IND Indy Diarytech Limited Com

China One Corporation (TSX VENTURE: IND) ("China One" or the "Company") today announced financial results for the quarter ended March 31, 2009. The unaudited consolidated interim financial statements along with management's discussion and analysis have been filed on SEDAR.

Revenue for the quarter was $621,762 compared to $111,054 in the first quarter of 2008. Net loss for the quarter was $1,329,648 or $0.01 per share as compared to a loss of $982,406 in the first quarter of 2008. Revenue in the quarter includes $599,967 from milk sales.

During the first quarter of 2009, two co-operation farms began producing milk, which was sold to local dairy processors. Once the volume of milk increases, IND can attract major dairy processors as customers and expect to enjoy increased selling prices. The average sale prices during the quarter include $0.51 (RMB 2.78) per kilogram for the Bengbu co-operation farm and $0.44 (RMB 2.43) per kilogram for the Dalian co-operation farm,. Management expects the milk price to improve to RMB 2.8 - RMB 3.2 per kilogram when the milk production picks up, allowing the Company to supply its raw milk to major customers in those two areas.

During the quarter, the Company's herd size increased by approximately 1,400 cows to a total of 8,417. Milk production and acquisition of local cows progressed as expected during the quarter. With the winter season completed, IND expects production and cow acquisition activities to steadily improve.

On May 15, 2009, based on mutually agreeable terms, the Company amended its original capital lease agreement with Tianbao Dairy Inc. ("Tianbao") signed in 2007 and entered into an operating lease with the same company by paying approximately $2.8 million (15 million RMB) over 10 years, which will be treated as an operating lease. In this new lease agreement, the working capital will be mainly from a low-interest loan from a local bank and subsidies from the local government; while in the old capital lease agreement, the working capital and farm lease were provided by Tianbao at a 16.95% annual interest cost to the Company.

The Company is actively engaged in discussions with several strategic partners and investors for the development of farms as well as building joint ventures in developing new farms.

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 Limited.

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 information relating to the return of milk prices to a certain price range, the increase in milk production, the ability of the Company to supply raw milk to major customers, the accounting treatment of operating leases, the source of working capital, the development of farms and building joint ventures in developing new farms, the development of the Company's dairy herd 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts: China One Corporation Jay Hussey Investor Relations 416-482-1411 jhussey@inddairytech.com www.inddairytech.com China One Corporation James Xiang Chief Financial Officer 416-886-1261 james.xiang@ind.ca