WALNUT, Calif., April 5, 2016 /PRNewswire/ -- VIASPACE Inc. (OTC: VSPC) announced today that it has reached an agreement to work in closer collaboration with Guangzhou Inter-Pacific Arts Corporation (IPA) and VIASPACE Green Energy (VGE). IPA, VGE and VIASPACE have taken steps to greatly strengthen, expand and simplify their licensing agreement for Giant King Grass (GKG). The license has been expanded to include 3 types of high yield, non-genetically modified grasses (Giant King Grasses or GKG) that were received and licensed by IPA under its original parent license. All existing intellectual property (IP) is now freely cross licensed and restrictions on new IP have been removed. VIASPACE and IPA/VGE will continue to maintain distinct operating territories with IPA/VGE operating in China, Taiwan, Cambodia, Thailand, Myanmar, Malaysia, Laos, Vietnam and Singapore while VIASPACE's territory includes the entire world other than IPA/VGE territory.
VIASPACE Chairman, Dr. Kevin Schewe stated, "VIASPACE is ready to diversify its product line and having the ability to develop, grow, market and sell multiple grasses gives us this flexibility and competitive edge. Having the GKG license in perpetuity and free of milestones provides security and certainty for our partners and clients going forward. The modification of royalties to VGE will improve our internal financials and lift our future profit margins."
Mr. Haris Basit, VIASPACE CEO, commented, "There are significant opportunities available for both companies that will clearly be enhanced by closer collaboration and a simplified IP agreement. I look forward to working closely with Mr. Sung Chang and IPA/VGE on this effort. This new agreement allows us to combine our efforts in a partnership where our interests are very closely aligned. The prior license imposed several financial and IP constraints to rapid business expansion while also impeding both companies R&D. This new agreement largely eliminates those business constraints and also allows for a more robust product road map for both companies."
Mr. Sung Chang, President of VGE, also commented, "We are excited about the direction that VIASPACE is taking and Mr. Basit's focus on the creation of meaningful revenue. We are pleased to work more closely with VIASPACE going forward from here and to assist in helping the company succeed."
Dr. Schewe concluded, "We (VIASPACE) now have a Giant King Grass license that gives us the flexibility to succeed on more fronts and further expand our business and IP portfolio. Having VIASPACE and IPA/VGE working more closely together should also help to energize our business outreach. We plan to continue to move forward with both the GKG-based animal feed and biomass energy business lines."
About VIASPACE Inc.
VIASPACE grows renewable Giant King® 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 energy crop. Giant King® Grass when it is cut frequently at 4 to 5 feet tall is also excellent animal feed. The USDA granted approval for planting Giant King® Grass throughout the US and cooperates in exporting by performing the required inspections and issuing the phytosanitary certificate needed for import into foreign countries. Giant King® Grass is being grown in California, Hawaii, St. Croix Virgin Islands, Nicaragua, South Africa, China, Myanmar, Pakistan, Philippines and Guyana. 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, 2014, and other factors over which VIASPACE has little or no control.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/viaspace-reaches-agreement-to-amend-giant-king-grass-license-with-inter-pacific-arts-corporation-300246123.html
SOURCE VIASPACE Inc.