WALNUT, Calif., May 26, 2015 /PRNewswire/ -- VIASPACE Inc.
(OTC: VSPC) Board Chairman, Dr. Kevin
Schewe, today provided a brief update regarding the previous
announcement of VIASPACE's contemplated acquisition of Elite
Therapeutics.
Dr. Schewe stated, "On December 1,
2014, VIASPACE announced that it had signed a nonbinding
Letter of Intent (LOI) to acquire luxury cosmetics company, Elite
Therapeutics (www.elitetherapeutics.com). At that time, VIASPACE
and Elite Therapeutics agreed to examine the details and potential
benefits of an all-stock acquisition.
"After signing the nonbinding Letter of Intent, Elite
Therapeutics, at its own expense, employed a third party valuation
firm to assess the value of Elite Therapeutics for a potential
acquisition. This valuation was completed late in the first
quarter."
Dr. Schewe continued, "While the potential acquisition
contemplated increasing VIASPACE's revenues by succeeding in two,
large growth industries, VIASPACE has been steadily moving forward
on multiple fronts of its own core business. After assessing
various pros and cons regarding VIASPACE's diversification into the
luxury cosmetics business of Elite Therapeutics, we have
decided that the acquisition of Elite Therapeutics should be tabled
for now to allow each company to focus on its respective core
business."
About VIASPACE Inc.
VIASPACE grows renewable Giant King® Grass as a
low-carbon fuel for clean electricity generation; for
environmentally friendly energy pellets; and as a feedstock for
bio-methane production and for green cellulosic biofuels,
biochemicals and biomaterials. Giant King® Grass is a
proprietary, high yield, dedicated biomass energy crop. Giant
King® Grass when it is cut frequently at 4 to 5 feet
tall is also excellent animal feed. The USDA granted approval for
planting Giant King® Grass throughout the US and
cooperates in exporting by performing the required inspections and
issuing the phytosanitary certificate needed for import into
foreign countries. Giant King® Grass is being grown in
California, Hawaii, St. Croix Virgin Islands, Nicaragua, South
Africa, China, Myanmar, Pakistan, Philippines and Guyana. For more
information, please go to 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 those 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, 2014, and
other factors over which VIASPACE has little or no control.
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SOURCE VIASPACE Inc.