Exhibit 99.1
[GLOBAL ENTERTAINMENT LOGO]
For Further Information Contact:
NEWS RELEASE Richard Kozuback, President
Global Entertainment Corporation
480-994-0772
www.globalentertainmentonline.com
Global Entertainment Corporation Rudy R. Miller, Chairman
1600 North Desert Drive, Suite 300 The Miller Group
Tempe, Arizona 85281-1230 Investor Relations for the Company
602-225-0505
gee@themillergroup.net
FOR IMMEDIATE RELEASE
Global Entertainment Announces Strategic Sale
of Cragar Industries, Inc. Assets
TEMPE, ARIZONA, AUGUST 1, 2008 -- GLOBAL ENTERTAINMENT CORPORATION (AMEX: GEE) -
a company engaged in sports management, arena and related real estate
development, facility and venue management and marketing and venue ticketing,
today announced that it has sold the assets of Cragar Industries, Inc. to a
private company owned by the Danbom family of Milford, Iowa. Danbom Industries,
LLC is a current licensee of the CRAGAR(R) brand. The sale is part of the
company's previously announced plans to evaluate its business structure and
future opportunities. Under the terms of the agreement, the sale provides for
all the rights, title and interests related to the CRAGAR(R) brand name that in
part covers trademarks, service marks and domain names. CRAGAR(R) is best known
for its line of wheels associated with nostalgia vehicles and muscle cars of the
60s and 70s. Terms of the agreement were not disclosed.
Richard Kozuback, president and chief executive officer of Global Entertainment
Corporation stated, "The divestiture of Cragar Industries allows the company to
more fully focus on its core businesses which center around the development of
multi-purpose events centers that provide mid-sized communities throughout the
nation first-class sports and entertainment facilities that offer a broad
variety of venues. The entertainment facilities developed by Global subsidiary,
International Coliseums Company (ICC), become a focal point and family
entertainment destination for a local district and the communities in the
surrounding region. Beyond the development stage our family of companies provide
facility management and operations through Encore Facility Management (Encore),
venue management and marketing through Global Entertainment Marketing Systems
(GEMS) and exclusive venue ticketing is provided by Global Entertainment
Ticketing (GetTix.Net). Events centers developed by ICC often become home to a
Central Hockey League (CHL) team that serves as the facility's primary tenant.
The CHL team license is awarded by the Western Professional Hockey League,
another Global subsidiary."
The Danbom family commented that they are excited to own the CRAGAR(R) brand, a
name that runs deep in the history of the American automotive industry. They
intend to focus on building brand equity and forming strong relationships with
customers (licensees).
Miller Capital Markets, LLC (Miller), a Scottsdale-based FINRA member investment
banking firm serving both public and private middle market companies throughout
the country, served as financial advisor to Global in the transaction. Miller is
an affiliate of The Miller Group established in 1972.
more...
Global Entertainment Announces Strategic Sale of Cragar Industries, Inc. Assets
August 1, 2008
Page 2
Visit our web sites:
www.globalentertainment2000.com www.centralhockeyleague.com
www.coliseums.com www.GetTix.net
Global Entertainment Corporation is an integrated events and entertainment
company focused on mid-size communities that is engaged, through its six wholly
owned subsidiaries, in sports management, multi-purpose events and entertainment
centers and related real estate development, facility and venue management and
marketing and venue ticketing. GLOBAL PROPERTIES I, in correlation with arena
development projects, works to maximize value and development potential of new
properties. INTERNATIONAL COLISEUMS COMPANY (ICC) serves as project manager for
arena development while ENCORE FACILITY MANAGEMENT coordinates operations for
all arena facility scheduling. GLOBAL ENTERTAINMENT MARKETING SYSTEMS (GEMS)
pursues licensing and marketing opportunities related to the Company's sports
management and arena developments and operations. GLOBAL ENTERTAINMENT TICKETING
(GETTIX.NET) is a ticketing company for sports and entertainment venues. The
WESTERN PROFESSIONAL HOCKEY LEAGUE, INC., through a joint operating agreement
with the Central Hockey League, is the operator and franchisor of professional
minor league hockey teams in nine states.
Certain statements in this release may be "forward-looking statements"
within the meaning of The Private Securities Litigation Reform Act of 1995.
These forward-looking statements may include projections of matters that
affect revenue, operating expenses or net earnings; projections of capital
expenditures; projections of growth; hiring plans; plans for future
operations; financing needs or plans; plans relating to the company's
products and services; and assumptions relating to the foregoing.
Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified. Future
events and actual results could differ materially from those set forth in,
contemplated by, or underlying the forward-looking information.
Some of the important factors that could cause the company's actual results
to differ materially from those projected in forward-looking statements
made by the company include, but are not limited to, the following: intense
competition within the sports and entertainment industries, past and future
acquisitions, expanding operations into new markets, risk of business
interruption, management of rapid growth, need for additional financing,
changing consumer demands, dependence on key personnel, sales and income
tax uncertainty and increasing marketing, management, occupancy and other
administrative costs.
These factors are discussed in greater detail in the company's Annual
Report on Form 10-KSB for the year ended May 31, 2007, and Quarterly Report
on Form 10-QSB for the quarter ended February 29, 2008, as filed with the
Securities and Exchange Commission.
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