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Green Planet Reports Third Quarter 2009 Results: Sales Up Over 60% From Previous Quarter

^{Published on 2009-11-17 05:38:13 - Market Wire}
 

MIAMI, FL--(Marketwire - November 17, 2009) - 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 third quarter and YTD 2009 results.

Revenue for the third quarter 2009 was up 31.4% to $3,462,341 compared to $2,634,409 for the same period a year ago. Operating Income was up 23.2% to $1,501,203 compared to $1,218,137 for the same period last year. Net Profit was up 21.3% to $1,074,199 compared to $885,579 for the same quarter last year.

YTD 2009 revenue now reaches $7,929,710 compared to $7,501,285 for the first three quarters last year, an increase of 5.7%. Operating Income and net income now reach $3,482,892 and $2,532,781 as compared to $3,667,119 and $2,702,709 respectively for the same period a year ago.

 Three months ended Nine months ended September 30 September 30 ------------------------ ------------------------ 2009 2008 2009 2008 (unaudited) (unaudited) (unaudited) (unaudited) Sales revenue $ 3,462,341 $ 2,634,409 $ 7,929,710 $ 7,501,285 Cost of sales (1,578,081) (1,044,896) (3,419,354) (2,888,249) ----------- ----------- ----------- ----------- Gross profit 1,884,260 1,589,513 4,510,356 4,613,036 ----------- ----------- ----------- ----------- Operating expenses Administrative expenses 213,855 247,785 708,666 595,164 Research and development expenses 126,625 57,067 199,664 166,301 Selling expenses 42,577 66,524 119,134 184,452 ----------- ----------- ----------- ----------- 383,057 371,376 1,027,464 945,917 ----------- ----------- ----------- ----------- Income from operations 1,501,203 1,218,137 3,482,892 3,667,119 Other income/(Expense) (57,226) (31,485) (63,960) (62,316) Income taxes (369,778) (301,073) (886,151) (902,094) ----------- ----------- ----------- ----------- Net income $ 1,074,199 $ 885,579 $ 2,532,781 $ 2,702,709 =========== =========== =========== =========== 

"We are pleased with our third quarter results. Two of the new products we launched during the third quarter, Resveratrol and 5-HTP, performed very well helping us increase our sales by over 60% as compared to second quarter of this year. These two products were originally scheduled for launch during the second quarter. However, this did not materialize, contributing to the weaker sales we experienced during that quarter. Resveratrol is a powerful phytoestrogen antioxidant which is believed to have several health benefits such as cancer prevention, promoting longevity and treating Alzheimer's disease. 5-HTP, extracted from Griffonia seed, has been clinically demonstrated to be effective for the treatment of depression, weight control and insomnia," stated Min Zhao, Company CEO. "We are well positioned with a wide product portfolio to outperform in the last quarter of this year, which is historically our strongest quarter."

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.