MARIETTA, Ga., April 30, 2012 /PRNewswire/ -- VIASPACE Inc.
(OTC Bulletin Board: VSPC), and its subsidiary VIASPACE Green
Energy Inc. (OTC Bulletin Board: VGREF) today provides an update by
its CEO Dr. Carl Kukkonen regarding
the company's recent board meeting, the International Biomass
Conference in Denver, and business
development activity, along with an update on recent purchases of
VSPC common stock by Director Dr. Kevin L.
Schewe.
The VIASPACE and VIASPACE Green Energy boards of directors held
a joint meeting on April 19, 2012 in
Denver, Colorado, hosted by
Director Dr. Kevin Schewe. The
boards received an update on the framed art business, the new
pellet mill being installed at the plantation in China, and on Giant King Grass business
development. The boards approved a baseline budget that has the
company at cash flow breakeven. The baseline budget has all
expenses paid in cash with the goal of no additional stock dilution
for operations expenses. The board approved reserving part of
the cash on hand for contingency and potential expansion of the
pellet mill. The board meeting was followed by a tour of Dr.
Schewe's impressive Red Rocks Cancer Center in Golden, Colorado and a dinner.
Dr. Kukkonen presented on April 17,
2012 in the Biomass Power Session: "Cultivating Electricity:
Growing the Fuels that Feed Our Power Plants" at the 5th Annual
International Biomass Conference & Expo in Denver, Colorado. Dr. Kukkonen's invited
presentation was entitled: "Integrated Energy Crop Plantation and
Biomass Power Plant." He commented, "The conference had over 1500
in attendance and the interest in biomass was
tremendous. My presentation was well attended and I
generated multiple business contacts from the conference.
Those in attendance were anxious to learn more about high yielding
Giant King™ Grass, which has been extensively tested and has been
shown to be an excellent fuel for biomass electricity power plants,
and feedstock for energy pellets, biogas production, biofuels and
biochemicals." Sung Chang and Dr.
Schewe also attended the conference.
Kukkonen also stated, "During the week of the conference,
together with other Board members, I met with potential bioenergy
project partners and also with representatives of the banking and
finance industry regarding the possibility of investing directly in
one of our projects."
Dr. Schewe commented: "The meetings during the Biomass
Conference and the Board meeting that I hosted gave me an excellent
opportunity to interact directly with the other Board members about
my passion and vision for the future of VIASPACE. Most importantly,
VIASPACE Green Energy President and VIASPACE Director, Mr.
Sung Chang and I were able to spend
time together to discuss our joint convictions and aspirations to
make Giant King Grass the rising star of the renewable bioenergy
universe. We have developed a close working relationship, and we
truly believe that VIASPACE can become one of the first successful
renewable biomass/bioenergy companies using our significant
corporate knowledge and expertise and having Giant King Grass as
our scalable bioenergy platform. Our meetings with representatives
from the banking and finance industry were very well received. We
will need their endorsement as we seek to grow our company and
become successful. Our goal remains to increase VSPC shareholder
value. Our recent pellet mill announcement is the beginning of our
direct bioenergy revenue stream."
Since April 19, 2012, VIASPACE
Director Dr. Schewe has purchased an additional 4 million VSPC
common shares on the open market. Dr. Schewe has now purchased 19
million shares since joining the VIASPACE Board of Directors in
January 2012, and now preferentially
holds a total of 96 million VSPC common shares.
Dr. Schewe continued, "The pace and quantity of my VSPC common
share purchases since becoming a Director just over three months
ago reflect my strong personal beliefs about the bright future for
the company."
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.
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. For more
information, please go to 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, 2011, 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.
SOURCE VIASPACE Inc.