Global Entertainment (AMEX:GEE)
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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®
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®
brand name that in part covers trademarks, service marks and domain
names. CRAGAR® 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 provides 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®
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.
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.