WALNUT, Calif., Oct. 16, 2012 (GLOBE NEWSWIRE) -- VIASPACE, Inc. (OTCQB:VSPC) today announced that it has signed business development and confidentiality agreements with JUNE Industry Ltd. of Myanmar at a ceremony held at the Chatrium Hotel in Yangon, Myanmar (former name Burma). JUNE Industry Ltd. is a member of the JUNE Group of Companies which cultivates, harvests and markets algae products.
Under the agreement, JUNE will grow Giant King™ Grass in Myanmar for commercial applications being pursed by VIASPACE and JUNE--including clean and renewable electricity generation, and a novel application of Giant King Grass in conjunction with algae. VIASPACE has received a cash payment from JUNE to proceed with the contract.
The agreements were signed by JUNE Managing Director, Dr. Nu Nu Win and VIASPACE CEO, Dr. Carl Kukkonen. The formal signing ceremony was chaired by Mr. U Ohn, Vice Chairman of FREDA (Forest Resource Environment Development and Conservation Association) and the leading environmentalist in Myanmar (see the captioned picture at the link shown below if image not displaying in this press releasehttp://www.pricetargetmedia.com/images/myanmar_clean_energy_ceremony.jpg ). Participants in the signing ceremony in Myanmar – Managing Director of Shin Saw Pu Hotels & Co., Ltd., Dr. Kyaw Win, VIASPACE CEO Dr. Carl Kukkonen, U Ohn, Vice Chairman of FREDA, Dr. Min Thein, Project Director, Advisor, founder of Spirulina in Myanmar, and Dr. Nu Nu Win, JUNE Managing Director VIASPACE CEO, Dr. Carl Kukkonen, visited the JUNE production facilities in Myanmar (see the captioned picture at http://www.pricetargetmedia.com/images/myanmar_june_algae_cultivation.jpg if image not displaying in this press release) and also the site where Giant King Grass will be grown. Suitable land, climate, rainfall and irrigation all make for ideal conditions to grow Giant King Grass (GKG) in Myanmar. JUNE algae cultivation facility in Myanmar Dr. Kukkonen reported, "Myanmar has the perfect climate for growing Giant King Grass and there is a great need for electricity. We envision Giant King Grass playing an important role in Myanmar's future, not only for electricity generation, but also for biofuels and other applications that will provide jobs and help alleviate rural poverty. I am happy to be working with JUNE Project Director, Dr. Min Thein, who is very experienced and has a good team. I will work closely with Managing Director, Dr. Nu Nu Win, to develop the business opportunities.