LOS ANGELES, Sept. 1, 2010 (GLOBE NEWSWIRE) -- Green Globe International, Inc. (Pink Sheets:GGII), the worldwide owner of the Green Globe brand, today announced that the company has ceased its equity investment in Village Green Global, Inc. at $237,500. Under a Co-Venture Reciprocal Licensing Agreement, Green Globe International was given the right to acquire up to $2,000,000 of Village Green's common stock, and the company completed several rounds of financing since June 2010.
"We have decided that due to the potential of further impact on the trading market for Green Globe stock, it is in the best interests of the company to cease our financing of Village Green Global, and no additional investment by Green Globe into Village Green is planned at this time," said Steven R. Peacock, Managing Director and Chief Executive Officer of Green Globe International, Inc. "We will continue to work with Village Green Global on the embedding of the Green Globe Baseline Standard into the SMARTweb environmental reporting system as it relates to the recently announced small business program launch with Greenopia and Village Green Global, and we are in discussions about how we can work together in the future."
The company is filing a Form D Notice of Exempt Offering of Securities with the Securities and Exchange Commission related to the issuance of common stock for the purpose of financing Village Green Global. Once the filing is submitted, it will be viewable under the company's name at the Securities and Exchange website, www.sec.gov.
"As we have ceased our financing of Village Green Global, there will be no more common shares issued for this purpose," added Mr. Peacock.
On April 19, 2010, Green Globe announced its intention to reduce the number of the company's authorized common shares by 4.5 billion shares. The company has put the share reduction on hold for the foreseeable future.
"Due to the recent decrease in the company's per share stock price, we are going to delay the reduction of the authorized shares until such a reduction is judged to be in the best interest of the company and its shareholders," commented Mr. Peacock. "The Board intends to revisit this issue in the future."
The Green Globe brand and program, which traces its roots back to the United Nations Rio de Janeiro Earth Summit in 1992, where 182 Heads of State endorsed the Agenda 21 principles of Sustainable Development, has primarily been used in the travel and tourism industry but is now being expanded to include a growing number of environmentally responsible businesses in a variety of market sectors. The Green Globe brand is an ideal symbol for the world's increasing awareness of environmental responsibility and response to global climate change.
The company encourages all shareholders and others interested in following the progress of the Green Globe brand to subscribe to receive email alerts whenever new information is made public. To subscribe, please visit http://www.greenglobeint.com/stayconnected/email/.
About Green Globe International, Inc.
Green Globe International, Inc., through its 88% majority ownership in Green Globe, Ltd., a UK corporation, is the worldwide owner of the Green Globe brand, the recognized leader of sustainability certification and benchmarking programs, carbon footprint calculation and offset programs, and a broad range of consulting services. Green Globe International is an affiliate member of the United Nations World Tourism Organization and the World Travel & Tourism Council (WTTC), the business leaders' forum for the travel and tourism industry, is a major shareholder of Green Globe International. For more information on the company and its programs, please visit www.greenglobeint.com or call 888-528-0883.
The Green Globe International, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6582
For information on Green Globe Certification, please visit www.greenglobe.com. To see sustainable travel options, please visit www.greenglobe.travel.
Safe Harbor Statement
This release contains forward-looking statements with respect to the results of operations and business of Green Globe International, Inc., which involves risks and uncertainties. The Company's actual future results could materially differ from those discussed. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the "Safe Harbors" provision of the Private Securities Litigation Reform Act of 1995.