updated 11/19/2010 8:46:21 AM ET 2010-11-19T13:46:21

LOS ANGELES, Nov. 19, 2010 (GLOBE NEWSWIRE) -- Green Globe International, Inc. (Pink Sheets:GGII) today provided an update regarding the company's plan to sell a controlling interest in the Green Globe brand, allowing the public company to more efficiently pursue emerging opportunities in the green space, with a focus on renewable energy projects, within the United States and eventually in other underserved regions overseas. Green Globe International is currently an 88% majority owner of Green Globe Limited, the UK corporation that owns the brand. The company intends to maintain a minority interest in the brand after the announced sale is closed.  

"Our plans to move majority ownership of the brand back to Green Globe Limited are moving forward, which will better position the company to pursue renewable energy projects, especially those eligible for equity-tax grants and other environmental credit programs that can be monetized to help finance the projects," said Managing Director and CEO Steven R. Peacock.

Green Globe International recently announced that it had expanded its relationship with FiscallyGreen(SM) to take advantage of grants and other credit programs and that are available to help finance renewable energy products. One such program is under the American Recovery and Reinvestment Tax Act of 2009, which is designed to preserve and create jobs, promote economic recovery and invest in infrastructure that will provide long-term economic benefits. Grants may be funded up to 30% of the qualified cost basis of the project for specified energy properties in lieu of tax credits.

"These opportunities come at an ideal time, as the public company was already seeking ways to increase revenues outside of the certification sector," added Mr. Peacock, "The brand also has a unique opportunity to deliver branded products and services administered through licensees, affiliates and clients around the world."

In furtherance of its current strategy to move control of the brand back to the UK corporation, on November 17, 2010, Mr. Peacock has been appointed as a Director of Green Globe Limited, the company that owns the Green Globe brand and logo.

"I am pleased to accept this position and look forward to working with the other directors of Green Globe Limited to help complete the process of moving the operations of the brand back to the UK corporation," Mr. Peacock added, "This will assist in continuing to grow and service the Green Globe client base internationally."

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., 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 athttp:// 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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