WALNUT, Calif., Oct. 11, 2012 (GLOBE NEWSWIRE) -- VIASPACE Inc. (OTCQB:VSPC) today announced that CEO, Dr. Carl Kukkonen; CFO, Stephen Muzi and Board Director, Angelina Galiteva have all agreed to a 6 month lock-up of their VIASPACE stock shares.
Under the agreements for the separation of VIASPACE and VIASPACE Green Energy, insiders holding approximately 525 million common shares (including Sung Chang and VIASPACE Board Chairman, Dr. Kevin Schewe) agreed to a 6 month lock-up of their shares. This new agreement represents approximately 108 million additional shares. In total, insiders holding about 633 million shares (or 46% of outstanding shares) have now agreed not to sell or transfer their stock.
Additionally, VIASPACE CEO, Dr. Carl Kukkonen and CFO, Mr, Stephen Muzi have agreed to take 33% salary reductions in order to reduce corporate expenses. Both have signed one year contracts with VIASPACE effective October 1, 2012.Chairman, Dr. Kevin Schewe, commented: "This comprehensive 6 month lock-up of insider share trading illustrates the commitment of VIASPACE insiders to stabilize and support the value of this company going forward. Moreover, the pay cuts accepted by our CEO and CFO underscore their personal belief and dedication that together we can make VIASPACE successful. We are taking the necessary steps to increase shareholder value by both controlling expenses and closing deals that should create strong future revenues. We are excited to continue to keep our shareholders informed of our ongoing progress on multiple fronts." About VIASPACE Inc. VIASPACE grows Giant King Grass as a low-carbon fuel for electricity generating power plants; for energy pellets; and as a feedstock for bio methane production and cellulosic biofuels, biochemicals and biomaterials. The VIASPACE logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=15154 Safe Harbor Statement This news release includes forward-looking statements which 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, 2011 and other factors over which VIASPACE has little or no control. 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. This information was brought to you by Cision http://www.cisionwire.com http://www.cisionwire.com/viaspace-inc-/r/viaspace-ceo--cfo-and-director-agree-to-lockup-stock-shares,c9316437