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Green Globe International, Inc. Updates the Status of Financial Filings, Certification Licensing Agreements and Strategic Acqui

^{Published on 2011-04-06 19:41:00 - Market Wire}
 

LOS ANGELES--([ BUSINESS WIRE ])--Green Globe International, Inc. (OTC: GGII) today updated shareholders on the status of its financial filings, the repositioning of the companya™s current certification licensing agreements, its strategy to expand its revenue model, and its intention to consummate a strategic acquisition in the near future that would result in a change to the companya™s name.

"The movement of the licensing agreements to Green Globe Limited is consistent with the strategy we laid out for shareholders in 2010, and we have now completed this process"

The company recently posted its Annual Report at [ www.otcmarkets.com ] and is currently working on the Quarterly Report for the period ended March 31, 2011. The company will post this quarterly report through the OTC Markets disclosure platform, and with the assistance of Jeff Garrison ([ www.fiscallygreen.net ]), its consultant CFO, expects to meet the timelines required to achieve and maintain aCurrent Informationa status.

The company also has completed the repositioning and assignment of its licensing agreements with its two certification licensees to its subsidiary, Green Globe Limited, a UK corporation and the owner of the trademark rights to the Green Globe name and logo. The ongoing strategy is to support the growth of licensing revenues from certification, which will be included as part of the public companya™s consolidated financial statements.

With the certification licensing agreements transferred to Green Globe Limited, the company will move forward to consummate a targeted acquisition. The company is currently in negotiations with two possible acquisitions and expects to complete one of them in the near term. The acquisition strategy is expected to result in a change in the name of the public company.

aThe movement of the licensing agreements to Green Globe Limited is consistent with the strategy we laid out for shareholders in 2010, and we have now completed this process,a said Green Globe International Managing Director and CEO Steven R. Peacock. aWe will now move forward to complete a strategic acquisition and to rebrand the company with a new name, allowing us to expand our focus beyond just Green Globe branded programs. Management has no plans for a reverse split and will work to build value within the companya™s current structure.a

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About Green Globe International, Inc.

Green Globe International, Inc., through its 88% majority ownership in Green Globe, Ltd., a UK corporation, is the owner of the Green Globe brand, the recognized leader of sustainability certification and benchmarking programs. The company is structured as a holding company and expects to continue to acquire environmentally oriented companies that add value to the public company and its shareholders. For more information please visit [ www.greenglobeint.com ].

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 all forward-looking statements be subject to the "Safe Harbors" provision of the Private Securities Litigation Reform Act of 1995.