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, venue
ticketing and brand licensing, announced today that it has entered into
a Master License agreement that awards Global exclusive rights to sell
and market Arena Racing USA Licenses within the western United States.
Arena Racing USA, founded in 2002, is the nation’s
newest league sport that offers family-friendly and affordable
entertainment in a very competitive indoor racing environment and has
established markets in Hampton Roads-Norfolk, Virginia and Charlotte,
North Carolina. Global’s established base in
the central and western U.S. market provides broad expansion
opportunities to accelerate Arena Racing’s
league development activities. Global’s
initial focus will be in strategic markets where one of its subsidiary
companies, Western Professional Hockey League, operates the existing
Central Hockey League’s 16 franchise teams and
the arenas that are currently managed by Encore Facility Management,
another Global subsidiary company. The agreement is primarily focused on
Global markets, however does not limit Global’s
licensing rights as it expands into new markets.
Arena Racing USA consists of an exceptional investor group comprised of
Joe Gibbs of Joe Gibbs Racing (a NASCAR team owner), Tom and Norm Miller
of Interstate Batteries, and Gary Becker of PACE Entertainment, under
the operating leadership of Bob Keane and Ricky Dennis, the founders of
Arena Racing USA. Arena Racing is a unique indoor half scale stock car
racing league which is poised for explosive growth over the next few
years both domestically and internationally. This unique family
entertainment product fundamentally serves the needs of sports league
operators, arena owners, race car drivers and teams, fans and sponsors
in a nationwide sports league.
“Global Entertainment and all of our
subsidiary companies are extremely pleased with the opportunity to help
drive the growth and participate in the development of this new and very
exciting league. It is our belief with the explosive growth of Stock Car
Racing over the past years that Arena Racing USA fills a void unlike any
other product and provides a new entry point for racers, team owners and
operators alike in the motorsports world. Arena Racing provides an added
value to our current market development activities with a new
entertainment attraction for the mid-sized communities we serve,”
stated Rick Kozuback, president and chief executive officer of Global
Entertainment Corporation.
“Working with major operators of both arena
and league sports over the past few months, Arena Racing USA is poised
to support nationwide up to five new licenses starting in the next 12
months to add to our existing three markets. We are excited about the
agreement reached with Global Entertainment Corporation and look forward
to a long and successful relationship,”
stated Bob Keane, chief executive officer of Arena Racing USA.
“We are excited about having an integrated
sports marketing company like Global Entertainment to work with the
Arena Racing USA team,” stated Joe Gibbs of
Joe Gibbs Racing, a NASCAR team owner.
“The entire investor group is excited about
the potential of this agreement and what it brings to Arena Racing USA
and Global Entertainment Corporation. My family and I personally believe
this to be, bar none, the most exciting arena venue family entertainment
product in the last 10 years,” stated Gary
Becker, former chief executive officer of PACE Motor Sports and
Entertainment.
About Global Entertainment Corporation
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®,
TRUSPOKE®, CRAGAR S/S®
and STREET PRO®.
www.globalentertainment2000.com
www.centralhockeyleague.com
www.coliseums.com
www.Cragar.com
www.GetTix.net
About Arena Racing USA
Arena Racing USA has just completed its sixth season in the market of
Hampton Roads-Norfolk, Virginia, its second season in Charlotte, North
Carolina and in 2008 will launch its inaugural season in Grand Rapids,
Michigan. Arena Racing USA was founded in 2002 by Ricky Dennis with
strategic investors of Joe Gibbs of Joe Gibbs Racing, Norm and Tom
Miller of Interstate Batteries, and Gary Becker of PACE Entertainment to
develop a new competitive spectator sport providing a unique family
entertainment product within a racing league structure, combining the
enormous national and international interest in competitive stock car
racing and the strong demand from arena operators for profitable,
exciting, family-oriented events.
www.ArenaRacingUSA.com
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.