Exhibit 99.1
NEWS RELEASE
[GLOBAL ENTERTAINMENT LOGO]
For Further Information Contact:
Richard Kozuback, President
Global Entertainment Corporation
480-994-0772
Global Entertainment Corporation Rudy R. Miller, Chairman
1600 North Desert Drive, Suite 301 The Miller Group
Tempe, Arizona 85281-1230 Investor Relations for the Company
602-225-0505
gee@themillergroup.net
GLOBAL ENTERTAINMENT ELECTS TO MOVE ITS COMMON STOCK FROM NYSE AMEX
TEMPE, ARIZONA, APRIL 9, 2009 -- GLOBAL ENTERTAINMENT CORPORATION (NYSE AMEX:
GEE) - announced today that although its Common Stock listing with the NYSE Amex
is in good standing, the Board of Directors of Global have determined that the
company's shareholders will be best served by the company voluntarily removing
its Common Stock from the NYSE Amex, making its Common Stock eligible for
quotation in the over-the-counter market. The benefits derived from this cost
reduction strategy, the average trading volume over the past 12-months and the
associated management time required to maintain an exchange listing were all
major factors in the company's decision to remove its Common Stock from NYSE
Amex. A FINRA member brokerage firm has filed the required Form 211 to act as a
market maker of the company's Common Stock on the Over-The-Counter Bulletin
Board, however the company can give no assurances that the Common Stock will be
so quoted. The OTCBB is a quotation medium where securities are traded by market
makers through a highly sophisticated, closed computer network. The OTCBB is
separate and distinct from The NASDAQ Stock Market.
The company provided official notification to NYSE Amex on April 8, 2009 of its
intention to remove its Common Stock from the exchange. NYSE Amex is expected to
post this notice on its website on April 9, 2009. On or about April 20, 2009,
Global will file with the Securities and Exchange Commission a Form 25 related
to the removal of its Common Stock from the NYSE Amex. The removal of Global's
Common Stock from listing on the exchange is expected to be effective 10
calendar days after filing the Form 25. Global anticipates that the last day of
trading for GEE on NYSE Amex will be on or about April 30, 2009. Although the
company can make no assurances that the Common Stock will be so quoted, Global
expects that trading on the OTCBB will follow closely after the date of removal
from the NYSE Amex. The company plans to make an announcement upon learning the
trading symbol to be assigned by the OTCBB once it has been approved for
quotation.
Rick Kozuback, president and chief executive officer of Global Entertainment
Corporation said, "Our Board unanimously agreed that the voluntary removal of
our Common Stock from the NYSE Amex exchange and making it eligible for the over
the counter market was in the best interest of our shareholders in today's
economy. We also spoke with a select group of major shareholders and our
financial advisor, all supporting the company's decision due to the costs
associated with our current exchange listing. Historically our Common Stock was
quoted on the OTCBB, which we found to be an efficient and less expensive option
to an exchange listing."
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 develop potential new
properties. INTERNATIONAL COLISEUMS COMPANY (ICC) serves as project manager for
arena development while ENCORE FACILITY MANAGEMENT coordinates arena operations.
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-K for the year ended May 31, 2008, as filed with the
Securities and Exchange Commission.