updated 9/3/2010 5:45:32 AM ET 2010-09-03T09:45:32

LOS ANGELES, Sept. 2, 2010 (GLOBE NEWSWIRE) -- The Green Globe International, Inc. (Pink Sheets:GGII) board has, at a special board meeting, unanimously accepted the resignation of Steven Peacock as CEO and Managing Director. His efforts in trying to bring the Green Globe Brand into a public company framework in the United States have been appreciated. The company will continue to look for and develop revenue producing models that will increase shareholder value and continue to support its licensees throughout the world.

"We believe the time has come for the board to look at decisive measures that will expand on these challenges now and into the future," said Gary Nerison, Interim Chairperson of Green Globe International. The resignation takes effect immediately.

"The next 90 days will be critical for the company as we re-build the organization around the well respected brand. The challenges ahead cannot be underestimated but through a united interim board, I am confident we will be in a position in the near future that provides the opportunity for shareholders to regain much needed value in their GGII portfolio,' said Mr. Nerison.

To coincide with this, the board agreed to focus on operating at a low cost base reflective of its current revenue position. As such, the company will be more selective in the generation of media to allow industry news and revenue producing activities room for true promotion.

The board also agreed to begin a 90 day period of consolidation and planning. During this period, the board will invite two industry specialists into the company to act as interim CEO and interim Director. It is anticipated that the two positions will be announced over the coming weeks.

The focus during the next 90 days for the interim board will be to:

  • Provide greater transparency to shareholders in the operational and corporate stock activities
  • Diversify the business model and build a plan that creates revenue producing opportunities for the company
  • Elect a full time board and CEO
  • Keep operational costs to a minimum

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

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.

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


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