WALNUT, Calif., July 25, 2017 /PRNewswire/ -- VIASPACE Inc. (OTC: VSPC) today announced that effective July 31, 2017, Haris Basit is resigning as CEO of VIASPACE to move to a position leading a Silicon Valley based technology company. Mr. Basit will become Vice-Chairman of the VIASPACE Board of Directors and thus continue to be involved in the overall strategic direction of VIASPACE. In addition, Mr. Basit has become one of the largest investors in VIASPACE and will likely continue to add to his shareholdings in the coming months.
During this transition of leadership, Dr. Kevin Schewe, who is the largest shareholder and Board Chairman, becomes the acting CEO of VIASPACE. Dr. Carl Kukkonen, Co-Founder of VIASPACE, remains in his position as Chief Technology Officer (CTO) and Mr. Stephen Muzi remains in his position as Chief Financial Officer (CFO).
Mr. Basit commented, "It has been an honor and privilege to serve as the VIASPACE CEO these past two years and I look forward to continuing to contribute to the strategic direction of the Company as Vice-Chairman of the Board."
Dr. Schewe also commented, "VIASPACE has appreciated Mr. Basit's leadership, efforts and investments in VIASPACE these past two years. We are pleased that he will continue to serve as Vice-Chairman of our Board of Directors going forward and we wish him the very best of success in his new position. VIASPACE will use this time of leadership transition to further minimize overhead expenses and continue to focus on our projects that carry the greatest likelihood of meaningful revenue generation. We remain committed to our dual corporate strategy of green, renewable energy generation and developing Giant King Grass as a high yield source of animal feed."
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 the US including Hawaii, and many foreign countries. 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, 2016, and other factors over which VIASPACE has little or no control.
SOURCE VIASPACE Inc.