WALNUT, Calif., May 26, 2015 /PRNewswire/ -- VIASPACE Inc. (OTC: VSPC) Board Chairman, Dr. Kevin Schewe, today provided a brief update regarding the previous announcement of VIASPACE's contemplated acquisition of Elite Therapeutics.
Dr. Schewe stated, "On December 1, 2014, VIASPACE announced that it had signed a nonbinding Letter of Intent (LOI) to acquire luxury cosmetics company, Elite Therapeutics (www.elitetherapeutics.com). At that time, VIASPACE and Elite Therapeutics agreed to examine the details and potential benefits of an all-stock acquisition.
"After signing the nonbinding Letter of Intent, Elite Therapeutics, at its own expense, employed a third party valuation firm to assess the value of Elite Therapeutics for a potential acquisition. This valuation was completed late in the first quarter."
Dr. Schewe continued, "While the potential acquisition contemplated increasing VIASPACE's revenues by succeeding in two, large growth industries, VIASPACE has been steadily moving forward on multiple fronts of its own core business. After assessing various pros and cons regarding VIASPACE's diversification into the luxury cosmetics business of Elite Therapeutics, we have decided that the acquisition of Elite Therapeutics should be tabled for now to allow each company to focus on its respective core business."
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.
SOURCE VIASPACE Inc.