To generate a pair of PGP public and private keys, use any PGP encryption program. Or, you may use the KeyPairGenerator Java tool integrated into Parallels H-Sphere:
java psoft.hsphere.tools.KeyPairGenerator
-i "This is a main identification string"
-s "identification_string_for_ subkey"
-e "PGP_Code_Phrase"
-prf "/path/PGP_Private_Key/file"
-pcf "/path/to/PGP_Public_Key/file"