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News Breaks | | | | October 2, 2012 | | 08:51 EDT |  | VSPC | VIASPACE announces separation of VIASPACE and VIASPACE Green Energy
The VIASPACE Board of Directors and Management is pleased to announce that the orderly separation of VIASPACE and VIASPACE Green Energy, or VGE, has been completed and formal documents have been signed by VIASPACE, VGE and Mr. Sung Chang on Sept. 30. As part of the separation agreement, VGE has the right to commercially develop Giant King Grass in China and Taiwan and VIASPACE has been granted an exclusive license to import, grow, sell, market and distribute Giant King Grass in the rest of the world outside China and Taiwan. Effective Oct. 1, VIASPACE no longer has any ownership in VGE and has returned all of the shares it previously held in VGE back to VGE, who subsequently reissued them to Chang. As part of the separation, the VIASPACE secured debt and accrued interest of approximately $5.6M owed to Chang no longer has to be paid. The exclusive license that VIASPACE obtained from VGE has revenue milestones that need to be met every two years in order to maintain the license from VGE. VIASPACE will pay VGE an 8% royalty on net sales derived. As part of the final agreements, insiders holding approximately 525M common shares of VIASPACE stock -- or 38% of outstanding common shares -- have agreed to a 6 month hold of their stock with prohibitions against selling or transferring the stock. | |
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