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PASADENA , Calif., June 19 /PRNewswire-FirstCall/ -- VIASPACE Inc.(OTC Bulletin Board: VSPC), a company that transforms proven space and defense technologies from NASA and the Department of Defense into hardware and software solutions, announced today that it has acquired a 15% share in QWIP Systems Inc. (QWIP Systems), a developer of Quantum Well Infrared Photo Detectors (QWIP). QWIP sensors are similar to the electronic sensors indigital cameras and camcorders, except they detect heat emissions rather than light. QWIP sensors are used in military and security applications because they can see in total darkness. Long wavelength infrared sensors are used for surveillance -- a person or vehicle can be detected in total darkness from distances of many miles. Defense applications include missile and aircraft tracking, night vision, tank warfare and surveillance. VIASPACE has a patentpending on the use of infrared technology to detect suicide bombers and other Improvised Explosive Devices (IED).
The QWIP technology being pursued by QWIP Systems Inc. was originally developed at the NASA Jet Propulsion Laboratory (JPL) with funding from USMissile Defense Agency, NASA and the Defense Advanced Research Projects Agency. The QWIP technology was licensed from Caltech which manages JPL forNASA.
QWIP Systems is publicly traded on the Canadian TSX exchange with the symbol QWP. QWIP Systems conducts its infrared business through a US subsidiary QWIP Technologies Inc. which was incubated by VIASPACE's predecessor organization, ViaSpace Technologies LLC.
VIASPACE owned common shares in the US subsidiary that were redeemed and converted to 2,184,668 common shares of QWIP Systems. As of the conversion date, VIASPACE owns 2,388,408 common shares of QWIP Systems, or 15% of thecommon shares outstanding. VIASPACE holds additional common shares in the USsubsidiary that can be converted to an additional 8% interest in QWIP Systems based on its current outstanding common shares. VIASPACE has two representatives on the Board of Directors of QWIP Systems, and has other rights including the right to approve any sale or licensing of the assets ofQWIP Technologies Inc.
About VIASPACE: VIASPACE is a diversified technology company with knowledge and expertise in energy/fuel cells, microelectronics, sensors, homeland security and public safety, and information and computational technology. Founded in 1998 with the objective of transforming proven spaceand defense technologies from NASA and the Department of Defense into hardware and software solutions that solve today's complex problems, VIASPACE benefitsfrom important patent and software licenses from Caltech, which manages NASA's Jet Propulsion Laboratory. For more information, please visit our website atwww.VIASPACE.com, or contact for Investor Relations, Dr. Jan Vandersande ,Director of Communications at 800-517-8050, or IR@VIASPACE.com.