Global Entertainment Corporation and Arena Racing USA Forge Master License Agreement
June 10 2008 - 5:05AM
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, 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.
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