VIASPACE CEO, CFO and Director Agree to Lockup Stock Shares
11 Ottobre 2012 - 2:46PM
VIASPACE Inc. (OTCQB:VSPC) today announced that CEO, Dr. Carl
Kukkonen; CFO, Stephen Muzi and Board Director, Angelina Galiteva
have all agreed to a 6 month lock-up of their VIASPACE stock
shares.
Under the agreements for the separation of VIASPACE and VIASPACE
Green Energy, insiders holding approximately 525 million common
shares (including Sung Chang and VIASPACE Board Chairman, Dr. Kevin
Schewe) agreed to a 6 month lock-up of their shares. This new
agreement represents approximately 108 million additional shares.
In total, insiders holding about 633 million shares (or 46% of
outstanding shares) have now agreed not to sell or transfer their
stock.
Additionally, VIASPACE CEO, Dr. Carl Kukkonen and CFO, Mr,
Stephen Muzi have agreed to take 33% salary reductions in order to
reduce corporate expenses. Both have signed one year contracts with
VIASPACE effective October 1, 2012.
Chairman, Dr. Kevin Schewe, commented: "This comprehensive 6
month lock-up of insider share trading illustrates the commitment
of VIASPACE insiders to stabilize and support the value of this
company going forward. Moreover, the pay cuts accepted by our CEO
and CFO underscore their personal belief and dedication that
together we can make VIASPACE successful. We are taking the
necessary steps to increase shareholder value by both controlling
expenses and closing deals that should create strong future
revenues. We are excited to continue to keep our shareholders
informed of our ongoing progress on multiple fronts."
About VIASPACE Inc.
VIASPACE grows Giant King Grass as a low-carbon fuel for
electricity generating power plants; for energy pellets; and as a
feedstock for bio methane production and cellulosic biofuels,
biochemicals and biomaterials.
The VIASPACE logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=15154
Safe Harbor Statement
This news release includes forward-looking statements which
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, 2011 and other factors over
which VIASPACE has little or no control.
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.
This information was brought to you by Cision
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http://www.cisionwire.com/viaspace-inc-/r/viaspace-ceo--cfo-and-director-agree-to-lockup-stock-shares,c9316437
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