Global Entertainment Corp. Subsidiary Cragar Industries Inc. Signs Two Licensing Agreements

PHOENIX--Dec. 9, 2004--Global Entertainment Corp. (OTCBB: GECO), an integrated entertainment company, today announced its subsidiary, Cragar Industries Inc. (Cragar), has signed two licensing agreements that will further expand the well-known CRAGAR brand name beyond its familiar position in the wheel industry. The agreements will broaden the visibility of the CRAGAR brand already utilized in the retail toy industry and establish a new product base for the CRAGAR brand in the niche automotive aftermarket for custom braking system fitments for domestic trucks and SUVs.

JAKKS Pacific Inc. (JAKKS), a public company with more than $300 million in revenue, is a multibranded company that designs and markets a broad range of toys and consumer products. JAKKS will utilize the strong name appeal of CRAGAR wheels for its Fly Wheelie, a dynamic and interactive toy being sold in all major toy retail outlets across the country. JAKKS is the fourth largest company in the United States for toys and leisure products.

Rotora, with more than 20 years as a wholesale distributor for automotive braking systems, is a national leader in the aftermarket braking systems for the tuner market. Being the first licensee approved to use the highly regarded CRAGAR brand within the extensive automotive parts industry, Rotora will develop a complete line of CRAGAR-branded products initially directed to braking systems for domestic truck and SUV fitments.

"We are proud to add JAKKS Pacific and Rotora, two quality companies, as licensees of the CRAGAR brand. These agreements will take Cragar beyond its historical position in the automotive wheel industry where it already enjoys a high degree of recognition for its custom wheels. JAKKS broadens the CRAGAR name within the toy industry while Rotora will add a new dimension to the CRAGAR brand with a new line of products for the automotive parts industry," stated Rick Kozuback, president and chief executive officer of Global Entertainment. "We will continue to seek licensing opportunities that meet our standards for the CRAGAR brand as well as those that relate to our sports management, arena developments and facilities management operations."

Michael Bernstein, senior vice president-marketing of JAKKS Pacific Inc., commented, "JAKKS is excited to add CRAGAR to our growing list of licensors for our high-performance brand -- Fly Wheels. Cragar's rich history and positioning as a top vehicle license will further authenticate Fly Wheels among consumers."

Cragar has multiple licensing agreements that include Carlisle Tire & Wheel, a division of the Carlisle Co. Inc., an NYSE company, and cover diverse industries that take in automotive wheels and aftermarket automotive parts, collectables found in the toy industry, and merchandise.

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Global Entertainment Corp. is an integrated entertainment company, arena development, and licensing company with five subsidiaries. The WPHL Inc., through a joint operating agreement with the Central Hockey League (CHL), is the operator and franchisor of professional minor league hockey teams in seven states. International Coliseums Co. serves as project manager for arena development and is responsible for management agreements associated with arena facility operations. Global Entertainment Marketing Systems pursues licensing and marketing opportunities related to the company's sports management and arena developments and operations. Global Entertainment Ticketing (Get.tix.Net) is an in-house ticketing company for sports and entertainment venues. GECompass, LLC is a facilities management company. Cragar Industries Inc. is the licensor for its nationally recognized, branded products CRAGAR(R), TRU=SPOKE(R), CRAGAR S/S(R) and STREET PRO(R).