The theory of the grass being greener elsewhere has been proven after the penny stock of VIASPACE Inc. (VSPC) which closed at a new 52-week high Tuesday. Not only did VSPC stock close at a new 52-week high, but its now gained 823% since the beginning of October. With their proprietary, high yield, dedicated energy crop Giant King™ Grass now released from quarantine by the U.S. Department of Agriculture Animal and Plant Health Inspection Service for distribution in the U.S., how high can the green grass grow on this penny stock?
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VSPC Stock Chart
Market Cap: 16.60M
Close: 0.012, up 0.005 (71.43%)
Dollar Volume: $101,222
Average Trade Size: 115,967
Issued and Outstanding: 1,383,147,082
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The penny stock was stimulated by the September 30 Recapitalization Agreement of a former promissory note granted by VIASPACE of approximately $5.3 million. (see here). Since then, orderly separation of VIASPACE and VIASPACE Green Energy (“VGE”) whereas 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. Not a bad deal for wiping out secured debt and accrued interest of approximately $5.6 million.
The bigger part of the agreement was that insiders holding approximately 525 million shares of VSPC stock, 38% of the O/S, have agreed to a 6 month hold of their stock with prohibitions against selling or transferring the stock. That is solid since dilution of VSPC stock is not an issue going forward with the authorized and outstanding shares being virtually equal.
At the beginning of this week, VIASPACE signed a contract with Tibbar Energy USVI LLC who is developing a 6 MW renewable biomass energy project in the U.S. Virgin Islands on the island of St. Croix to supply Giant King Grass for a 1,500 acre Giant King Grass plantation there. Giant King™ Grass, a proprietary dedicated energy crop, can be burned in 100% biomass power plants to generate electricity; made into pellets that can be burned together with coal to reduce carbon emissions from existing power plants; generate bio methane through anaerobic digestion, and can be used as a feedstock for low carbon liquid biofuels for transportation, biochemicals and bio plastics.
About VSPC Stock
VIASPACE Inc. is a clean energy company providing products and technology for renewable and alternative energy that reduce or eliminate dependence on fossil and high-pollutant energy sources. The Company grows Giant King Grass as a low-carbon fuel for electricity generating power plants, as a feedstock for bio methane production and cellulosic biofuels, and for other low-carbon, renewable energy products.
Click here to view the SEC filings for VSPC.
Bottom Line: VSPC is one of the breakout penny stocks to watch this Wednesday and to keep a close eye for the duration of the month ad beyond. Unless you live in a high-rise or in the concrete jungle, grass grows and it grows quick. VSPC stock closing at a new 52 week high Tuesday is an indication of the green this stock is providing and the liquidity is also inviting enough to consider this as a good penny stock to be in right now.
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