LOS ANGELES, Dec. 3, 2010 (GLOBE NEWSWIRE) -- Green Globe International, Inc. (OTCBB:GGII) today announced that the previously announced settlement of a brand dispute with the owners of a green rating system for buildings in the United States has been completed and filed with the United States District Court for the District of Oregon. The settlement 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, is not expected to negatively impact the company's current focus of operations and intent to deliver a variety of sustainability services to clients both in the U.S. and abroad.
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 settlement 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.
"We are currently taking all of the necessary steps to comply with the terms of the settlement, including making certain changes to the Green Globe International website," said Steven R. Peacock, Managing Director and Chief Executive Officer of Green Globe International, Inc. "Since this settlement affects Green Globe brand licensees as well, we have initiated certain actions that will ensure the company remains in compliance with the terms of the settlement agreement without impacting our business plan moving forward."
The company has stated its intention to move the operations of the Green Globe brand back to the U.K. corporation and to pursue emerging opportunities in the green space, including renewable energy projects, within the United States and in other underserved regions overseas. None of the services that the company intends to provide would violate the settlement with GBI.
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 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 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.
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 1-866-302-5071.
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
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.