WALNUT, Calif., Jan. 6, 2014 /PRNewswire/ -- VIASPACE Inc. (OTCQB: VSPC) CEO, Dr. Carl Kukkonen and Chairman of the Board, Dr. Kevin Schewe, today provided an update on recent company technical and business activities.
Dr. Kukkonen reported, "VIASPACE has been very busy since the last CEO update on November 4, 2012. I will give a summary of our recent business activities.
- I spent time in Nicaragua working on the 12 MW Giant King Grass power plant project with AGRICORP. I met with senior management, our agriculture team, government officials and local power plant and grid experts. The financial model is complete, as is the summary business plan. We have also decided to embark on a parallel animal feed project with AGRICORP as well. The Giant King Grass is growing well and the propagation field planted at the end of May is ready for harvest and further propagation which will focus on animal feed.
- Two potential customers from Costa Rica and Guatemala flew to Nicaragua to meet with me. Another potential customer from Panama also contacted me. All three have signed nondisclosure agreements.
- I met with development banks in Washington, DC and received strong support for the project. We expect to get 70% of the project financing from an international development bank.
- The Giant King Grass is growing very well in South Africa, and the project is moving toward the next stage.
- We traveled to Washington, DC with a new partner for a Giant King Grass project in Pakistan to meet with investors. The partner has signed a nondisclosure agreement and is proceeding with a contract. We expect to be able to make an announcement on this soon.
- VIASPACE Director, Mr. Khurram Irshad, a Pakistani American, has traveled to Pakistan twice and is working on another opportunity in Pakistan.
- A potential customer in the Caribbean has requested a test of Giant King Grass for a biofuels project. VIASPACE harvested 3,000 pounds of Giant King Grass from our California nursery, and the US biofuels company on the East Coast picked up the Giant King Grass on December 30, 2013. Test results should be available in 6 to 8 weeks.
- I went to the University of California Davis and met with their forage expert to review Giant King Grass as an animal feed and received significant recommendations. One suggestion was to double check the results of our forage analysis. VIASPACE has previously utilized near infrared analysis (NIR) from the Dairy One Forage Laboratory in Ithaca, New York. UC Davis recommended a comparison of the NIR data with a full wet chemistry analysis, and also recommended a second laboratory, Cumberland Valley Analytical Services, which tested the same sample using both NIR and wet chemistry. Using both laboratories and both methods produced the same results and confirmed that Giant King Grass is an excellent animal feed.
- Our VIASPACE partner in the Arizona animal feed project, Maricopa Bio Crops, came to California where we held technical and business meetings and met with a mechanical harvesting expert in the Central Valley. This project is moving forward efficiently to our mutual satisfaction and 2014 should prove to be a productive year with our partnership.
- The Giant King Grass in Hawaii successfully completed its 12 month quarantine on December 20, 2013. VIASPACE is in discussions with potential Hawaiian partners. The Hawaii Department of Agriculture has allowed Giant King Grass to remain in their facility until our partnership status is finalized and the location has been determined.
- VIASPACE has been invited to make a presentation on the Nicaragua 12 MW Power Plant project at the International Biomass Conference to be held in Orlando Florida March 24-26, 2014.
- VIASPACE held a Board of Directors meeting on December 23, 2013."
Kukkonen concluded, "I believe that 2014 will be a very important and successful year for VIASPACE."