SOURCE: Green Planet Bioengineering Co. Ltd.

May 18, 2010 07:30 ET

Green Planet Reports First Quarter 2010 Results

Q1 Revenue, Operating Income and Net Income Increase 42%, 8% and 12% Respectively

MIAMI, FL--(Marketwire - May 18, 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 first quarter 2010 results.

First Quarter 2010 Results:
First quarter 2010 revenue was up 42% to $3,259,429 compared to $2,297,621 for the same period a year ago. Operating Income was up 8% to $1,233,651 compared to $1,140,223 for the same period last year. Net Income was up 12% to $944,748 compared to $842,725 for the same quarter last year. Earnings per share for the first quarter of 2010 remained unchanged at $0.05 compared to the same period 2009.

  Three months ended March 31,  
  2010     2009  
Sales revenue $ 3,259,429     $ 2,297,621  
Cost of sales   (1,469,280 )     (852,686 )
Gross profit   1,790,149       1,444,935  
Operating expenses              
  Administrative expenses   321,799       212,215  
  Research and development expenses   60,388       36,466  
  Selling expenses   174,311       56,031  
Total operating expenses   556,498       304,712  
Income from operations   1,233,651       1,140,223  
Interest income   1,569       249  
Other income   90       -  
Finance costs   (36,709 )     (88 )
Income before income taxes and minority interest   1,198,601       1,140,384  
Income taxes   (253,853 )     (297,659 )
Net income $ 944,748     $ 842,725  

"We are pleased with our first quarter results. Our two key raw extracts 5-HTP and Resveratrol continued to drive sales. This year we are focused on increasing distribution in China and abroad of our over-the-counter health products and wholesale of raw materials," stated Min Zhao, Company CEO. "We anticipate continued strong performance throughout 2010," added Mr. Zhao.

About Green Planet
Green Planet Bioengineering CO., LTD. ("Green Planet") ( (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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