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8.5 m shares
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VIASPACE Inc. Reports Fourth Quarter and Year-End 2008 Financial Results
2009-04-01 08:30 ET - News Release
Reports $1 Million in Revenues for Fourth Quarter
PASADENA, Calif., April 1 /PRNewswire-FirstCall/ -- VIASPACE Inc., an alternative energy company providing products and technology for renewable and clean energy, announced financial results for the fourth quarter and year ended December 31, 2008.
Revenues for the quarter were $1,073,000, including $866,000 related to the acquisition of Inter-Pacific Arts, Inc. ("IPA") during the quarter, compared to $71,000 in fourth-quarter 2007, an increase of $1,002,000. Gross profit for the quarter was $647,000, including $617,000 related to the IPA acquisition, compared to $5,000 for fourth-quarter 2007, an increase of $642,000.
Financial contributions reported that relate to the IPA acquisition were subsequent to the close of the acquisition on October 21, 2008, and reflect partial-quarter accounting.
Operating expenses for the fourth quarter of 2008 were $2,923,000 and included $168,000 in research and development (R&D) expense and $2,775,000 in selling, general and administrative expense (SG&A). Included in operating expenses for the 2008 fourth quarter was $508,000 of stock-based compensation expense. Fourth quarter of 2007 operating expenses was $1,413,000 and included $235,000 in R&D expense and $1,178,000 in SG&A expense. Included in operating expenses for the 2007 fourth quarter was $769,000 of stock-based compensation expense. Loss from operations for the quarter was $2,276,000, compared to an operating loss of $1,408,000 in fourth- quarter 2007.
For the quarter, other expense, net, including minority interest in consolidated subsidiaries, was $38,000, compared to other income, net, of $472,000 that included a $452,000 gain on the sales of marketable securities in fourth-quarter 2007.
For the quarter the Company recorded a $261,000 gain from discontinued operations related to a sale of the Company's security business assets, compared to a $371,000 loss for comparable discontinued operations in fourth-quarter 2007.
Net loss for the quarter was $2,053,000, or less than $(0.01) per share, compared to a net loss of $1,307,000, or less than $(0.01) per share, for fourth-quarter 2007.
Revenue for the year ended December 31, 2008, was $1,429,000, including $866,000 from the IPA acquisition, compared to $253,000 for 2007. Gross profit for 2008 was $812,000, including $617,000 from the IPA acquisition, compared to $96,000 for 2007.
Operating expenses for 2008 were $9,869,000 and included $1,148,000 million in R&D expense and $8,721,000 in SG&A expense. Included in operating expenses was $3,117,000 of stock-based compensation expense. Operating expenses for 2007 were $6,374,000 and included $1,041,000 in R&D expense. Operating expenses for 2007 included $3,147,000 in stock-based compensation expense. Loss from operations in 2008 was $9,057,000, compared to a loss from operations of $6,278,000 in 2007.
For 2008, other income, net, was $172,000 and included minority interests in consolidated subsidiaries. For 2007, other expense, net, was $1,269,000, composed primarily of accounting charges related to the derivative nature of convertible debentures that were restructured in 2007.
For 2008 the Company recorded a $932,000 loss from discontinued operations related to a sale of the Company's security business assets, compared with a $1,362,000 loss for comparable discontinued operations in 2007.
Net loss for 2008 was $9,817,000, or $(0.02) per share, compared to a net loss of $8,909,000, or $(0.03) per share, in 2007.
The Company also reported consolidated cash and cash equivalents on its consolidated balance sheet at December 31, 2008 of $2,666,000. In addition, the Company had positive cash flows from operations for 2008 of $24,000.
VIASPACE Chief Executive Dr. Carl Kukkonen commented: "Fourth-quarter 2008 results reflect not only the partial-quarter benefits of the IPA acquisition but also the impact of the sale of the unprofitable security business during fourth quarter. As a result, we expect consolidated revenue and net results to show relative and substantial improvement in 2009, compared to 2008, especially since IPA's full-quarter financial contributions will be accounted for beginning first-quarter 2009.
"From a strategic, longer-term standpoint, and as we anticipated, the IPA acquisition is generating cash that is being invested in expanding our capability to supply renewable, low-carbon energy sources in the form of fast-growing cellulosic grass that doesn't interfere or compete with food-related agriculture," Kukkonen continued. "And from a liquidity perspective, we expect to generate net positive cash flow for full-year 2009 and close the year with an improved cash position. Achievement of this objective would lay the groundwork for stronger growth in 2010, not only in renewable energy but also our fuel cell business."
About VIASPACE Inc.: VIASPACE is an alternative energy company providing products and technology for renewable and clean energy that reduce or eliminate dependence on fossil and high-risk-pollutant energy sources. The Company provides raw material for cellulosic biofuels and develops and markets fuel cell cartridges, products and technology. VIASPACE subsidiary Direct Methanol Fuel Cell Corporation owns a portfolio of fuel cell patents licensed from Pasadena-based California Institute of Technology (Caltech), which manages NASA's Jet Propulsion Laboratory, where the direct methanol fuel cell was invented. For more information, please see www.VIASPACE.com or contact Dr. Jan Vandersande, Director of Communications, at 800-517-8050 or IR@VIASPACE.com.
Via is comming !
VIASPACE Delivers Fuel Cell Cartridges to Samsung
--Company's Direct Methanol Fuel Cell Subsidiary Completes Second Development Contract
PASADENA, Calif., March 2, 2009 /PRNewswire-FirstCall via COMTEX/ -- VIASPACE Inc. (OTC Bulletin Board: VSPC), an alternative energy company providing products and technology for renewable and clean energy, announced the completion of its second development contract to deliver a high-reliability standard methanol cartridge to Samsung, the global consumer electronics and appliances company. The contract was not previously disclosed because of confidentiality.
VIASPACE, through its fuel cell subsidiary Direct Methanol Fuel Cell Corporation (DMFCC), during the second half of 2008 completed delivery of a number of fuel cartridges and device valves that were extensively tested in a variety of operating conditions and environments as part of the contract. Samsung demonstrated its fuel cell--containing the DMFCC cartridge--to potential customers. Details of the fuel cell, cartridge and fuel cell application were not available.
Potential applications for disposable fuel cartridges include fuel cells to power portable electronics such as notebook computers, mobile phones and small portable power stations.
The final report was made on February 20, 2009, by DMFCC Engineering Manager Kiehwan (Kevin) Kim at the Samsung Advanced Institute of Technology in Korea. Referring to Kim's report, the Samsung Project leader stated, "The presentation was very well-prepared, and the contents of the report are excellent."
DMFCC developed the cartridge in collaboration with manufacturing partner Sato Group of Japan.
Dr. Carl Kukkonen, chief executive of VIASPACE and DMFCC, commented: "We are proud to be working with Samsung on their direct methanol fuel cells and look forward to further opportunities. I want to thank the Sato Group for their extremely hard work and diligence, as they are experts in engineering and manufacturing complex parts for their customers worldwide. I also want to thank Kevin and Joe McMenamin, also of DMFCC, for their hard work on the Samsung contract."
About VIASPACE Inc.: VIASPACE is an alternative energy company providing products and technology for renewable and clean energy that reduce or eliminate dependence on fossil and high-risk-pollutant energy sources. The Company provides raw material for cellulosic biofuels and develops and markets fuel cell cartridges, products and technology. VIASPACE subsidiary Direct Methanol Fuel Cell Corporation owns a portfolio of fuel cell patents licensed from Pasadena-based California Institute of Technology (Caltech), which manages NASA's Jet Propulsion Laboratory, where the direct methanol fuel cell was invented. For more information, please see 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 and include 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-KSB for the year ended December 31, 2007, 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.
URL: http://www.viaspace.com
www.prnewswire.com
Copyright (C) 2009 PR Newswire. All rights reserved
-0-
KEYWORD: California
INDUSTRY KEYWORD: CPR
OIL
OTC
SUBJECT CODE: CON
VIASPACE Granted US Patent
PASADENA, Calif., March 10, 2009 /PRNewswire-FirstCall via COMTEX/ -- VIASPACE Inc. (OTC Bulletin Board: VSPC) announced today that the United States Patent and Trademark Office issued patent number 7, 499,169 to VIASPACE on March 3, 2009. The patent covers detection and measurement of water vapor (humidity) in gas streams for fuel cells and exhaust streams from combustion processes such as automobiles and factory smokestacks. Inventors are Nathan Hurvitz and VIASPACE CEO Dr. Carl Kukkonen.
VIASPACE's HS-1000 humidity sensor product is now protected by this patent. The HS-1000 uses a laser to make real-time measurements of water vapor in air or other gas streams. Humidity measurements are crucial for testing and optimization of hydrogen fuel cells and the HS-1000 has been sold to leading fuel cell developers and researchers worldwide. The other major application covered by the patent is to measure humidity in the products of combustion. Gasoline or natural gas, when burned in air, produce water vapor as a combustion product. Precise measurement of the water vapor in the exhaust may be a crucial indicator of the efficiency of combustion and the effective "miles per gallon" achieved.
One international customer extensively compared the VIASPACE HS-1000 to two leading competitors and the HS-1000 won the competition. HS-1000 customers include Ballard Power Systems, 3M, US National Renewable Energy Laboratory, Tokyo Institute of Technology and a leading worldwide automobile manufacturer.
About VIASPACE (OTCBB: VSPC) -- VIASPACE was founded in 1998 and became a public company in 2005. VIASPACE focuses on clean and alternative energy including disposable fuel cell cartridges, and a proprietary fast-growing grass as a feedstock for biofuels and for animal feed. For more information, please see www.VIASPACE.com or contact Dr. Jan Vandersande, Director of Communications, at 800-517-8050 or IR@VIASPACE.com.
This news release includes forward-looking statements. These forward-looking statements relate to future events or our 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 the risks outlined in our periodic filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-KSB, for the fiscal year ended December 31, 2007, as well as general economic and business conditions, the ability to acquire and develop specific projects and technologies, the ability to fund operations, changes in consumer and business consumption habits, competition with larger companies, demand for biofuels and animal feed particularly in China, risks associated with international transactions, crop development, growing, and harvesting related risks, and other factors over which VIASPACE has little or no control.
SOURCE VIASPACE Inc.
URL: http://www.viaspace.com
www.prnewswire.com
Copyright (C) 2009 PR Newswire. All rights reserved
-0-
KEYWORD: California
INDUSTRY KEYWORD: ALT
OTC
OIL
GRE
BIO
SUBJECT CODE: PLW
PDT
SVY
Cohen Independent Research Group Initiates Coverage of VIASPACE With an In Depth New 219-Page Research Report
Detailed VIASPACE Research Report: www.CohenResearch.com
SAN FRANCISCO, Mar 18, 2009 (BUSINESS WIRE) -- Cohen Independent Research Group (CohenResearch), considered by many to be the nation's leading fundamental independent research firm, announced today publication of a detailed and comprehensive 219-page research report on the alternative energy business of VIASPACE (OTCBB:VSPC). VIASPACE acquired and restructured its focus on renewable energy - through its license for a fast-growing grass as a feedstock for nonfood crop biofuels - and clean energy - through its ongoing fuel cell cartridge business and portfolio of direct methanol fuel cell patents licensed from California Institute of Technology (Caltech).
VIASPACE recently acquired Inter-Pacific Arts (IPA) and has a license for a fast-growing high yield hybrid grass (Giant King Grass) that can be used in the production of nonfood biofuels and immediately as animal feedstock. IPA also operates a profitable framed-art business with positive cash flow.
About Cohen Independent Research Group
CohenResearch's average report length, LTM, is 149 pages. CohenResearch selects unique, overlooked, uncovered public and private corporations. The recession has created penny stocks, many of which are now investment securities that require detailed financial analysis.
About VIASPACE Inc.
VIASPACE is an alternative energy company providing products and technology for renewable and clean energy that reduce or eliminate dependence on fossil and high-risk-pollutant energy sources. The Company provides raw material for cellulosic biofuels and develops and markets fuel cell cartridges, products and technology. VIASPACE subsidiary Direct Methanol Fuel Cell Corporation owns a portfolio of fuel cell patents licensed from Pasadena-based California Institute of Technology, which manages NASA's Jet Propulsion Laboratory, where the direct methanol fuel cell was invented.
This informational release is based on public information. It is not an offer to sell or buy any security. Investors may receive back less than originally invested. CohenResearch received $30,000 for one year's research coverage. CohenResearch is a registered investment advisor that distributes contracted third party independent research purchased from outside third party securities analysts. The Private Securities Litigation Reform Act of 1995 provides investors a 'safe harbor' in regard to forward-looking statements. Disclaimer: http://www.cohenresearch.com/disclaimer.php
SOURCE: Cohen Independent Research Group
CONTACT:
VIASPACE Inc. Dr. Jan Vandersande, 800-517-8050 Director of Communications IR@VIASPACE.com www.VIASPACE.com
Copyright Business Wire 2009
-0-
KEYWORD: United States
North America
California
INDUSTRY KEYWORD: Energy
Alternative Energy
Professional Services
Finance
SUBJECT CODE: Product/Service
Urigen Announces Recent Insider Purchases Total Over 500,000 Shares
2009-02-04 08:29 ET - News Release
SAN FRANCISCO, CA -- (MARKET WIRE) -- 02/04/09
Urigen Pharmaceuticals, Inc. (OTCBB: URGP), a specialty pharmaceutical company focused on the development of treatments for urological disorders and pain, announces that insiders have recently purchased over 500,000 shares. These purchases are detailed on Form 4s filed with the Securities and Exchange Commission. William J. Garner, MD, President and CEO of Urigen, states, "These recent purchases made by a handful of Board members should indicate our confidence in our technologies, particularly with respect to the recently issued patent covering URG101, the positive double-blind, placebo-controlled phase II URG101 data, and in our ability to execute on our recently announced partnering activities."
About Urigen Pharmaceuticals, Inc.
Urigen Pharmaceuticals, Inc. is a specialty pharmaceutical company dedicated to the development and commercialization of therapeutic products for urological disorders. Urigen's two lead programs target significant unmet medical needs and major market opportunities in urology. Urigen's URG101, a proprietary combination of approved drugs that is instilled into the bladder, targets painful bladder syndrome, which affects approximately 10.5 million men and women in North America. Urigen's URG301, a proprietary dosage form of an approved drug that is locally delivered to control urinary urgency, targets acute urgency in females diagnosed with an overactive bladder, another major unmet need that is insufficiently managed by presently available overactive bladder drugs. For further information, please visit Urigen's website at http://www.urigen.com.
Forward-Looking Statement
This press release may contain forward-looking statements. These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should," or "will," or the negative thereof or other variations thereon or comparable terminology. Urigen has based these forward-looking statements on current expectations, assumptions, estimates and projections. While Urigen believes that these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. Given these risks and uncertainties, investors and security holders are cautioned not to place undue reliance on such forward-looking statements. Urigen does not undertake any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments.
Contact:
Urigen Pharmaceuticals, Inc.
William J. Garner, MD
Chief Executive Officer
415-781-0350
http://www.urigen.com
Hello i.am from Germany and i hope URGP brings a lot of money !
My EK is under 0,08 €
SB
Hello !