LOS ANGELES, Nov. 24, 2010 (GLOBE NEWSWIRE) -- Green Globe International, Inc. (Pink Sheets:GGII) today announced that it has agreed to a settlement of a brand dispute with the owners of a green rating system for buildings in the United States. The agreement with the Green Building Initiative (GBI), the exclusive owner of the U.S. trademark, GREEN GLOBES®, which is used in connection with an assessment protocol, rating system, and guide for environmentally friendly building operations and designs of new and existing buildings in the United States, comes at a time when Green Globe International is seeking to shift operations of the Green Globe brand back to the UK corporation where it originated.
Under terms of the settlement agreement, Green Globe International will not offer assessment or certification of building design or building operation services under the Green Globe brand within the United States.
"The agreement with GBI is a very positive development for the company," commented Mr. Peacock, Managing Director and Chief Executive Officer of Green Globe International, Inc. "While Green Globe International and its affiliates have not historically offered building certification services, this agreement provides assurances to GBI that such services will not be offered under the Green Globe brand in the U.S. Several changes to the Green Globe International website will soon be implemented to prevent any confusion between GREEN GLOBES® and Green Globe.
"This settlement also folds in very nicely with the company's current strategy to move the operations of the Green Globe brand back to the U.K. corporation, while it pursues renewable energy projects, including energy and tax credits, both in the U.S. and abroad. We will be contacting all brand licensees in order to communicate our intentions going forward," Mr. Peacock added.
Green Globe International is currently focused on emerging opportunities in the green space, renewable energy projects, within the United States and in other underserved regions overseas. Green Globe International is currently an 88% majority owner of Green Globe Limited, the UK corporation that owns the Green Globe brand.
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.
For information on Green Globe Certification, please visit www.greenglobe.com. To see sustainable travel options, please visit www.greenglobe.travel.
The Green Globe International, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6582
About Green Building Initiative, Inc.
Green Building Initiative (GBI), the exclusive U.S. licensee of the GREEN GLOBES® rating system for new and existing buildings and the owner of the GREEN GLOBES® trademark. GREEN GLOBES for new construction (GREEN GLOBES/NC) was recently established as an American National Standard, the first and only green building rating system for commercial buildings to achieve that distinction. Green Globes is widely recognized throughout the United States as one of the leading, established green building certifications for commercial buildings. GREEN GLOBES ® is not affiliated with Green Globe International.
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.