of the common shares of VGE also meet a condition for the second closing of the October 21, 2008, acquisition of Inter-Pacific Arts (IPA). VIASPACE Inc. is in negotiations with the seller of IPA to effect the second closing, and the deadline for the second closing has been extended from November 26, 2009, to December 15, 2009.
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-pollutant energy sources. The Company grows Giant King Grass as a low carbon fuel for electricity generating power plants and as a feedstock for cellulosic biofuels. VIASPACE subsidiary Direct Methanol Fuel Cell Corporation develops fuel cartridges for direct methanol fuel cells, and 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.