Green Globe International, Inc. Announces Plan to Reduce Authorized Common Shares
May 19 2010 - 8:57AM
Green Globe International, Inc. (Pink Sheets:GGII), the worldwide
owner of the Green Globe brand, today announced that its Board of
Directors has approved a plan to reduce the number of the company's
authorized common shares by 4.5 billion shares. The company
currently has 5 billion common shares authorized and after the
reduction becomes effective, it will have 500,000,000 million
shares authorized.
The plan is expected to be implemented in the next several
weeks, and the company will announce the completed reduction once
it has become effective.
Green Globe International CEO and Managing Director Steven R.
Peacock stated, "In the period after we acquired the Green Globe
brand, the larger share structure was required for necessary
clean-up and re-positioning of the company. We have emerged
from that period with what management believes is a solid business
model and a stock value that is supportable. As a result, the
need for the larger structure has been lessened, and we would like
our shareholders and the market to understand our commitment to
building value while minimizing dilution. The reduced
structure still allows for flexibility as we move forward and
contemplate additional strategic initiatives and new business
opportunities."
"The reduction in the number of authorized common shares and our
commitment to transparency through financial disclosure at
www.otcmarkets.com are positive steps that are designed to provide
additional market confidence as we support the continued growth of
the Green Globe brand and the development of additional revenue
streams from its use in sustainability applications worldwide,"
said Mr. Peacock.
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. 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.
For information on Green Globe Certification, please visit
www.greenglobe.com. To see sustainable travel options, please
visit www.greenglobe.travel.
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.
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.
CONTACT: Green Globe International, Inc.
Public Relations and Communications
888-528-0883
corporate@greenglobeint.com
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