Global Entertainment Corp.'s Automotive Subsidiary -- Cragar Industries -- Licenses Legendary CRAGAR(R) Brand to Zoomers Exhaust Works
PHOENIX--July 12, 2006--| Adding aftermarket exhaust systems for popular American vehicles to its name, famed heritage brand CRAGAR(R) reaches deeper into the custom auto market |
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 Arlasky Performance Inc., operating under the name Zoomers Exhaust Works. The custom aftermarket exhaust manufacturer will now make available a line of high-performance "cat-back" upgrade / replacement exhaust systems under the CRAGAR(R) brand.
Beginning with the muscle car era of the 1960s, CRAGAR(R)-branded performance products became forever associated with muscle cars and America's passion for drag racing, customizing, and hot-rodding. This new licensing agreement is part of Cragar Industries' master plan to bring one of the most famous automotive aftermarket trademarks in history -- CRAGAR(R) -- forward, making available a new line of authentic, high-value, performance-based products for select, late model American-made cars, trucks, and SUVs.
Zoomers Exhaust Works, with patented and patent-pending technology, provides better performing and better sounding exhaust systems for popular, late model V-8 and 6-cylinder domestic vehicles. Frank Arlasky, president of Zoomers Exhaust Works, commented, "We're proud to have licensed the CRAGAR(R) brand. Like so many other baby-boomers, we know the brand well. In fact, our head engineer -- my father -- had CRAGAR(R) wheels on his dragsters in the '60s and '70s. We make a great exhaust product, but with the immediate 'real-deal' credibility that CRAGAR(R) allows us, we will sell more product, faster."
Cragar vice president of business development, Sean McGarry, commented, "We're working hard to make our brand more relevant to today's custom automotive enthusiast. Our goal is to offer exciting new products, with superior value, capped by a great touchstone brand. We only license our CRAGAR(R) brand to top quality makers of aftermarket parts. I am happy to say this agreement with Zoomers Exhaust Works fits our criteria perfectly."
Combined, the efforts of both companies creates a new opportunity to capitalize on America's awareness and respect for automotive heritage brands, and its constant desire to customize its vehicles.
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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).
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, 2005, as filed with the Securities and Exchange Commission.