Global Entertainment Announces Strategic Sale of Cragar Industries, Inc. Assets
August 01 2008 - 6:05AM
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 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.
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