Global Entertainment Subsidiaries Announce Development of $52 Million Multi-Purpose...

Global Entertainment Subsidiaries Announce Development of $52 Million Multi-Purpose Events Center for Independence, Missouri

PHOENIX--(Business Wire)--
Global Entertainment Corporation (AMEX: GEE) - a company engaged
in sports management, arena and related real estate development,
facility and venue management and marketing, venue ticketing and brand
licensing, today announced that it is expanding its presence in the
nation's heartland with the signing of an agreement for the
development of a $52 million state-of-the-art, multi-purpose events
center for the City of Independence, Missouri. Global subsidiary
International Coliseums Company (ICC) signed an agreement to serve as
project consultant for the design and construction of the facility.
Other Global subsidiaries will supply exclusive services over a
15-year period. Encore Facility Management (Encore) will manage the
building operations. Global Entertainment Marketing Systems (GEMS)
will be the licensing and advertising arm handling all sales and
marketing services, and Global Entertainment Ticketing (GetTix.Net)
will provide exclusive ticketing services for all events.

The facility will be part of the well-developed Eastland Retail
Center that is strategically located just east of Kansas City,
Missouri and easily accessible from two major intersecting interstate
highways. The multi-purpose events center is slated to have
approximately 5,800 fixed seats that will include an estimated 26
luxury suites and VIP seating along with restaurants, lounges and an
additional second ice surface that will provide a youth hockey and
skating facility for the community. The facility, that has a scheduled
opening in late 2009, will also be home to a Central Hockey League
(CHL) franchise team that will serve as the primary tenant. The
franchise will be awarded by the Western Professional Hockey League, a
Global subsidiary.

Steve J. Bielewicz, president of Global Properties I, commented,
"With the completion of the Phase I Development portion of this
project we look forward to moving quickly into the construction phase
of the events center for Independence. Groundbreaking is expected to
take place within the next four months. This represents a new market
for the Global family of companies and one that is complementary to
existing CHL franchise teams in Colorado, Kansas and Oklahoma."

Richard Kozuback, president and chief executive officer of Global
Entertainment Corporation, said, "The announcement of the signing of
this new agreement with Independence, Missouri opens a new market for
us that will enhance our presence on a national basis. The
Independence region has been a prime candidate for the development of
an events center and we look forward to working with the City as we
develop this major entertainment facility for the citizens of
Independence and the regions surrounding this 'All-American City.'

"This announcement comes less than 30 days prior to the
anticipated groundbreaking for the new $52.5 million events center we
were engaged in February 2008 to develop for Allen, Texas. Both Allen,
Texas and Independence, Missouri will have a CHL franchise team and
their respective new facilities will have an attached practice
facility with a second sheet of ice, a much sought-after addition in
new arena development," Kozuback concluded.

Visit our web sites:

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www.globalentertainment2000.com www.centralhockeyleague.com
www.coliseums.com www.Cragar.com www.GetTix.net
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Global Entertainment Corporation is an integrated events and
entertainment company focused on mid-size communities that is engaged,
through its seven wholly owned subsidiaries, in sports management,
multi-purpose events and entertainment centers and related real estate
development, facility and venue management and marketing, venue
ticketing and brand licensing. 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. Cragar Industries, Inc. is the licensor
for its nationally recognized, branded products CRAGAR(R),
TRUSPOKE(R), CRAGAR S/S(R) and STREET PRO(R).

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.

Global Entertainment Corporation
Richard Kozuback, 480-994-0772
www.globalentertainment2000.com
or
The Miller Group
Rudy R. Miller, 602-225-0505 (Investor Relations)
gee@themillergroup.net

Copyright Business Wire 2008