MARIETTA, Ga., July 25, 2012 /PRNewswire/ -- VIASPACE Inc. (OTC Markets: VSPC), and its subsidiary VIASPACE Green Energy Inc. (OTC Bulletin Board: VGREF) today provides the following update to shareholders.
As detailed in joint VIASPACE and VIASPACE Green Energy (VGE) Press Releases on June 1, 2012, June 11, 2012 and July 5, 2012, VIASPACE agreed to embark on a series of negotiations with Mr. Sung Chang to separate VIASPACE and VGE. During this time, Mr. Chang has not declared in writing that VIASPACE is in default on the existing note due to him and agreed to negotiate in good faith for an agreement that would be satisfactory to him and the VIASPACE and VGE Boards. The VIASPACE Board led by Dr. Kevin Schewe has been negotiating fervently with Mr. Chang for several months. As of this date, the parties have not reached agreement and signed the term sheets to separate the companies.
VIASPACE Director Dr. Kevin Schewe stated, "Along with the many, many public shareholders, I am disappointed that a deal has not been reached. Over the past few years, I have purchased nearly 100 million shares of VIASPACE stock and I am as frustrated as many of you. I strongly believe that VIASPACE's most recent proposal offers Mr. Chang a potential resolution which addresses his desire not to fund VIASPACE any longer through Inter-Pacific Arts sales or future China pellet sales and simultaneously gives him and all VIASPACE shareholders a reasonable chance of increasing shareholder value. Sadly, we have reached another impasse with Mr. Chang and his lawyer. I cannot in good conscience sign a term sheet that I believe is not in the best interest of all of my fellow VIASPACE shareholders. We are not giving up, but we are disappointed. I am encouraging the VIASPACE Board of Directors to give Mr. Chang our best and final offer by July 27, 2012 with a deadline for response by Mr. Chang on or before July 31, 2012. The Company will provide another update on July 31, 2012, or sooner if negotiations are concluded."
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, 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.