The VIASPACE Inc. Board of Directors and Management announced that formal term sheets outlining the mechanism and orderly separation of VIASPACE and VIASPACE Green Energy Inc. (VGE) have been signed by VIASPACE and Mr. Sung Chang. In addition, term sheets have also been signed which give VGE the right to commercially develop Giant King Grass in China and Taiwan and give VIASPACE the right to commercially develop Giant King Grass in the rest of the world outside China and Taiwan. Under the terms, VIASPACE will no longer have any ownership in VGE and the VIASPACE debt to Chang will be satisfied. The term sheets will now be drafted into legal documents. As part of the separation, Dr. Kevin Schewe will become the Chairman of the Board of VIASPACE.