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 its subsidiary company, Global Properties I, will be part of a joint venture to build a $50 million multi-purpose events center for the City of Allen, Texas, a northeast suburb of Dallas. A Letter of Intent was approved at a City Council meeting held yesterday that combines the expertise of Global Properties I, The MGHerring Group of Dallas and the City of Allen in a project to develop a state-of-the-art, multi-use entertainment facility for the citizens of Allen, Texas and the surrounding region. The facility will have 7,500 fixed seats as well as 24 luxury suites.

A multi-layered company, Global Entertainment (Global) provides a turnkey solution for developing, opening, managing and marketing multi-purpose facilities. In addition to Global Properties I, five other Global subsidiaries will serve a broad range of functions for the Allen project. International Coliseums Company will head design and construction. The Western Professional Hockey League d/b/a the Central Hockey League will award a new Double-A level franchise to serve as the center's primary tenant. Encore Facility Management will engage in a multi-year agreement to manage the building, along with its licensing and advertising arm, Global Entertainment Marketing Systems, which will handle all sales and marketing services. Finally, GetTix will provide exclusive ticketing services for all events in Allen's arena.

The new $50 million multi-purpose events center is anticipated to open in the Autumn 2009. The Allen Event Center will be part of The Village at Allen, a 181-acre mixed-use development of The MGHerring Group.

Steven J. Bielewicz, president of Global Properties I, said, ?We look forward to working with The MGHerring Group and the City of Allen in developing a prime entertainment facility for the citizens of Allen and the community at large. We will draw on our past experience completing projects for communities similar to Allen to create a facility that is complementary to the overall mixed-use development that is planned for the community.?

Richard Kozuback, president and chief executive officer of Global Entertainment Corporation, stated, ?Winning approval for a new development project is an exciting event for all involved and we are pleased that our subsidiary, Global Properties I, is one party in the joint venture for the multi-purpose events center to be built in Allen, Texas. The development for Allen represents a perfect project model as it utilizes the full spectrum of our integrated businesses designed to capitalize on cross-revenue generation. We are currently in discussions with other municipalities for projects of a like nature in various parts of the U.S.?

Visit our web sites: 

www.globalentertainment2000.com            www.centralhockeyleague.com
    www.coliseums.com         www.cragar.com        www.gettix.net

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 center and related real estate development, facility and venue management and marketing, venue ticketing and brand licensing. 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. International Coliseums Company serves as project manager for arena development while Encore Facility Management coordinates all arena facility operations. Global Entertainment Marketing Systems (GEMS) pursues licensing and marketing opportunities related to the Company's sports management and arena developments and operations. Global Properties I in correlation with arena development projects works to maximize value and development potential of new properties. Global Entertainment Ticketing (GetTix.Net) is an in-house ticketing company for sports and entertainment venues. Cragar Industries, Inc. is the licensor for its nationally recognized, branded products CRAGAR®, TRUSPOKE®, CRAGAR S/S® and STREET PRO®.

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, 2006, as filed with the Securities and Exchange Commission.

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