VIASPACE Renewable Energy Subsidiary to Become Publicly Traded Company
PR Newswire
posted: 1 HOUR 5 MINUTES AGOPrintShareText SizeAAAVIASPACE to Retain Majority Ownership in VIASPACE Green Energy Inc., Including Management, Operations and Consolidated Financials
PASADENA, Calif., June 4 /PRNewswire-FirstCall/ -- VIASPACE Inc. (OTC Bulletin Board: VSPC), a clean energy company providing products and technology for renewable and alternative energy, today announced that it has filed a Form S-1 with the Securities and Exchange Commission to list its majority-owned subsidiary, VIASPACE Green Energy Inc. ("VGE"), as a separate public company and expects that shares of VGE will be traded on the OTC Bulletin Board.
VIASPACE's ownership in VGE, and VGE's management, operations and focus on renewable energy will remain unchanged. No new shares will be issued, and no funds will be exchanged as a result of this filing.
VIASPACE Chief Executive Carl Kukkonen commented, "As a separately reporting public company, VGE's business, growth potential and financial progress will be more visible and therefore offer a more direct, focused and transparent opportunity for investors in renewable energy. I will continue to be the CEO of both VIASPACE and VGE, and no management changes are anticipated. Since VIASPACE is retaining its majority ownership of VGE and thus would benefit from VGE's growth and valuation potential, we are excited with this new structure."
Through an acquisition of Inter-Pacific Arts (IPA) on October 21, 2008, VGE grows and markets proprietary Giant King Grass, a renewable cellulosic non-food resource: 1) for producing low-carbon liquid biofuels for transportation, such as cellulosic ethanol, methanol and green gasoline ("grassoline"); and 2) as a full or partial substitute for coal to reduce carbon emissions from electricity-generating power plants. From an initial planting of 1.2 million seedlings in late 2008 in southern China, three million seedlings are now growing on 112 acres, which are leased for 25 years. VGE is negotiating for additional land for new plantings and continuing propagation in an effort to expand production capacity to meet rising worldwide demand for cellulosic, non-food sources of energy.
VGE's IPA subsidiary also continues to manufacture high quality framed art in its factory in China and sells to U.S. retailers.
Kukkonen added, "The filing of Form S-1 to make VGE a separate public company also meets a condition of the second closing of the IPA acquisition on October 21, 2008. |
