VIASPACE Inc., a clean energy company providing products and technology for renewable and alternative energy, this morning reported its financial results for the third quarter ended September 30, 2009.

Revenues totaled $1.23 million, including $1.06 million from the late-2008 strategic acquisition of Inter-Pacific Arts, Inc. (IPA), and $171,000 primarily from Ionfinity’s military contracts for monitoring and detection systems. Gross profit for the quarter was reported at $473,000, including $455,000 related to IPA. Comparatively, third-quarter 2008 revenues were $99,000 and gross profit was $23,000.

Operating expenses for the quarter declined to $1.05 million from $2.82 million as a result of lower research and development expense and lower selling, general and administrative expense. Stock-based compensation and stock-option expense for the quarter totaled $458,000, compared to $1.32 million in third-quarter 2008.

Operating loss for the quarter narrowed to $574,000 from operating losses of $2.8 million in third-quarter

VIASPACE is a clean energy company focused on providing products and technology that reduce or eliminate dependence on fossil fuels and other high-pollutant energy sources. Through its subsidiaries, the company provides raw material for cellulosic biofuels; develops and markets fuel cartridges, products and technology for methanol fuel cells; markets rechargeable lithium-ion batteries; and develops security-related monitoring and detection technology and systems for military/defense and commercial applications.

Through its renewable energy subsidiary, VIASPACE Green Energy, the company grows a fast-growing non-food grass that can be harvested four times a year. This proprietary grass is used for producing low carbon liquid biofuels such as cellulosic ethanol, methanol and green gasoline for transportation, as well as partially or completely replacing coal to reduce carbon emissions from electric power plants. Cellulosic biofuels made from non-food sources offer environmental and economic advantages over food crops, like corn, and

Lockheed Martin Corporation (LMT) yesterday bagged a $133 million contract from the U.S. Army to provide eight threat detection systems. The company will supply the systems over the next 11 months. The U.S. Army is already using nine such systems. Lockheed’s detection systems are equipped with multi-mission sensors to provide intelligence, surveillance, reconnaissance and communications to support coalition forces. 

In recent times, Lockheed Martin Corporation has witnessed the cancellation of quite a few prominent programs such as the TSAT Mission Operations System (TMOS) contract, F-22 Raptor program and the VH-71 Presidential Helicopter (VH-71) program. Lockheed Martin’s high-cost platform programs were the prime targets of the Obama administration for budget cuts. The addition of $133 million would boost the beleaguered backlog of the company, which shrunk to $79.2 billion after the first half of the fiscal 2009 from $80.9 billion at year-end fiscal 2008. 

Lockheed Martin remains …

Lifeline Biotechnologies Inc.

(Public, PINK:LLBO)

With the recent gains in Hard to Treat Diseases Inc. (PINK:HTDS) and BioElectronics Corp. (OTC:BIEL), investors were left hungry for more undervalued, high potential biotech companies — Then came LifeLine Biotechnologies Inc (OTC:LLBO). As technology continues to redefine the modern era of medical advancements, certain companies will stand apart from the rest, as is the case with Lifeline Biotechnologies Inc. This company is an innovative medical technology company committed to the improvement of the quality of life through exceptional health care systems, focusing on prevention, early diagnosis, and quick recovery. Recently, the company has made headlines with their innovative Breast Cancer detection system, the First Warning System ™, a dynamic test which collects information over time with an uncanny efficacy. The next several months will prove to be critical for LifeLine Biotechnologies, as they await the FDA’s decision

Implant Sciences Corporation (AMEX: IMX), a high technology supplier of sophisticated systems and sensors for the homeland security market and related industries, recently discussed the company’s focus on Homeland Security and future expansion plans. Additionally, Implant Sciences announced its first purchase order from the company’s recently awarded General Services Administration (GSA) Schedule Contract.

Implant Sciences has developed proprietary technologies used in its commercial portable and bench-top explosive trace detection systems which ship to a growing number of locations domestically and internationally. The company’s main product line is the Quantum Sniffer, which is available in a portable version (QS-H150) and the bench top variety (QS-B200). The core technology includes the measurement of ions in the air and their time of flight which give their molecular composition in order to identify the presence of a threat.

Phillip C. Thomas, president and chief executive officer of Implant Sciences, recently stated, “We see substantial new