SANTA CRUZ, Calif., May 24, 2018 /PRNewswire/ -- VIASPACE Inc. (OTC: VSPC) today provided a Giant King Grass (GKG) business update and announced plans to explore expansion to the Cannabis/Hemp industry space.
On May 18, 2018, VIASPACE Inc. signed a contract with an industrial customer to utilize Giant King Grass (GKG) as the renewable, high-yield biomass platform for their proprietary carbon-negative process to manufacture hydrogen profitably for the U.S. market. The customer has acquired suitable land in the Southern U. S. and is proceeding with plans to establish their GKG propagation nursery.
VIASPACE is working with a new Giant King Grass animal feed business entity in Florida to use GKG for dairy feed. An initial 5 acres of GKG has been planted with plans to expand to 60 acres as soon as possible. The goal is to continue expansion of the business/acreage to eventually supply nearby dairies that have a combined total of tens of thousands of dairy cows.
VIASPACE has a history of growing its proprietary GKG in California and has developed many positive business connections and relationships in the State of California. With the legalization of Cannabis and Hemp in California on January 01, 2018, VIASPACE has been approached by several different business entities regarding Cannabis and Hemp opportunities in California. Over the past six months, VIASPACE has been exploring the best route to expand and position VIASPACE as a Cannabis/Hemp-related growth business with a public trading pathway for the future. To this end, VIASPACE has engaged Mr. John Carroll as its Chief Agronomist and Mr. Jeff LaBerge as Vice-President of Business Development with their primary focus on the Hemp industry.
VIASPACE and VIASPACE executives have established a special purpose company named "Viaspace California, Inc." which has proprietary access to a strain of Hemp possessing a high Cannabidiol (CBD) content and low levels of THC. The company believes this strain will be ideally suited for growing in lower latitude climates including Southern California. Business objectives include growing and processing Hemp for CBD and other commercial uses, and selling or licensing name-brand Hemp seeds.
VIASPACE Board Chairman and Acting CEO, Dr. Kevin Schewe, commented: "Late last year, we rigorously lowered our business expense overhead and since that time we have been focusing our energies on GKG partnerships and projects that have the most potential to generate revenue for VIASPACE. Simultaneously, we were contacted by many business entities/parties interested in the rapidly emerging California Cannabis/Hemp business space. We explored many various options and believe that Hemp/CBD oil production and Hemp seed sales/licensing business lines provide the best potential for generating significant revenues and gaining more immediate widespread acceptance for U.S. publically traded companies. We remain committed to position VIASPACE to generate revenues and build shareholder value overall."
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, 2017, and other factors over which VIASPACE has little or no control.
SOURCE VIASPACE Inc.