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Greenchip Investment (XEN)

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Thursday 16 May, 2002

Greenchip Investment

Final Results

Greenchip Investments  PLC
16 May 2002


                           GREENCHIP INVESTMENTS PLC

                           REGISTERED NUMBER: 3213174

                            PRELIMINARY ANNOUNCEMENT

                      FOR THE YEAR ENDED 31 DECEMBER 2001


                           GREENCHIP INVESTMENTS PLC

                              CHAIRMAN'S STATEMENT

Period under review

During the period under review to 31 December 2001, your company's future
prospects were adversely affected by the turbulent market conditions in
technology stocks generally.

Consequently, the company was forced to substantially reduce its contractual
obligations to its strategic alliance partners and to various key personnel.

This necessity severely curtailed the company's activities and aspirations, as
at that time it was vital to preserve the company's residual capital ahead of a
suitable acquisition.

The company was unable to commit its limited cash resources to its other
licensed technology.  As a result, no further funds were expended to licensee
partners during the year.

All are now dormant, liquidated or have been disposed of and the upshot was a
clean quoted technology vehicle through which a reverse takeover of a suitable
technology company could be effected.

The ultimate target, Programmable Life Inc, was selected after exhaustive
research from all available deal flow.  The board believes that the future
growth potential of both the environmental and life science sectors warranted
such an investment and this was subsequently approved at the Company's recent
Extraordinary General Meeting by shareholders.

Programmable Life owns the right to a line of additives that facilitate the
degradation of polyethylene.  These have been used by a range of customers in
Japan with product roll-out now also occurring in the USA and Canada.

Programmable Life has also developed a process that permits degradable
polyethylene products to be produced at prices that are competitive with
ordinary polyethylene products.  This technology is in the late development
stage and is currently being trialed in North America and the Far East.

The acquisition of Programmable Life Inc on performance based terms was fully
explained in an AIM admission document posted to shareholders on 12 December
2001 and put to all shareholders for their approval in Extraordinary General
Meeting on 8th January 2002.  I am pleased to say that full support for this
transaction was duly received.


                           GREENCHIP INVESTMENTS PLC

                              CHAIRMAN'S STATEMENT

Period under review (continued)

Subsequent to the shareholders' meeting, the Board of Directors was changed to
reflect new ownership and appropriate operational management.

I am delighted to report that among the new appointments was Colin Hill who as
financial director has been engaged in spearheading an exciting programme of
international development within the desired areas.

Future

The purpose of these efforts was to establish the current strategy designed to
take full advantage of the substantial growth prospects in the environmental and
life science sectors worldwide.

As a consequence various joint venture proposals and strategic alliance
partnerships are currently under active consideration as well as many
acquisition targets under review.  Discussions centre on enabling the company to
broaden the base of its operations and diversify into various synergistic
fields.

It is anticipated that shareholders will be informed of these exciting
developments in the near future when full details are at the disclosable stage.

Meanwhile the board is encouraged by the future prospects for its new corporate
direction and remains confident that its growth aspirations for the company will
be fulfilled to the satisfaction of all shareholders.


M A Burne
Chairman

16 May 2002


                           GREENCHIP INVESTMENTS PLC

                      CONSOLIDATED PROFIT AND LOSS ACCOUNT
                          Year ended 31 December 2001

                                       Continuing Operations   Discontinued Operations                         Total    
                                                   18 months                 18 months                     18 months    
                                                       ended                     ended                         ended    
    
                                     2001           31/12/00         2001     31/12/00           2001        31/12/00 
                                                                                                                      
                                        £                  £            £            £              £               £ 
                                                                                                                      
  Turnover                              -              2,200          133          702            133           2,902 
                                                                                                                      
  Cost of sales                         -                  -       12,529       13,032         12,529          13,032 
                                   ------            -------     --------     --------       --------        -------- 
  Gross loss/(profit)                   -              2,200     (12,396)     (12,330)       (12,396)        (10,130) 
                                   ======            =======     ========     ========       ========        ======== 
                                                                                                                      
  Distribution costs                    -                  -            -        5,940              -           5,940 
  Administration                                                                                                      
  expenses                        558,191            740,570        9,677      352,387        567,868       1,092,957 
  Exceptional                                                                                                         
  items                                 -            573,229            -            -              -         573,229 
                                  -------          ---------      -------     --------       --------       ---------   
                                  558,191          1,313,799        9,677      358,327        567,868       1,672,126 
                                  =======          =========      =======     ========       ========       ========= 
                                                                                                                      
  Operating loss                (558,191)        (1,311,599)     (22,073)    (370,657)      (580,264)     (1,682,256) 
                                 ========         =========      =======      =======                                
                                                                                                                      
  Loss on disposal of                                                                               -     (1,365,000) 
  investment                                                                                                          
  Provision against                                                                          (48,803)       (130,159) 
  investments                                                                                                         
  Interest receivable                                                                          57,123          90,022 
  Interest payable                                                                            (7,228)         (2,708) 
                                                                                           ----------     ----------- 
  Loss for the                                                                             £(579,172)    £(3,090,101) 
  financial period                                                                                                    
  before and after                                                                                                    
  taxation                                                                                                            
                                                                                           ==========     =========== 
  Loss per ordinary                                                                           (1.91)p        (12.15)p 
  share - basic                                                                                                       
                                                                                           ==========     =========== 
                                                                                                                      
                                   GREENCHIP INVESTMENTS PLC 
 
                    CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2001 
 

                                                                                                           
                                                                       2001                           2000 
                                                          £               £              £               £ 
              FIXED ASSETS                                                                                 
              Tangible assets                                         2,000                         54,164 
              Investments                                            32,442                         81,245 
                                                               ------------                     ---------- 
                                                                     34,442                        135,409 
              CURRENT ASSETS                                                                               
              Stocks                                      -                         12,530                 
              Debtors                               298,021                        105,437                 
              Cash at bank and in hand            1,168,011                      1,510,486                 
                                               ------------                    -----------                 
                                                  1,466,032                      1,628,453                 
                                                                                                           
              CREDITORS: Amounts falling                                                                   
              due within one year                 (282,184)                      (157,435)                 
                                                 ----------                     ----------                 
              NET CURRENT ASSETS                                  1,183,848                      1,471,018 
                                                               ------------                   ------------ 
              TOTAL ASSETS LESS CURRENT                                                                    
              LIABILITIES                                        £1,218,290                      1,606,427 

              CREDITORS: Amounts falling                                                                   
              due after more than one year                                -                       (27,715) 
                                                               ------------                   ------------ 
                                                                 £1,218,290                     £1,578,712 
                                                               ============                   ============ 
              CAPITAL AND RESERVES                                                                         
              Called up share capital                               352,816                        290,316 
              Share premium account                               4,511,165                      4,354,915 
              Profit and loss account                           (3,645,691)                    (3,066,519) 
                                                               ------------                   ------------ 
              EQUITY SHAREHOLDERS' FUNDS                         £1,218,290                     £1,578,712 
                                                               ============                   ============ 
                                                                                                           
 
 
                                   GREENCHIP INVESTMENTS PLC 
 
                              CONSOLIDATED CASH FLOW STATEMENT 
                                 Year ended 31 December 2001 
                                                                                                                   
                                                                               2001                           2000 
                                                                 £                £              £               £ 
                                                                                                                   
    Net cash outflow from operating                                                                                
    activities                                                           (576,837)                       (919,716) 
                                                                                                                   
    Returns on investments and                                                                                     
    servicing of finance                                                                                           
                                                                                                                   
    Interest receivable                                     57,123                          90,022                 
    Interest payable on hire purchase contracts            (6,589)                         (2,708)                 
    Other interest payable                                   (639)                               -                 
                                                         ---------                       ---------                 
    Net cash inflow from returns on                                                                                
    investment and servicing of finance                                      49,895                         87,314 
                                                                                                                   
    Capital expenditure and financial investment                                                                   
                                                                                                                   
    Payments to acquire tangible fixed assets                (647)                        (34,376)                 
    Payments to acquire investments                              -                       (210,404)                 
    Proceeds from disposal of tangible                                                                             
    fixed assets                                            11,429                           4,000                 
    Proceeds from sale of investments                            -                         735,000                 
                                                     -------------                     -----------                 
    Net cash inflow from investing activities                                10,782                        494,220 
                                                                     -------------                    ----------- 
    Net cash outflow before financing                                     (516,160)                      (338,182) 
                                                                                                                   
    Financing                                                                                                      
    Issue of ordinary share capital                        218,750                       1,922,806                 
    Repayment of capital element of                                                                                
    hire purchase contracts                               (45,065)                        (12,888)                 
    Repayment of long term directors' loans                      -                        (61,770)                 
                                                       -----------                      ----------                 
    Net cash inflow from financing                                          173,685                      1,848,148 
                                                                        -----------                   ------------ 
    (Decrease)/Increase in cash                                                                                    
    resources                                                            £(342,475)                    £ 1,509,966 
                                                                        ===========                   ============ 
                                                                                                                   

                      This information is provided by RNS
            The company news service from the London Stock Exchange
                  EII