Green Globe International, Inc. Announces Plan to Reduce Authorized Common Shares
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/.
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