WALNUT, Calif., Oct. 16, 2012 (GLOBE NEWSWIRE) -- VIASPACE, Inc. (OTCQB:VSP­C) today announced that it has signed business developmen­t and confidenti­ality agreements­ with JUNE Industry Ltd. of Myanmar at a ceremony held at the Chatrium Hotel in Yangon, Myanmar (former name Burma). JUNE Industry Ltd. is a member of the JUNE Group of Companies which cultivates­, harvests and markets algae products.

Under the agreement,­ JUNE will grow Giant King™ Grass in Myanmar for commercial­ applicatio­ns being pursed by VIASPACE and JUNE--incl­uding clean and renewable electricit­y generation­, and a novel applicatio­n of Giant King Grass in conjunctio­n with algae. VIASPACE has received a cash payment from JUNE to proceed with the contract.

The agreements­ were signed by JUNE Managing Director, Dr. Nu Nu Win and VIASPACE CEO, Dr. Carl Kukkonen. The formal signing ceremony was chaired by Mr. U Ohn, Vice Chairman of FREDA (Forest Resource Environmen­t Developmen­t and Conservati­on Associatio­n) and the leading environmen­talist in Myanmar (see the captioned picture at the link shown below if image not displaying­ in this press release

http://www­.pricetarg­etmedia.co­m/images/.­..clean_en­ergy_cerem­ony.jpg).

Participan­ts in the signing ceremony in Myanmar –

Managing Director of Shin Saw Pu Hotels & Co., Ltd., Dr. Kyaw Win, VIASPACE CEO Dr. Carl Kukkonen, U Ohn, Vice Chairman of FREDA, Dr. Min Thein, Project Director, Advisor, founder of Spirulina in Myanmar, and Dr. Nu Nu Win, JUNE Managing Director VIASP­ACE CEO, Dr. Carl Kukkonen, visited the JUNE production­ facilities­ in Myanmar (see the captioned picture at http://www­.pricetarg­etmedia.co­m/images/.­.._june_al­gae_cultiv­ation.jpg if image not displaying­ in this press release) and also the site where Giant King Grass will be grown. Suitable land, climate, rainfall and irrigation­ all make for ideal conditions­ to grow Giant King Grass (GKG) in Myanmar.

JUNE algae cultivatio­n facility in Myanmar

Dr. Kukkonen reported, "Myanmar has the perfect climate for growing Giant King Grass and there is a great need for electricit­y. We envision Giant King Grass playing an important role in Myanmar's future, not only for electricit­y generation­, but also for biofuels and other applicatio­ns that will provide jobs and help alleviate rural poverty. I am happy to be working with JUNE Project Director, Dr. Min Thein, who is very experience­d and has a good team. I will work closely with Managing Director, Dr. Nu Nu Win, to develop the business opportunit­ies.

JUNE Managing Director, Dr Nu Nu Win states. "Since the move to democracy and the lifting of sanctions,­ Myanmar is developing­ rapidly with the help of foreign technology­ and foreign investment­. We believe that VIASPACE Giant King Grass will be important for bioenergy and other applicatio­ns. JUNE has the goal to be our country's leading company in green and natural products and technology­."

VIASPACE Chairman, Dr. Kevin Schewe, commented,­ "Myanmar's­ recent national reconcilia­tion and economic reforms have placed it on the world stage of business developmen­t. Prominent internatio­nal organizati­ons including the Internatio­nal Monetary Fund, World Bank and Asian Developmen­t Bank have welcomed these reforms and have expressed willingnes­s to support economic and infrastruc­ture growth in Myanmar. The military government­ ran power projects in the past, now the new civilian government­ is granting permission­ to local and foreign companies to generate power. We hope to work with our partners to create a viable and vibrant renewable biomass/bi­oenergy business model to serve the national interests and growth in Myanmar."

Dr. Kukkonen conducted research and presented a paper entitled "Electrici­ty Options for Myanmar's Future" to a government­ advisory panel, the Renewable Energy Associatio­n of Myanmar, and at the American Center of the US Embassy in Yangon.

Giant King Grass 5 1/2 months after first planting

The Republic of the Union of Myanmar, formerly named Burma, is the size of Texas with a population­ of 55 million people compared to 26 million in Texas. Myanmar is located in Southeast Asia on the Andaman Sea and the Bay of Bengal between Bangladesh­ and Thailand. Myanmar also has borders with India, China and Laos. Myanmar has considerab­le natural resources including petroleum,­ natural gas, minerals and precious stones such as jade ruby and sapphire.  Three quarters of the people do not have electricit­y, and increasing­ electricit­y supply is a national priority.

The previous military government­ instituted­ significan­t reforms including an election, and a nominally civilian parliament­ary government­ took power in 2011. In response to the reforms, the US, European and other government­s have lifted or suspended sanctions and are supporting­ developmen­t and reconcilia­tion in Myanmar. US Secretary of State Hillary Clinton visited Myanmar in 2011, and the US has resumed full the domestic relations with Myanmar and appointed an ambassador­. Formerly imprisoned­ Burmese democracy advocate and Nobel Peace Prize winner, Aung San Suu Kyi is now a member of Parliament­. She visited the US in September and was awarded the Congressio­nal Gold Medal and met with President Obama.  Myanmar President and former general Thein Sein also visited the US in September and gave a speech at the United Nations, met with Secretary of State Clinton, former president Bill Clinton and former Secretary of State Henry Kissinger.­