VIASPACE Inc. (OTCMKTS:VSPC) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01. Completion of Acquisition or Disposition of Assets.
On March 6, 2019, to a Business Sale Agreement, dated March 6, 2019 (“Agreement”), by Viaspace, Inc. (the “Company”) and Bad Love Cosmetics Company, LLC, dba Elite Therapeutics (“Elite”), the Company completed it previously announced acquisition of Elite (the “Acquisition”).The aggregate consideration paid was $500,000 and was made through an all stock purchase of 775,984,665 shares at a price of $0.00064434263, the prior 12 month weighted average stock price.
The foregoing description of the Business Sale Agreement is a summary only, does not purport to set forth the complete terms of such agreement, and is qualified in its entirety by reference to the Business Sale Agreement, filed as Exhibit 10.1 to this Current Report on Form 8-K and hereby incorporated by reference.
Item 8.01 Other Events.
On February 11, 2019, the Company issued a press release announcing the acquisition of Elite.A copy of the press release is included as Exhibit 10.3 to this Current Report on Form 8-K.
On March 11, 2019, the Company issued a press release announcing the completion of the acquisition of Elite.A copy of the press release is included as Exhibit 10.2 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
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(a) |
Financial Statements of Businesses Acquired. |
The Company intends to file the financial statements of Elite required by this item 9.01(a) as part of an amendment to this Current Report on Form 8-K or otherwise not later than seventy-one (71) calendar days after the date that this Current Report on Form 8-K is required to be filed.
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(b) |
Pro Forma Financial Information |
The Company intends to file the financial information required by this item 9.01(b) as part of an amendment to this Current Report on Form 8-K or otherwise not later than seventy-one (71) calendar days after the date that this Current Report on Form 8-K is required to be filed.
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Exhibit No. |
Description |
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10.1 |
Business Sale Agreement between Viaspace, Inc and Bad Love Cosmetics Company, LLC, dated March 6, 2019 |
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10.2 |
Press release issued by Viaspace, Inc., dated as of March 11, 2019 |
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10.3 |
Press Release issued by Viaspace, Inc., dated as of February 11, 2019 |
VIASPACE Inc. Exhibit
EX-10.1 2 vspc-ex101_10.htm EX-10.1 vspc-ex101_10.htm Business Sale Agreement State of Colorado This Business Sale Agreement,…
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About VIASPACE Inc. (OTCMKTS:VSPC)
VIASPACE Inc. (VIASPACE) is a renewable energy company. The Company’s renewable energy is based on biomass in particular its license to an energy crop, Giant King Grass (GKG), which the Company is able to commercialize across the world, except for the People’s Republic of China (China) and the Republic of China (Taiwan). It focuses on GKG, a natural hybrid, non-genetically modified perennial grass which the Company is growing as an energy crop that can be used to generate low carbon and renewable electricity by direct burning in a biomass power plant, and can be made into pellets that can replace some of the coal in existing power plants. GKG may also be used to produce bio methane through anaerobic digestion and as a feedstock for non-food liquid biofuels, such as bio ethanol and bio butanol. It can also be used as a feedstock for biochemicals and bio plastics. GKG can also be used as a feedstock to make cellulosic biofuels, such as bio ethanol, bio butane and green gasoline.
