Cragar Industries Licenses CRAGAR Brand to Disc Brake Company, Power Stop

PHOENIX--July 11, 2006--

Addition of High-Performance Brake Products for Domestic Cars, Trucks and SUVs Broadens Reach of Famed CRAGAR(R) Brand in $31.5 Billion Automotive Aftermarket Segment

Global Entertainment Corp. (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 announced that its subsidiary Cragar Industries Inc. has signed a licensing agreement with Power Stop LLC. The brake engineering and manufacturing company will start marketing a line of high-performance replacement brake products under the CRAGAR(R) brand.

This is a strategic step in Cragar Industries' plan to leverage one of the most famous automotive trademarks in history, CRAGAR(R), into a master brand of authentic, performance-based aftermarket parts and products for select, late model, domestic cars, trucks and SUVs.

Beginning with the muscle car era of the 1960s, the CRAGAR(R) brand became forever associated with muscle cars and America's passion for drag racing, customizing, and hot-rodding. Power Stop LLC has new manufacturing techniques that provide better-performing and longer-lasting automotive brakes -- for both street and racing. The explosive growth of the faster, heavier SUV and sports truck segment, combined with the resurgence of the American muscle car, creates new opportunities to capitalize on America's passion and desire for CRAGAR(R)-branded performance products.

Aftermarket wheels are often a first step in vehicle personalization. There are two reasons why bigger and better disc brakes should be the next purchase decision: 1.) Safety -- better performing disc brakes compensate for the physical effect that taller, heavier aftermarket wheels/tires have on a vehicle. 2.) Aesthetics -- taller aftermarket wheels makes original brakes look small, whereas larger aftermarket disc brakes give a cohesive, integrated appearance.

Cragar Vice President of Business Development Sean McGarry commented, "The Power Stop licensing agreement is part of a master licensing program we have underway for the CRAGAR(R) brand. Cragar is putting itself back into the performance parts business, licensing its brand to select strategic partners in areas of body kits, exhaust, under-hood parts, and of course high-performance brakes. Staying true to its old-school heritage, everything with the CRAGAR(R) brand must be authentic... real-deal."

Arvin Scott, COO of Power Stop LLC, commented, "Power Stop has 10 years of engineering and innovation behind it, and CRAGAR(R) has a 75-year legacy in the automotive racing and performance segments; combining the CRAGAR(R) brand with Power Stop performance brake products will provide a whole generation of car enthusiasts with great quality products under a brand they trust. As an example, the ink is barely dry on the licensing agreement, and we've already closed new business under the CRAGAR(R) brand. We're very excited."

Global Entertainment Corp. is an integrated events and entertainment company focused on mid-size communities that is engaged, through its six wholly owned subsidiaries, in sports management, arena and related real estate development, facility and venue management and marketing, venue ticketing and brand licensing. 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 eight states. International Coliseums Co. serves as project manager for arena development while Encore Facility Management coordinates all 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. Cragar Industries Inc. is the licensor for its nationally recognized, branded products CRAGAR(R), TRUSPOKE(R), CRAGAR S/S(R) and STREET PRO(R).

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