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 [email protected]
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.