Food Technology Service, Inc. Reports Earnings

Business Wire, March 30, 2009

MULBERRY, Fla. -- Food Technology Service, Inc. (Nasdaq:VIFL) today announced financial results for the year ending December 31, 2008.

Food Technology Service, Inc. had revenue of $2,507,078 in 2008. This is an increase of 19.9% over 2007 revenue of $2,092,084. In 2006, the Company reflected a portion of the value of tax-loss carry-forward credits on its financial statements as required by Generally Accepted Accounting Principles. Based on increased profitability in 2008 and potential future profitability, the Company has increased the value of the tax-loss carry-forward credits which increased net income in 2008 and stockholders equity at December 31, 2008 by $525,000. To facilitate comparison to 2007, profit for 2008 is being expressed as net income (with increased tax credit benefit) and income before taxes (without increased tax credit benefit). The Company had net income (with increased tax credit benefit) of $1,030,387 in 2008 compared to $234,752 in 2007. This is an increase of approximately 339% over 2007. Net income earnings per share were $0.375 for 2008 compared to $0.085 for 2007. The Company had income before taxes of $505,387 in 2008 compared to $234,752 in 2007, an increase of about 115%. Earnings per share before taxes were $0.183 for 2008 compared to $0.085 for 2007.

Revenue for the fourth quarter of 2008 was $641,731 compared to $497,723 during the same period in 2007. This is an increase of about 29%.

Food Technology Service, Inc. CEO Dr. Richard Hunter said “I am proud of the Company’s continuing growth of revenue and income.” “I am also especially pleased by our efforts to reduce debt. In 2008, we fully paid the $239,000 loan on a warehouse constructed in 2006 and reduced other debt owed by $200,000,” said Hunter.

Food Technology Service, Inc. provides irradiation services for food items, medical products and consumer goods to enhance the safety of those products. The Company is certified to ISO 13485:2003 standards for radiation sterilization services for medical devices.

Except for historical matters contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risk and uncertainties that may affect business and prospects and cause actual results to differ materially from these forward-looking statements.