Global Entertainment Announces Termination of SEC Reporting
August 11 2011 - 12:34PM
Business Wire
Global Entertainment Corporation (OTCBB:
GNTP), an integrated event and entertainment company, today
announced that it filed a Form 15 with the Securities and Exchange
Commission (“SEC”) to deregister the Company’s common stock under
the Securities Exchange Act of 1934, as amended (the “Exchange
Act”).
Global Entertainment’s Board of Directors arrived at the
conclusion to deregister the Company’s common stock as a result of
the costs and administrative burdens associated with being a
reporting public company, as well as the lack of an active trading
market for the Company’s common stock. The Company does not believe
that deregistering its common stock under the Exchange Act will
materially impact its current operations, current relationships
with employees, customers and suppliers, or its existing financing
arrangements.
Immediately upon the filing of the Form 15, the Company will no
longer be obligated to file certain reports with the SEC, including
Forms 10-K, 10-Q and 8-K. The Company expects that the
deregistration of its common stock will become effective 90 days
following the filing of the Form 15. Global Entertainment’s common
stock is currently quoted on the OTC Bulletin Board, however, upon
filing the Form 15, the Company’s common stock will no longer be
eligible to be quoted on the OTC Bulletin Board.
Notwithstanding the Company’s decision to deregister its common
stock, the Company intends to continue to hold annual meetings and
to make available to its shareholders annual financial statements
to comply with all shareholder rules and requirements under Nevada
statutes where Global Entertainment is domiciled.
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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 seven 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
develop potential new properties. International Coliseums Company,
Inc. (ICC) serves as project manager for arena development, while
Encore Facility Management and GEC Food Service, LLC coordinate
arena operations and concessions. 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: limited liquidity and the need for
additional financing intense competition within the sports and
entertainment industries, past and future acquisitions, expanding
operations into new markets, risk of business interruption,
changing consumer demands, dependence on key personnel, sales and
income tax uncertainty and increasing marketing, management,
occupancy and other administrative costs.