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, 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.