LOS ANGELES, Sept. 13, 2010 (GLOBE NEWSWIRE) -- Green Globe International, Inc. (Pink Sheets:GGII) today issued comments from management, outlining the current focus of management's plans to expand the company's reach in the growing U.S. and international green economy. The comments also address and correct a recent announcement issued by two former members of the Board of Directors regarding the make-up of the company's executive team.
Management will enlist the support of an advisory team that will oversee a process of evaluating and establishing a current value for the Green Globe brand, which was acquired by Green Globe International in 2008, when the company acquired its 88% majority ownership of Green Globe Limited, a U.K. corporation that owns the brand.
Since its acquisition of the Green Globe brand, the company has successfully removed impediments for future growth in the bourgeoning worldwide green economy. The focus in sustainability has shifted to measurement and independent verification, and the Green Globe brand is well positioned with a rich history dating back to 1993. Under the leadership of Green Globe International, unauthorized brand use has effectively been eliminated and conflicting and unclear license/affiliate agreements around the world have been resolved. An infrastructure has been created with new license agreements that tie all brand use directly back to the brand owners. As a result, Green Globe now has an international sales network and client base, and is involved with U.S. based programs, such as the Los Angeles Green Business Certification Program and a joint venture with Greenopia to provide green business services and solutions to Greenopia's 25,000 small/medium business customers.
The company plans to leverage its profile and prominent position in the global green marketplace to seek out new opportunities and financial partners and is considering moving the primary operations of the Green Globe brand back into Green Globe Limited. This is expected to allow the public company to focus on emerging green market opportunities in the United States and untapped markets abroad.
On a management level, the company is assembling an advisory team with expertise in brand value and enforcement, investment banking, accounting and auditing, and corporate governance. CEO and Managing Director Steven R. Peacock has not submitted his resignation and will remain in that position. Former Directors Doug Smith and Gary Nerison will no longer serve on the company's Board. Jeffrey M. Garrison, CPA of FiscallyGreenSM, who has served as Consultant Chief Financial Officer for the company, is expected to be among the appointees to the advisory team. From 2002 through 2009, Mr. Garrison served as President of the internationally recognized certified public accounting firm Stonefield Josephson.
"Mr. Garrison's background as a CPA and senior executive with a high profile certified public accounting and corporate advisory firm will be invaluable as the company seeks to establish the value that has been created in the Green Globe brand over the last several years and explore new potential opportunities for affiliations, acquisitions and financial partners in the green space," said Mr. Peacock.
"The focus on establishing the current value of the Green Globe brand as a company asset and pursuing new opportunities in the green economy, both for the brand and outside of it, is expected to better serve our public company shareholders, who have seen a great deal of Green Globe activity around the world, but very little in revenues back to the company. The new direction is expected to change this through the establishment of asset value, brand enforcement with current licensees, the potential for the acquisition of additional assets, and the pursuit of revenue-generating investments and operations," Mr. Peacock added.
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 U.K. 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
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.