VIASPACE Inc., a clean energy company growing Giant King™ Grass as a low-carbon, renewable energy crop, announced this morning that it has received an extension until January 15, 2010 for the second closing of its purchase of Inter-Pacific Arts 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.
With common shares 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.”
He continued, “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 currently in negotiations with the seller of IPA to effect the second closing, and the deadline for the second closing has been extended until January 15, 2010. The seller of IPA is a large shareholder and strong supporter of VIASPACE.
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