WALNUT, Calif., Sept. 4, 2013 /PRNewswire/ -- VIASPACE Inc. (OTCQB: VSPC) CEO, Dr. Carl Kukkonen, today provided an update on recent company business activities occurring since June. This update covers a portion of the activities and another update will be forthcoming.
Dr. Kukkonen stated, "I spent two weeks in Nicaragua working on the 12 MW Giant King Grass power plant project with AGRICORP--our partner and the largest rice company in Nicaragua. The planned project will be fueled by 2,100 acres of Giant King Grass growing on AGRICORP property and irrigated from Lake Nicaragua. The Giant King Grass is growing well in Nicaragua. The original shipment of Giant King Grass reached maturity and was then propagated into a larger area. It is growing better and faster than it grows in California--which is really quite amazing. For example, the plants that we initially cut have regrown to 5-6 feet tall in just 25 days. The power plant is planned to be co-located on the same property as the Giant King Grass plantation. Later this summer, I also met with our power plant partner. We have complete specifications and a full financial model for the power plant and the Giant King Grass plantation. AGRICORP and I met with international development banks in Washington, D.C. and received an excellent reception for our project. Our overall project is progressing nicely with AGRICORP and Giant King Grass is thriving in Nicaragua."
"The excellent results on Giant King Grass as animal feed are a major VIASPACE Company highlight of the summer. Independent third-party and customer testing have confirmed that Giant King Grass has both high nutrition value and good digestibility for feeding animals. The protein content ranged from 13.5% to 15.6% of dry matter. One analysis suggested that Giant King Grass is comparable to oat hay which is in very high demand, and Giant King Grass has almost twice as much protein as oat hay. A single harvest of Giant King Grass has a much higher yield than oat hay, and Giant King Grass is a perennial plant that can be harvested every 60 days for years before replanting is needed. This saves customers a lot of money thus making the business proforma modeling more attractive to potential clients. There is a huge domestic market for feeding cattle, dairy cows and other animals, and the U.S. West Coast exports a lot of forage to Japan, Korea and the Middle East. The animal feed market represents a major and immediate business opportunity for Giant King Grass. The price paid for baled oat hay is $120 – $160 per U.S. ton which means that Giant King Grass can be profitably grown as animal feed here in the U.S. and in other countries. We are in serious discussions with several potential partners on commercially using Giant King Grass as animal feed."
"Another highlight of the summer is that Mr. Khurram Irshad has been elected to the VIASPACE Board of Directors. Mr. Irshad is working on both power plant and animal feed applications of Giant King Grass. One specific target is Mr. Irshad's native Pakistan. He now lives in California and is pursuing opportunities in the U.S. and other countries as well. I am happy to have him on board as an active Director who is working on projects for VIASPACE."
"I am traveling to Hawaii on Thursday, September 5th. Giant King Grass is growing in the final four months of required quarantine with the Hawaii Department of Agriculture. They informed me that the Giant King Grass has quite literally 'hit the ceiling'. I will be cutting it and propagating it within the quarantine facility. I will also be meeting with potential customers and we will be exhibiting at the Defense Energy Challenge Technology Showcase which is part of the Asia Pacific Clean Energy Expo held in Honolulu, Hawaii on September 9–11, 2013."
"I will provide another CEO Update on Hawaii, Myanmar, Philippines, St. Croix, our nursery expansion test plot in California and other activities after I return."
"These are exciting times for VIASPACE and its shareholders. After years of stagnation during the economic downturn, it appears that biomass projects are now going forward. No project is able to successfully secure financing without having a guaranteed fuel or feedstock supply agreement. Giant King Grass allows you to reliably grow your own electricity and biofuels, and project developers are seeking us out. In addition, we are developing our own projects with partners like AGRICORP and rapidly expanding our business line to use Giant King Grass as animal feed. We are growing as a global company with a valuable global product and business line and I am more committed than ever to see us succeed."
About VIASPACE Inc.
VIASPACE grows renewable Giant KingTM Grass as a low-carbon fuel for clean electricity generation; for environmentally friendly energy pellets; and as a feedstock for bio-methane production and for green cellulosic biofuels, biochemicals and biomaterials. Giant King Grass is a proprietary, high yield, dedicated biomass clean energy crop that does not compete with or displace food production. 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 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 Annual Report on Form 10-K for the year ended December 31, 2012, and other factors over which VIASPACE has little or no control.
SOURCE VIASPACE Inc.