VIASPACE Receives Extension Until January 15, 2010 and Files Amended Form S-1
2009-12-21 09:15 ET - News Release
IRVINE, Calif., Dec. 21 /PRNewswire-FirstCall/ -- VIASPACE Inc., a clean energy company growing Giant King(TM) Grass as a low-carbon, renewable energy crop, today announced that on December 18, 2009, the company received an extension until January 15, 2010 for the second closing of its purchase of Inter-Pacific Arts, and on the same day it filed an amended Form S-1 with the Securities and Exchange Commission to list its majority-owned subsidiary, VIASPACE Green Energy Inc. (VGE), as a separately reporting public company. The amended filing is available at www.SEC.gov under VIASPACE Green Energy.
The common shares of VGE are expected to be traded on the OTC Bulletin Board. VIASPACE Inc. anticipates that its majority ownership in VIASPACE Green Energy, current management and operations of VGE, and VGE's focus on renewable energy will remain unchanged.
Dr. Carl Kukkonen, CEO of both VIASPACE and VGE stated, "We are in close communications with the SEC and believe that their approval of the VGE registration statement will be forthcoming quickly. For our shareholders that do not understand the process, the SEC has the duty to make certain that publicly listed companies meet obligations of US securities laws. In order to be publicly listed, a company files a registration statement on Form S-1 with the SEC which is made public on their website. The SEC then provides comments on the filing, and the company makes appropriate changes and files an amended Form S-1. This process can take several iterations, and results in a filing that accurately describes the company and enumerates the risks of investing to potential investors. It may seem like a long process, but at the end the company has been extensively reviewed by the SEC and complies with their requirements for legal and financial disclosure. VIASPACE is publicly listed, has audited financial statements, files quarterly and annual reports with the SEC, and makes public announcements of all material events as required. VIASPACE Green Energy upon its approval will follow the same transparent procedures."
The S-1 filing, effective registration by the SEC and exchange-listing of the common shares of VGE also meet a condition for the second closing of the October 21, 2008, acquisition of Inter-Pacific Arts (IPA). VIASPACE Inc. is in negotiations with the seller of IPA to effect the second closing, and the deadline for the second closing has extended until January 15, 2010. The seller of IPA is a large shareholder and strong supporter of VIASPACE, and the strategy to publicly list the VGE as a VIASPACE subsidiary.
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. The Company grows Giant King Grass as a low carbon fuel for electricity generating power plants and as a feedstock for cellulosic biofuels. VIASPACE subsidiary Direct Methanol Fuel Cell Corporation develops fuel cartridges for direct methanol fuel cells, and 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 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, 2008, 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.
VIASPACE Inc.
CONTACT: Dr. Jan Vandersande, Director of Communications of VIASPACE Inc.,
1-800-517-8050, IR@VIASPACE.com
