WALNUT, Calif., Nov. 15, 2017 /PRNewswire/ -- VIASPACE Inc. (OTC: VSPC) today reported that it has recently received $60,000 of organic revenue related to its business activities that are evolving in Hawaii, specifically for Giant King Grass Exclusivity Rights. Including Crop Engineering, Project Engineering and Exclusivity Rights, VIASPACE's current Hawaii contracts are scheduled and anticipated to yield an additional $600,000 of revenue over the next 9 months. In addition, there are multiple related projects involving biomass green energy and animal feed that are under consideration as a result of these Hawaii-focused activities. These projects could further enhance the revenue stream attributable to our Hawaii-based business.
Simultaneous to the above, the VIASPACE Board of Directors has been rigorously reducing the Company's corporate overhead expenses to a manageable level to minimize the need for further insider loans and subsequent stock dilution. VIASPACE Board Chairman, Dr. Kevin Schewe; VIASPACE Board Vice-Chairman, Mr. Haris Basit and VIASPACE Founder, Board Member and CTO, Dr. Carl Kukkonen, have previously made loans to keep VIASPACE financially viable. Although the balance of those loans remains available to the Company, the current and projected revenues should primarily sustain the company and provide a basis for future growth.
VIASPACE Board Chairman, Dr. Kevin Schewe, commented: "We are very pleased to announce significant organic revenues coming into VIASPACE related to our Hawaii-based business activities as we continue our dual strategy for using Giant King Grass for both renewable, green energy, biomass production and for animal feed projects. We have learned a lot about our competitive and challenging business space in the past several years and we are very focused on examining and pursuing projects with the highest probability of generating a growing revenue stream for our shareholders."
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 the US including Hawaii, and many foreign countries. 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, 2016, and other factors over which VIASPACE has little or no control.
SOURCE VIASPACE Inc.