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VIASPACE Inc. (VSPC.OB) Subsidiary Files Registration Statement with SEC; Positioned to Ride Next Wave of Renewable Energy Crop
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15 December 2009 @ 04:27 am ET
VIASPACE Inc. is an alternative energy company focused on technologies that reduce or eliminate fossil and high-pollutant energy sources. The company’s subsidiary, VIASPACE Green Energy (VGE), grows and markets Giant King Grass, a renewable energy crop.
VIASPACE recently announced that VGE filed a registration statement on form S-1 with the Securities and Exchange Commission (SEC) to register shares for public sale. VGE received comments from the SEC and filed an amended S-1 on November 19, 2009. The filing is available on the SEC’s Web site www.SEC.gov under the company name VIASPACE Green Energy. Per the agreement, VIASPACE is required to pay $4.8 million in cash plus interest to the seller to affect the second and final closing.
“We are very optimistic that the registration statement for VIASPACE Green Energy will be approved,” VIASPACE CEO Dr. Carl Kukkonen.
Giant King Grass is a renewable source outside seasonal restrictions of other crops and can be harvested four times a year in tropical and subtropical climates. In 2008, VGE planted 1.2 million seedlings in southern China; 3 million new grass seedlings propagated from the first round of planting and are now growing on 112 acres. VGE is cultivating the grass to produce low-carbon liquid biofuels for transportation, and as a substitute for coal.
Moving forward, VIASPACE is pursuing long-term grass supply contracts from biofuel companies and biomass power plants. In the meantime, VGE is seeking out enough land and is working to propagate enough seedlings to support a power plant.
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