GEE Global Entertainment Corp.

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, today reported net income of $77,000 or $0.01 per share on revenues of $3.2 million for the fiscal quarter ended February 29, 2008, which includes an income tax benefit of $107,000, compared to a net loss of $304,000 or $0.05 per share on revenues of $5.7 million for the same quarter in the prior fiscal year. The company reported a loss from operations in the third quarter of fiscal 2008 of $31,000, an improvement from an operating loss of $478,000 for third quarter fiscal 2007, due in part to the reduction of defense costs with the settlement of several legal issues, a reduction in legal settlement reserves based on actual settlement costs as well as placing an emphasis on the control of operating costs. In February 2008, the company signed a project management agreement with the City of Allen, Texas for the development of a $52.5 million multi-use entertainment facility with an anticipated average seating capacity of 6,200, along with 25 luxury suites. The company expects the City of Allen project to yield in excess of $2.0 million in fees to two of its subsidiaries over the course of the twenty months that began as of February 2008. With the anticipated opening of the City of Allen events center, other company subsidiaries plan to serve a broad range of functions. Encore Facility Management will be engaged for an all-inclusive multi-year facility management agreement, Global Entertainment Marketing Systems (GEMS) will market advertising and marketing rights, Global Entertainment Ticketing (GetTix) will provide exclusive ticketing services for all events, and the Western Professional Hockey League d/b/a Central Hockey may award a hockey franchise to serve as the events center�s primary tenant. Ground breaking ceremonies are expected to take place in early June 2008 with an anticipated opening in October 2009. �I am pleased with the improvement in our financial picture. While the City of Allen project ramps up, the company continues to move forward on the greater Wenatchee regional events center in the state of Washington scheduled to open in the fall of 2008. Global Properties I maintains active discussions and negotiations with several mid-sized communities for the development of multi-purpose events centers,� Richard Kozuback, president and chief executive officer said. �Our ticketing company remains a strong profit center for our operations with a base of clients many of which are outside the Global network. The company�s hockey subsidiary operating as the Central Hockey League completed a successful season of operation and the teams are now in the midst of playoffs with the ultimate winner to emerge as the Ray Miron�s President Cup Champions. �As part of the company�s ongoing financial and business review of operations the Board of Directors has determined to divest its Cragar Industries subsidiary. Management will devote its attention to building its core business activities through its inter-related subsidiaries. Our management team and Board of Directors stay focused on the need to produce profitable financial results for our shareholders,� Kozuback concluded. 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 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�. 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 April 14, 2008, as filed with the Securities and Exchange Commission. GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS � (in thousands) � ASSETS � February 29, � May 31, � 2008 2007 (Unaudited) � Current Assets: Cash and cash equivalents $ 957 $ 4,252 Accounts receivable, net 3,402 3,522 Other current assets 982 969 � Total Current Assets 5,341 8,743 � Construction in progress 21,818 - Intangible assets 2,735 2,743 Other assets 806 820 � Total Other Assets 25,359 3,563 � Total Assets $ 30,700 $ 12,306 � LIABILITIES AND STOCKHOLDERS' EQUITY � Current Liabilities: Accounts payable and accrued liabilities $ 3,824 $ 4,973 Notes payable 511 - Other liabilities 393 313 � Total Current Liabilities 4,728 5,286 � Deferred income tax liability 66 66 Notes payable and other long-term liabilities 20,776 - � Total Liabilities 25,570 5,352 � Commitments and Contingencies: Minority Interests 20 - � Stockholders' Equity: Common stock 7 7 Paid-in capital 10,921 10,731 Retained earnings (deficit) (5,818) (3,784) � Total Equity 5,110 6,954 � Total Liabilities & Stockholders' Equity $ 30,700 $ 12,306 GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED SUMMARY OF OPERATIONS � � FINANCIAL HIGHLIGHTS (Unaudited)(in thousands, except per share amounts) � � For the three months ended For the nine months ended February 29,2008 � February 28,2007 February 29,2008 � February 28,2007 Revenue $ 3,172 $ 5,654 $ 9,688 $ 22,139 Expenses � 3,203 � 6,132 � 11,883 � 23,674 Income (loss) from operations (31) (478) (2,195) (1,535) Other income � 1 � 174 � 54 � 410 Income (loss) before income taxes (30) (304) (2,141) (1,125) Income tax benefit � 107 � - � 107 � - Net income (loss) $ 77 $ (304) $ (2,034) $ (1,125) Earnings (loss) per common share: Basic $ 0.01 $ (0.05) $ (0.31) $ (0.17) Weighted average number of common shares outstanding: Basic 6,542 6,508 6,518 � 6,501 Earnings (loss) per common share: Diluted $ 0.01 $ (0.05) $ (0.31) $ (0.17) Weighted average number of common shares outstanding: Diluted 6,542 6,508 6,518 � 6,501