Global Entertainment Corp. Subsidiary Cragar Industries Expands Licensing Agreement with Manufacturing Giant Carlisle Tire & Wheel

PHOENIX--Aug. 1, 2005--Global Entertainment Corp. (OTCBB: GECO), an integrated sports entertainment company, today announced that its subsidiary, Cragar Industries -- licensor of one of the most famous automotive aftermarket trademarks in history -- has signed a new, expanded 10-year exclusive licensing agreement with wheel manufacturing and distribution giant, Carlisle Tire & Wheel. Both companies are deeply ingrained into America's car culture. CRAGAR(R) is a famous heritage brand. Carlisle has substantial manufacturing and distribution abilities. Combined, they create a new opportunity to capitalize on America's constant desire to customize its vehicles.

Carlisle Tire & Wheel is a subsidiary of Carlisle Cos. Inc. , a diversified global manufacturing company with over $2 billion in annual sales. Carlisle Tire & Wheel carries the most comprehensive line of specialty tires and wheels in the American marketplace, with one of the strongest distribution channels in the industry that sells to the largest tire and wheel outlets in North America.

Beginning with the muscle car era of the 1960s, the CRAGAR(R) brand became forever associated with America's passion for customizing and hot-rodding cars. According to Car and Driver magazine, Cragar's five-spoke S/S wheel is "... the most popular, most imitated, and most successful custom wheel in automotive history."

Cragar's Vice President of Business Development Sean McGarry stated, "We have renewed and at the same time expanded our licensing partnership with Carlisle. The new agreement provides capacity to build a full line of our famous wheels in the latest sizes and applications. The muscle car is back, along with high-powered trucks and SUVs, so the timing couldn't be better. Through Carlisle, Cragar wheels will be sold for some of the most sought after and exciting American performance cars and trucks on the market today."

Global Entertainment President and Chief Executive Officer Rick Kozuback commented, "The Carlisle licensing agreement is a piece of a larger strategic licensing program for the CRAGAR(R) brand. Staying true to our past, Cragar is putting itself back into the authentic performance parts business, licensing its brand to strategic partners that build and distribute performance brakes, exhaust, superchargers and similar equipment. It seems to be 1969 all over again."

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www.centralhockeyleague.com            www.globalentertainment2000.com
www.GetTix.Net                         www.Cragar.com
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Global Entertainment Corp. is an integrated entertainment and sports company, arena development, and licensing company with six 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 (GEMS) pursues licensing and marketing opportunities related to the company's sports management and arena developments and operations. Global Entertainment Ticketing (GetTix.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).

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, 2004, as filed with the Securities and Exchange Commission.