IND Indy Diarytech Limited Com

China One Corporation (TSX VENTURE:IND) today announced financial results for
the year ended December 31, 2008. The audited annual consolidated financial
statements along with management's discussion and analysis have been filed with
SEDAR (www.sedar.com) and are also available at the website of the Company
(www.inddairytech.com).


Revenue for the year was $9.6 million compared to $2.5 million in fiscal 2007.
Net loss for fiscal 2008 was $2.6 million or $0.03 per share as compared to a
loss of $0.6 million in the prior year. On an EBITDA basis, the Company earned
$1.5 million for the year ended December 31, 2008, compared to EBITDA loss of
0.2 million in fiscal 2007. For the fourth quarter ended December 31, 2008, the
Company achieved revenue of $8.2 million and net earnings of $0.6 million.


Revenue in 2008 includes $2.3 million from milk sales and $7.3 million from the
sale of 3,000 cows to Yili Group. In 2007, no milk was produced as the herd was
too young, and revenue was derived primarily from activities that are no longer
as part of the Company's business strategy. Management expects milk revenue to
increase in 2009, as the milking herd size expands.


At December 31, 2008, the Company had a herd size of just more than 7,000. The
Company continues to use its inventory of over 200,000 embryos to produce
Canadian Holsteins. These embryos have historically been implanted in Chinese
domestic cows as surrogates. The Company has paid the owner of the surrogate a
fee on the successful birth of a cow. As the herd has developed, the Company has
also sought to grow its herd by artificially inseminating the best of breed of
its China-born Canadian heifers. As of the end of March 2009, the total herd
size had increased to more than 9,000 cows.


As a result of new government regulations adopted after the melamine scandal in
2008, management believes that a new market opportunity for further growth
presents itself in 2009. New Chinese government regulations encourage dairy
processors to purchase raw milk from larger-scale farms. The government has
established a goal that all dairy processors obtain at least 70% of their raw
milk from these scaled farms by October 2011. This has provided the Company with
the opportunity to acquire Chinese Holsteins at favorable prices as small-scale
dairy farms transition out of dairy farming. By purchasing mature Chinese
Holstein cows locally, the Company expects to increase the herd size on its
large scale farms faster and at lower costs. So far, during the month of April
2009, the Company has acquired more than 2,000 Chinese Holsteins at
approximately $900 (5,000 RMB) per cow.


During 2008, the Company signed a cow sales agreement with the largest dairy
processor in China, Yili Group, to sell 5,000 cows at $2,955 (RMB16,250) each.
The Company delivered 3,000 cows in 2008 and realized $7.3 million in revenue.
The remaining 2,000 cows are expected to be delivered in the second half of
2009, pending the construction of new farms by Yili, generating expected revenue
of approximately $5.8 million. As specified in the sales agreement, the Company
has the right to buy back newly born Canadian Holsteins from those cows sold to
Yili at approximately $1,091 (6,000 RMB).


As of December 31, 2008, the Company reported cash and cash equivalents of $8.8
million. The Company's resources are dedicated to expanding farms and herd size
in China.


With favourable financing facilities and terms provided by local partners and
subsidies from government agencies as announced in March 2009, and taking into
account certain planned purchases of Chinese Holstein cows, the Company expects
the herd size to increase to 30,000 by the end of 2009 and to 60,000 by 2010,
making the Company the largest Canadian Holstein dairy company in China.


China One, through its operating subsidiaries, is an emerging raw milk producer
in China that is seeking to become a leading provider of high quality raw milk
to the Chinese dairy industry. To meet China's increasing demand for dairy
products, the Company is using Canadian cattle genetics and North American
farming practices to establish and increase its dairy herd in China. At its 2009
shareholder meeting, China One intends to seek shareholder approval to change
its name to IND DairyTech Ltd.


The Company plans to develop its herd in China through the use of advanced
breeding techniques employing Canadian Holstein embryos that it intends to use
to impregnate surrogate cows. These embryos have been created through in vitro
fertilization using sexed semen to achieve an approximate 90% female birth rate.
The use of these advanced breeding techniques is expected to allow the Company
to rapidly expand its herd. The use of Canadian Holstein embryos also provides a
practical solution to China's ban on the import of live Canadian cattle.


FORWARD LOOKING INFORMATION

This news release contains forward-looking statements and information that are
based on the beliefs of management and reflect China One's current expectations.
Such statements and information reflect the current view of China One with
respect to risks and uncertainties that may cause actual results to differ
materially from those contemplated in those forward-looking statements and
information.


By their nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results, performance
or achievements, or other future events, to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. The forward-looking information in this news release
includes revenue expected from cow sales, the development and increases in herd
size in China, the purchase of Chinese Holstein cows (including cost savings
expected to result from the investment made in purchasing these cows), the use
of Canadian Holstein embryos to impregnate surrogate cows, the establishment of
large scale North American-style farming operations in China, the size of China
One as a Canadian Holstein dairy company in China, and the aim of becoming a
leading provider of high quality raw milk to the Chinese dairy industry.


There are a number of important factors that could cause China One's actual
results to differ materially from those indicated or implied by forward-looking
statements and information. Such factors include, among others, risks related to
China One's business such as failure of the business strategy and limited
operating history, reliance on farm development partners, disruptions due to
bovine diseases, dependence on biotechnology, reduction in government support
and access to raw materials; risks related to China One's operations, such as
additional financing requirements and access to capital, the ability to repay
debt, reliance on key personnel, fluctuation in feedstock costs, fluctuations in
costs of production, product spoilage and liability, loss of embryo inventory,
factors related to milk production, fluctuations in milk prices, fluctuations in
milk demand, lack of specificity in certain agreements, litigation, indemnities,
insurance, competition, intellectual property and variations in cow lactation
periods; risks related to China One and its business generally such as potential
exposure to tax under Canadian tax, regulations of the Peoples' Republic of
China (the "PRC") relating to offshore special purpose companies, recent PRC
regulations relating to cross-border mergers and acquisitions, environmental
protection, currency exchange rates and conflicts of interest; and risks related
to doing business in the PRC such as tax, repatriation of profit and currency
conversion, acquisition and appropriation of land use rights, foreign
investment, permits and business licences, employment contracts, government
intervention, shareholders' rights and enforcement of judgments and a developing
legal system.


China One cautions that the foregoing list of material factors is not
exhaustive. When relying on China One's forward-looking statements and
information to make decisions, investors and others should carefully consider
the foregoing factors and other uncertainties and potential events. China One
has assumed a certain progression of its business, which may not be realized. It
has also assumed that the material factors referred to in the previous paragraph
will not cause such forward-looking statements and information to differ
materially from actual results or events. However, the list of these factors is
not exhaustive and is subject to change and there can be no assurance that such
assumptions will reflect the actual outcome of such items or factors. For
additional information with respect to certain of these and other factors, refer
to the risk factors section of China One's Management's Discussion & Analysis
dated April 28, 2009 available on SEDAR at www.sedar.com.


The forward-looking information contained in this news release represents the
expectations of China One as of the date of this news release and, accordingly,
is subject to change after such date. Readers should not place undue importance
on forward-looking information and should not rely upon this information as of
any other date. While China One may elect to, it does not undertake to update
this information at any particular time except as required in accordance with
applicable securities legislation.

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