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Also effective at the open of trading today is a one-for-two thousand reverse split of the company's common stock. The restructure the company's common stock was initiated by the Board of Directors for the purpose of facilitating the continued expansion of the Green Globe program and brand in international markets. Management has stated that the restructure was designed to allow the company to attract a wider variety of investors and to make use of additional financing options that are designed to bring necessary resources into the company while minimizing dilution for holders of the company's common stock.
Principal shareholders, who collectively represented 52% of the common stock outstanding as of February 3, 2009, approved an authorization for the Board to effect the reverse split at a special meeting of shareholders held on February 11, 2009.
Since acquiring the ownership of the brand through the acquisition of a majority interest in Green Globe Ltd. (UK) in February 2008, the company has acquired a leading sustainability certification program, which has been re-branded as Green Globe Certification; has entered into a new license agreement with Green Globe Asia Pacific (GGAP); and has launched the Green Globe Index tool, which allows clients to calculate their CO2e footprint, the financial cost of that CO2e, and to track their performance of energy and water consumption and non-recyclable waste production. The company has entered into numerous strategic partnerships that are allowing Green Globe branded programs to penetrate new markets around the world without increasing expenses or straining internal resources.
"Management's focus is to continue expanding current revenue streams, establish new sources of revenue through Green Globe branded programs and grow the company, all aimed at building value for current shareholders," stated Steven R. Peacock, CEO and managing director of Green Globe International, Inc. "Given the realities of today's public markets, the Board believes that the restructure of the common stock was necessary and will allow the company to attract financing resources that recognize the potential for the most widely known and well-respected international green brand. We expect to associate with funding partners who see the long-term value proposition presented by Green Globe and are prepared to act as partners with us to enhance the value of the company's common stock."
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.
Green Globe International encourages all shareholders and others interested in following the progress of the company 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. is the worldwide owner of the Green Globe brand, which includes the leading sustainability certification and benchmarking programs, carbon footprint calculation and offset programs, and a broad range of consulting services. Green Globe International has been admitted as an affiliate member of the United Nations World Tourism Organization. The World Travel & Tourism Council (WTTC), the business leaders' forum for the travel and tourism industry, is a 5% common stock owner of Green Globe International. For more information on the company and its programs, please visit www.greenglobeint.com or call +1 310-984-6807.
Green Globe services in the Asia Pacific are distributed, managed and sold exclusively by Green Globe Asia Pacific (GGAP) through EC3 Global. If you would like further information on GGAP, please visit www.greenglobe.org.
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.
SOURCE Green Globe International, Inc.
http://www.greenglobeint.com
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