LOS ANGELES, Sept. 15, 2010 (GLOBE NEWSWIRE) -- Green Globe International, Inc. (Pink Sheets:GGII) today announced the company's intention to move operations and management of the Green Globe brand back to Green Globe Limited, a U.K. corporation that owns the brand, and to sell a controlling interest in the brand to one or more third parties recognized in the industry who would manage the brand's activities going forward. This would allow the public company to more efficiently pursue emerging opportunities in the green space within the United States and in other underserved regions overseas. Green Globe International, an 88% majority owner of Green Globe Limited, intends to maintain a minority interest in the brand and is currently working to establish a current value for the Green Globe brand.
"In acquiring majority interest in the Green Globe brand in February 2008, the company took on a major task, with licensees and affiliates around the world, all with differing license and affiliate agreements covering certain territories and with individual rights and responsibilities," said CEO and Managing Director Steven R. Peacock. "Since the acquisition, there has been a period of renegotiation with existing brand stakeholders, as well as the signing of new licensees for certification, environmental auditing, consulting, and other brand services.
"Management believes that now is the time to move operations of the brand back to Green Globe Limited, while retaining an ownership percentage, in order to separate the focus and goals of the public company from that of the brand and to allow it to move freely and quickly to take advantage of opportunities in the U.S. market and in underserved regions abroad. The move is expected to strengthen the balance sheet of the public company without a substantial impact on current revenue streams. For the brand, it becomes a private company once again with a management team known, respected and capable of managing a globally recognized brand with licensees, affiliates and clients around the world.
"Certain members of the advisory team have already started the process of establishing an evaluation of the brand for purposes of discussion with the founders and Green Globe International's valued licensee, Green Globe Certification, as well as seeking out interest from outside parties. Updates on the progress of this transition and the strategy for the public vehicle going forward will be forthcoming. It is expected that this process will be relatively short."
The Green Globe brand and program, which traces its roots back to the Unite d 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 glo bal 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.