SOURCE: Green Planet Bioengineering CO., LTD.

Green Planet Bioengineering CO., LTD.

June 22, 2009 07:00 ET

Green Planet Delivers Stronger Than Expected Operating Income and Profit for 2008

MIAMI, FL--(Marketwire - June 22, 2009) - Green Planet Bioengineering CO., LTD. (OTCBB: GPLB) ("Green Planet" or the "Company") a leading bioengineering enterprise dedicated to create high quality chemical intermediates and innovative downstream health products using green processes reports stronger than expected 2008 full year results with positive outlook for 2009.

2008 full year revenue is up 29% to $10,401,530 compared to $8,059,104 for the year ended 2007. EBITDA (defined as earnings before interest, taxes, depreciation and amortization) was positive $4,994,141 for 2008 as compared to an EBITDA of $4,375,668 for the same period 2007. Operating income for 2008 is up 15% to $4,651,796 versus $4,050,487 for 2007. Net income is up 25% to $3,350,299 versus $2,689,658 for 2007.


                                                  Year ended December 31,
                                                --------------------------
                                                        2008          2007

Sales revenue                                   $ 10,401,530  $  8,059,104
Cost of sales                                     (3,939,610)   (2,999,328)
                                                ------------  ------------
Gross profit                                       6,461,920     5,059,776
                                                ------------  ------------

Operating expenses                                 1,810,124     1,009,289
                                                ------------  ------------

Income from operations                             4,651,796     4,050,487
Other income/(expense)                              (78,578)       (58,003)
                                                ------------  ------------

Income before income taxes and minority interest   4,573,218     3,992,484
Income taxes                                      (1,222,919)   (1,302,826)
                                                ------------  ------------

Net income                                      $  3,350,299  $  2,689,658
                                                ============  ============
Earnings per share
 - Basic                                        $       0.24  $       0.19
                                                ============  ============
 - Diluted                                      $       0.22  $       0.19
                                                ============  ============


"Green Planet delivered a strong financial performance for 2008 with a 29% increase in sales and 25% increase in net income versus 2007. These results exceed our original projections for 2008 and are welcomed in the current difficult economic environment. We have seen in 2008 improvements in most key financial parameters. We have also made, during the year, significant progress in research and development on many new products and improved existing ones. We expect continued progress this year. 2008 results positioned us well for 2009, a year in which many of our existing products will be enhanced, new products will be launched and our targeted acquisitions will be realized," commented CEO Min Zhao.

"We have seen positive and consistent growth patterns in 2008, especially in our domestic sales distribution. One of our key products is Solanesol, a highly demanded chemical intermediate worldwide and Green Planet is one of only a few companies that have succeeded in reaching 95% purity in its extraction process. At this time, our R&D team has successfully developed a derivative to the Solanesol called CoQ10, along with many downstream health products. Please visit our website at: http://www.greenplanetbio.com.cn/weben/products.aspx to learn more about our products and latest news. In addition, we also see strong increase in demand for our organic fertilizers this year due to China's demand continuing to soar, allowing us to capture sizable growth," added Vice President of Sales Sally Ou.

About Green Planet

Green Planet Bioengineering CO., LTD. ("Green Planet") (OTCBB: GPLB) (http://www.greenplanetbio.com) through its Chinese subsidiary is a high-tech bioengineering enterprise that engages in research & development, production and sale of various extracts from tobacco leaves residues destined for health and beauty products. Green Planet is headquartered in Miami, FL with its main operation located Sanming and Fuzhou, China. Since founded in 2005, Green Planet now 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. The 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.

The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development and acquisition of new product lines and services, government approval processes, the impact of competitive products or pricing from technological changes, the effect of economic conditions and other uncertainties, and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. Green Planet Bioengineering CO., LTD. takes no obligation to update or correct forward-looking statements.

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