VIASPACE Inc., a clean energy company growing Giant King(TM) Grass as a low-carbon, renewable energy crop, announced that on November 25, 2009, 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.
VGE’s shares 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.
VIASPACE Chief Executive Carl Kukkonen reiterated that with separate reporting, VGE’s business, growth potential and financial progress will be more visible and offer investors a clearer view of VGE as an investment opportunity in renewable energy. Because VIASPACE Inc. expects to maintain its majority ownership of VGE, VIASPACE Inc. shareholders will benefit from VGE’s expected business growth and appreciation in value.
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 been extended from November 26, 2009, to December 15, 2009.
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