VIASPACE Inc., a clean energy company growing Giant King(TM) Grass as a low-carbon, renewable energy crop, this morning updated investors on the status of the initial public offering of its majority owned subsidiary VIASPACE Green Energy.

VIASPACE Green Energy (VGE) filed a registration statement on form S-1 with the Securities and Exchange Commission (SEC) to register shares for public sale. VGE received comments from the SEC and filed an amended S-1 on November 19, 2009. It is available on the SEC website under the company name VIASPACE Green Energy.

VIASPACE CEO Dr. Carl Kukkonen commented, “We are very optimistic that the registration statement for VIASPACE Green Energy will be approved.”

According to the terms of the Securities Purchase Agreement dated October 21, 2009 and its amendments, VIASPACE is obligated to pay $4.8 million in cash plus interest to the seller to effect the second and final closing. The deadline for the second closing has been extended until November 26, 2009. VIASPACE is currently in active negotiations with the seller.

Let us hear your thoughts: VIASPACE, Inc. Message Board