Global Entertainment Subsidiary to Joint Venture Development of $50 Million Multi-Purpose Events Center for Allen, Texas
27 Giugno 2007 - 1:00PM
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 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.
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