VIASPACE Press Release
VIASPACE FORECASTS 100% INCREASE IN REVENUES FROM FRAMED ARTWORK BUSINESS
Irvine, CA USA-January 24, 2011-VIASPACE Inc. (OTC Bulletin Board: VSPC), and its renewable energy subsidiary VIASPACE Green Energy Inc. (OTC Bulletin Board: VGREF) announced that its Inter-Pacific Arts business unit has received new customer orders for framed art for delivery in the first half of 2011. The company expects first quarter and second quarter revenues for 2011 to exceed 100% of 2010 levels.
Inter-Pacific Arts (IPA) manufactures and sells high quality framed art to U.S. retailers. IPA works with buyers at major retailers to select custom combinations of art, mattes and frames to assure that each customer receives a unique combination of art and frame that is not available to other retailers. IPA only works with container-load customers, and the containers of framed artwork are shipped from the IPA factory in China.
IPA can accommodate requests for custom framing of any size and format and will matte and frame a customer's proprietary art upon request.
Chief Executive Carl Kukkonen reported, "The framed art business is very important to VIASPACE, and we are proud of the products we produce for our US customers, which are well known retail chain stores. The orders for 2011 thus far are very encouraging and indicate significant business growth over 2010. Thorough and extensive quality audits are conducted regularly by customers, and IPA has earned a reputation to produce excellent quality framed art."
Kukkonen continued, "The framed art business may seem incongruous with our Giant King Grass business in China, but they are quite synergistic. IPA is experienced in business operations and procurement in China and shipping products to the US. VIASPACE is able to keep overhead costs at a minimum by sharing resources between the two business units. It is a win-win situation. The framed art business is profitable and growing. I also conducted customer tours of the Giant King Grass plantation during my trip and will report on that in the near future."
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. Through its majority-owned subsidiary VIASPACE Green Energy Inc., the Company grows Giant King Grass as a low-carbon fuel for electricity generating power plants, as a feedstock for bio methane production and cellulosic biofuels, and for other low-carbon, renewable energy products. VIASPACE Green Energy recently introduced its Green LogTM fireplace and campfire log product. VIASPACE Green Energy also as a business unit that manufactures quality framed art for retailers in the United States. For more information, please go to http://www.viaspace.com/ or http://www.viaspacegreenenergy.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, 2009, 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.