SANTA CRUZ, Calif., Feb. 19, 2019 /PRNewswire/ -- VIASPACE, Inc. (OTC: VSPC) today announced that it has signed a contract with GERMADE, Inc. of Seoul, South Korea that plans to grow Giant King Grass in the tropical Philippines and ship it to its animal feed customers in South Korea.
The project was announced at the Farmer's Summit held on December 06, 2018, in Vigan, Philippines by Mr. Ryan Singson, the Governor of Ilocos Sur Province. The Giant King Grass, provided by VIASPACE, will be grown by local farmers in Ilocos Sur Province, processed into compressed bales and pellets by the Philippines conglomerate, LCS Group of Companies, and then shipped to GERMADE customers in Korea to feed cattle, dairy cows, horses and other animals.
VIASPACE Vice-Chairman, Mr. Haris Basit and founder, Dr. Carl Kukkonen, attended the Farmer's Summit together with a delegation of 27 people from South Korea representing government organizations and potential customers. GERMADE CEO, Tae Hwan (Jeremy) Kim, and Dr. Kukkonen were speakers as well as Governor Singson. The Farmer's Summit was held in an outdoor stadium with a focus on growing Giant King Grass and the economic opportunities for local farmers.
Mr. Kim emphasized that Giant King Grass has been thoroughly tested as animal feed in South Korea and that customers were ready to purchase as much as could be produced. He pointed out that LCS Group of Companies headed by former Governor (and father of the current Governor) Luis "Chavit" Singson would build the plant and infrastructure needed to process and ship the Giant King Grass animal feed to South Korea.
Dr. Kukkonen stated that Giant King Grass was successfully growing in the Philippines, had been extensively tested by independent laboratories and was excellent animal feed. Giant King Grass is perennial and grows very well in the Philippines. Governor Ryan Singson told the farmers assembled at the Summit that they could grow Giant King Grass under contracts and had the opportunity to make larger profits then with the current crops they are growing. The presentations made at the Farmer's Summit by Dr. Kukkonen and Mr. Kim along with some pictures taken at the event are available on the VIASPACE website www.VIASPACE.com.
VIASPACE Vice-Chairman, Mr. Haris Basit, stated, "We are excited about this project because the framework of key players are all in place and we will be actively providing agricultural support to GERMADE to establish the initial Giant King Grass plantation in Ilocos Sur Province. In addition, Mr. Kim has effectively arranged South Korean animal feed customers for Giant King Grass hay grown in the Philippines."
VIASPACE Chairman and Acting CEO, Dr. Kevin Schewe, commented, "The goal with Germade is to have several thousands of acres of perennial Giant King Grass (GKG) growing in the tropical climate of the Philippines within the first 24 months. GKG can then be harvested multiple times per year for the high-demand South Korean animal feed market. That market wants as much GKG animal feed as can be provided. Our relationship and aligned goals with Germade are excellent. VIASPACE has been paid its upfront fees and will derive near-term agricultural support revenue along with one-time propagation fees and then subsequent licensing fees that are perpetual."
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.