SOURCE: Green Planet Bioengineering Co. Ltd.

August 24, 2010 07:30 ET

Green Planet Reports Second Quarter 2010 Results

Q2 Revenue, Operating Income and Net Income Increase 140%, 128% and 149% Respectively

MIAMI, FL--(Marketwire - August 24, 2010) - Green Planet Bioengineering CO., LTD. (OTCBB: GPLB) ("Green Planet" or the "Company"), a bioengineering subsidiary of ONE Bio, Corp. (OTCBB: ONBI) that produces high quality health supplements and organic fertilizers and pesticides using green processes, reports second quarter 2010 results.

Second Quarter of Year 2010 Results:

Second quarter 2010 revenue was up 140% to $5,212,337 compared to $2,169,748 for the same period a year ago. Operating Income was up 128% to $1,916,809 compared to $841,466 for the same period last year. Net Income was up 149% to $1,534,874 compared to $615,857 for the same quarter last year. Earnings per share for the second quarter of 2010 reached $0.08 compared to $0.04 for the same period in 2009. Gross margin was 47.0% and income from operations margin remained strong at 36.8% during the quarter.

YTD (First 6 Months) 2010 Results:

YTD 2010 revenue ended June 30, 2010 now reaches $8,471,766 compared to $4,467,369 for the first two quarters last year, an increase of 90%. YTD 2010 operating income now reaches $3,150,460 compared to $1,981,689 (up 59%) from the same period last year. YTD 2010 net income now reaches $2,507,032 compared to $1,458,582 (up 72%) from the same period last year. Earnings per share for the first 6 months of 2010 now reach $0.13 compared to $0.09 for the same period in 2009.


                           Three Months ended         Six Months ended
                                June 30,                  June 30,
                        ------------------------  ------------------------
                            2010         2009         2010         2009
Revenues                $ 5,212,337  $ 2,169,748  $ 8,471,766  $ 4,467,369
Cost of sales             2,763,611      988,587    4,232,891    1,841,273
                        -----------  -----------  -----------  -----------
Gross profits             2,448,726    1,181,161    4,238,875    2,626,096
                        -----------  -----------  -----------  -----------
Operating expenses
 General and
  administrative
  expenses                  366,909      267,760      688,708      494,811
 Research and
  development expenses       53,220       36,573      113,608       73,039
 Selling and marketing
  expenses                  111,788       35,362      286,099       76,557
                            531,917      339,695    1,088,415      644,407
                        -----------  -----------  -----------  -----------

Income from operations    1,916,809      841,466    3,150,460    1,981,689
Interest and financing
 expense                    (30,992)      (8,318)     (40,201)      (8,406)
Interest income               4,003        1,423        5,572        1,672
Other income                  4,397            -        4,397            -
                        -----------  -----------  -----------  -----------

Income before income
 taxes                    1,894,217      834,571    3,120,228    1,974,955
Provision for income
 taxes                     (359,343)    (218,714)    (613,196)    (516,373)
                        -----------  -----------  -----------  -----------
Net income                1,534,874      615,857    2,507,032    1,458,582
                        ===========  ===========  ===========  ===========
Earnings per share
 Basic                  $      0.08  $      0.04  $      0.13  $      0.09
                        ===========  ===========  ===========  ===========
 Diluted                $      0.07  $      0.03  $      0.11  $      0.07
                        ===========  ===========  ===========  ===========
Weighted avg number of
 shares:
 Basic                   20,006,402   15,589,367   20,006,402   15,498,546
                        ===========  ===========  ===========  ===========
 Diluted                 22,709,501   20,017,704   22,709,501   19,984,454
                        ===========  ===========  ===========  ===========

"We are pleased with our second quarter results. The increase in our sales was mainly driven by the sales increase in our Sarcandra Glabra and Ganoderma lucidum tea products. These two products launched during the first quarter are highly sought-after. We have also made inroads in the research of teas helping with weight loss and other key extracts," stated Min Zhao, Company CEO. "We expanded during the quarter our distribution in commercial supermarkets and pharmacy store chains in China. We now distribute amongst others to Wal-Mart, Yonghui and Xinhua including renowned pharmacy chains such as Jonghui and Huihao. We anticipate continued strong performance throughout 2010," added Mr. Zhao.

About Green Planet

Green Planet Bioengineering CO., LTD. ("Green Planet") (http://www.greenplanetbio.com) (OTCBB: GPLB), a subsidiary of ONE Bio, Corp. (OTCBB: ONBI), is a high-tech bioengineering enterprise that engages in research & development, production and sale of various extracts from tobacco leaves residues destined for health supplements and organic agricultural products. Green Planet is headquartered in Miami, FL with its main operation located in Sanming and Fuzhou, China. Since founded in 2005, Green Planet offers a full range of high quality bio-ecological products which include raw chemical materials such as CoQ10 and Solanesol, organic fertilizers and pesticides and organic health nutrients and supplements. Company's unique position in the bioengineering industry comes from its R&D using patented cutting-edge methods to create abundant downstream products ranging from plant indigenous medicine, pharmaceutical intermediates to a long list of eco-friendly products.

This press release includes statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Green Planet Bioengineering, Co., Ltd. claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms "may," "believes," "projects," "expects," or "anticipates," and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to: our successful integration of diversified growth companies, impact of the company's expansion plan, and new business development success, future financial results, development and acquisition of new product lines and services, the impact of competitive products or pricing from technological changes, the effect of economic conditions and other uncertainties. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the expectations contained in any such forward-looking statements. These risks include, but are not limited to: failure to manage operating expenses or integrate new companies and/or technologies, each of which could have a material impact on our business, our financial results, and the company's stock price. These risks and other factors are detailed in the Company's regular filings with the U.S. Securities and Exchange Commission. Most of these factors are difficult to predict accurately and are generally beyond the Company's control. Forward-looking statements speak only as to the date they are made and Green Planet Bioengineering, Co., Ltd. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

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