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Global Entertainment Corporation Completes Merger With Cragar Industries, Inc.
PHOENIX, March 19 /PRNewswire-FirstCall/ -- Richard Kozuback, President and
Chief Executive Officer of Global Entertainment Corporation, a private company,
and Michael L.Hartzmark, Ph.D., Chairman and Chief Executive Officer of Cragar
Industries, Inc. (BULLETIN BOARD: CRGR) , jointly reported that the previously
announced merger between the two companies was approved by the stockholders of
Cragar at a Special Meeting of Stockholders held today, March 19, 2004. As a
wholly-owned subsidiary of Global, Cragar's marketing focus will target consumer
groups demographically similar to the target audience for Global's markets in
which franchises operate for the Central Hockey League (CHL) and the WPHL.
Currently there is no established public trading market for Global
Entertainment's common stock; however, Global will cause an application to be
filed to have its common stock declared eligible for quotation on the OTC
Bulletin Board and expects to file periodic and other reports and information
with the Securities and Exchange Commission. Cragar's common stock has traded
on the Over-The-Counter Bulletin Board and is in the process of being delisted.
James Treliving, Chairman of the Board of Global Entertainment commented,
"Cragar is a perfect strategic fit for Global and positions us for the next step
in being a public company. We welcome Michael Hartzmark and Mark Schwartz as
new members of our board of directors. Dr. Hartmark's thorough understanding
and respect for the CRAGAR brand plus the leadership and vision he and Mark
bring to Global's board are valuable additions to our company."
Dr. Hartzmark stated, "From the start of discussions with Global and Rick
Kozuback in late 2002 I felt that Global had a wonderful strategic vision along
with the people required to implement and execute it. Over the past year as I
have had the opportunity to get to know the board members, management and others
in the organization, I have grown even more excited about the prospects of
Cragar becoming part of this innovative and exciting business."
Mr. Kozuback said, "The highly regarded CRAGAR brand adds a new dimension to our
licensing strategy and presents an outstanding opportunity to diversify our
revenue stream. We're excited to introduce CRAGAR branded products to our
audiences developed in conjunction with our licensing programs with the CHL. We
plan to take the CRAGAR brand well beyond its current position within the
automobile aftermarket."
Phoenix-based Miller Capital Corporation, a part of The Miller Group, acted as
financial advisor to Cragar Industries in the transaction and will remain
involved as an advisor with the merged entity.
Global Entertainment is a diversified sports management, arena development and
licensing company with four subsidiaries. The Western Professional Hockey
League, Inc., through a joint operating agreement with the Central Hockey League
(CHL), is the operator and franchisor of professional minor hockey teams in
eight states. International Coliseums Company designs, manages the construction
of and acts as facility manager for multipurpose sports and entertainment arenas
with an average seating capacity of 5,400 in mid-market communities. Global
Entertainment Marketing Systems handles all licensing and marketing operations
including acting as licensor for Cragar Industries, Inc.'s nationally recognized
CRAGAR(R), TRU=SPOKE(R), CRAGAR S/S(R) and STREET PRO(R) branded products.
This press release includes statements that constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 (the "Reform Act") and Cragar and Global Entertainment claim the
protection of the safe-harbor for forward-looking statements contained in the
Reform Act. These forward-looking statements are often characterized by the
terms "may," "believe," "potential," "intend" or "expected," and do not reflect
historical facts. Specific forward-looking statements contained in this press
release include, but are not limited to those that relate to consummation of the
merger and the expected benefits of the merger, including the expectation of a
strategic fit between Cragar and Global Entertainment, together with any other
statements that are not historical. These statements are based on management's
current expectations and involve risks and uncertainties. Cragar and Global
Entertainment wish to caution the reader that various factors couldcause actual
results to differ materially from the expectations described in the
forward-looking statements.
Cautionary Statement
Other factors that may affect forward-looking statements and the combined
company's business generally include the following:
-- Global Entertainment's inability to integrate Cragar into its
operations;
-- Global Entertainment's inability to revitalize or further develop the
CRAGAR name;
-- A downturn in the sports entertainment industry or the automotive
products markets; and
-- Risk factors and cautionary statements made in the S-4 Registration
Statement of Global Entertainment and Cragar's Annual Report on Form
10-K for the period ended December 31, 2002.
Forward-lookingstatements speak only as of the date the statement was made.
Cragar and Global Entertainment do not undertake and specifically decline any
obligation to update any forward-looking statements.
DATASOURCE: Cragar Industries, Inc.
CONTACT: Richard Kozuback, President & CEO of Global Entertainment
Corporation, +1-480-949-8600; or Michael L. Hartzmark, Ph.D., Chairman & CEO
of Cragar Industries, Inc., +1-480-947-2627; or Rudy R. Miller, Chairman & CEO
of The Miller Group, +1-602-225-0504