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Feb. 4, 2013 /PRNewswire/ -- VIASPACE, Inc. (OTCQB: VSPC) today announced that Chairman, Dr.
Kevin Schewe and CEO, Dr.
Carl Kukkonen, together attended the 16th Annual Energy, Utility and Environment Conference (
EUEC) held in
Phoenix, Arizona from
Monday, January 28 through
Wednesday, January 30, 2013.
Dr. Kukkonen delivered his presentation entitled, "Giant King™ Grass (GKG) as an Energy Crop in
the United States" on
Tuesday, January 29, in the "Biomass/Cofiring in Power Plants" session of the "Biofuels and Biomass" conference track. In addition, VIASPACE sponsored a booth in the Convention Exhibit Hall featuring two, towering, harvested examples of
Giant King Grass. On Monday evening,
January 29, Dr. Kukkonen and Dr. Schewe together
hosted VIASPACE shareholders for a presentation and question and answer session.
Dr. Kukkonen reported, "The EUEC Meeting, now in its 16th consecutive year, provided an impressive technical program. There were over 1800 attendees and 150 exhibitors including VIASPACE. This year's conference was focused on safe and clean energy development and the use of U.S. domestic resources. I met with prospective clients and partners to discuss expanding the footprint of Giant King Grass in
the United States and elsewhere. My presentation was well received and follow-up discussions have led to new business prospects. The interest in using GKG as a dedicated, continuously renewable bioenergy platform is rapidly accelerating given our recent progress in
Dr. Schewe also commented, "This was my second major VIASPACE meeting to attend with Dr. Kukkonen and his presentations continue to impress those attending regarding the fact that GKG is the highest yielding, non-food, bioenergy platform crop in the world. Our booth in the
Phoenix Convention Center Exhibit Hall was intriguing to those attending and the towering Giant King Grass could be seen from any vantage point throughout the exhibit hall. VIASPACE captured a lot of attention from many parties as a result."
Dr, Schewe added, "Our Monday night meeting with VIASPACE shareholders was a success. I personally met with shareholders who came to
Phoenix from different parts of the country, and candidly answered their questions. Some of these questions and answers are worth sharing because not every shareholder is able to come and meet with us in person:
Question: Can you comment on the Giant King Grass license and what it means to our Company?
Answer: Dr. Schewe responded, "VIASPACE has the exclusive license to grow, market and sell Giant King Grass in the entire world outside
Taiwan and this is documented in our public filings. We have established ourselves as the world's premier experts at growing, handling and utilizing this specific energy crop as the highest yielding bioenergy platform crop in the world. Our strength and security are rooted in the extensive, independent, third-party testing of GKG and secondly, in our reputable expertise in showing and partnering with our customers on how to succeed in its use. Of course there are competing products in the bioenergy universe, but we are moving fast to make GKG the preferred platform product because its extremely high yield makes more economic sense than its competitors."
Question: When will VIASPACE be profitable?
Answer: Dr. Schewe responded, "This Company has never been run leaner than its current overhead structure. Both our CEO and CFO took one-third salary pay-cuts on
October 1, 2012 when VIASPACE became a stand-alone company. I personally have not drawn a salary for all the work that I have done for the Company. Our other employees work as independent contractors and we rigorously control those costs. All that said, given the number and significance of the deals in our pipeline, I personally believe that we can achieve profitability in 2014."
Question: Is our common stock (VSPC) headed for a reverse split?
Answer: Dr. Schewe responded, "There are no plans for a reverse split this year or in the near future. I currently hold just north of 130,000,000 common VSPC shares and I purchased each and every one of those shares with my hard-earned money. I purchased more than half of those shares on the open market and the rest at a 20% discount to the prior month's average trading price according to my formal agreement to assist in funding the ongoing operations of the Company. I believe that VIASPACE is somewhat unique among penny stocks at this time because the Chairman of the Board wasn't given his stock or awarded his stock in exchange for his work, advice or expertise--he personally paid for it and looks at the stock's value appreciation as does any other common shareholder. If we had adequate corporate revenues at this very moment, my philosophy would be to use that revenue for continued organic corporate growth and to institute a formal share buy-back plan and retire those common shares as we buy them back to decrease the overall share count. Both actions would work together to significantly increase the value of my common shares and everyone else's. The
ONLY circumstance that would ever merit consideration of a reverse split on my watch would be the need to move to a higher exchange because we are growing so fast that we need the financial advantages that only a higher exchange can offer."
Dr. Schewe, concluded, "I want our shareholders to know that Dr. Kukkonen and I make a great team working together. We are both scientists by training and background, but Carl is focused on expanding the world's successful use of Giant King Grass as the leading bioenergy platform and I am focused on the business success of our company and growing shareholder value. Perfect timing is everything in the critical success of business, and as we mutually conveyed at the EUEC 2013 Meeting, we believe that the time is perfect for the success of Giant King Grass as the world's premier bioenergy platform."