Global Entertainment Corporation’s First Quarter Fiscal 2007Revenues up 14%

PHOENIX--Global Entertainment Corporation (AMEX: GEE) -- a company engaged in sports management, multi-purpose events and entertainment center and related real estate development, facility and venue management and marketing, venue ticketing and brand licensing -- today reported revenue for the first quarter ended August 31, 2006 was up 14% to $3,651,918 compared to revenue of $3,204,773 in the first quarter of the prior fiscal year. For the three-month period ended August 31, 2006, the company realized a net loss of ($938,660) or ($.14) per basic share compared to a net loss of ($151,284) or ($.03) per basic share for the three-month period ended August 31, 2005.

The increased loss for the first fiscal quarter was primarily attributable to certain non-recurring expenses, including a negotiated payment related to the favorable restructuring of the company’s management compensation at an events center, an increase in the allowance for doubtful accounts receivable, a large recruiting fee for a key new executive and certain higher than anticipated legal fees. In addition, with new development projects and the expansion of its overall operations, the company continued to selectively invest in new opportunities, including the recruitment and placement of highly qualified personnel in strategically important positions. This expansion of operations and related costs include the expenses associated with the growth of Encore’s facility management activities and the start up of Global Properties I, the company’s newest subsidiary focused on assisting communities with the development of entertainment districts.

“It is the nature of our business for our multiple subsidiaries to experience variances in the timing of revenue and to some extent expenses. Our loss for the quarter, a portion of which was comprised of non-recurring expenses, was within the range anticipated by management based on recent developments for our growing company,” stated Richard Kozuback, president and chief executive officer. “Moving forward we anticipate the addition of new sources of revenue as our multi-year agreements associated with new events centers begin generating sponsorship fees from GEMS sales and marketing efforts, along with service fees from Encore facility management and GetTix ticketing. Some of these fees will be realized within the next thirty days.

“Going into fiscal 2007, we are also attempting to balance our attention on containing operational costs with our goal of expanding our national presence in mid-size communities. For example, we recently announced two projects that take us into new regions. First, we have entered the Pacific Northwest market as the exclusive development and management company for a new events and entertainment center in Wenatchee, Washington. Second, we have entered the Western Canada market with an agreement to oversee a capital enhancement project for a multi-purpose facility, which also includes our providing long-term facility management, sales and marketing support, and ticketing services for the events center,” Kozuback continued. “Finally, we believe the investments we are making in our infrastructure and the creation of a subsidiary solely focused on marketing to interested communities our multi-platform company with its full menu of services offers our shareholders the best opportunity to achieve long-term value.”

Visit our web sites:

www.globalentertainment2000.com           www.centralhockeyleague.com
   www.coliseums.com        www.Cragar.com         www.GetTix.net

Global Entertainment Corporation is an integrated events company focused on mid-size communities that is engaged through its seven wholly owned subsidiaries in sports management, multi-purpose events and entertainment center and related real estate development, facility and venue management and marketing, venue ticketing and brand licensing. 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. International Coliseums Company serves as project manager for arena development while Encore Facility Management coordinates all 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 Properties I in correlation with arena development projects works to maximize value and development potential of new properties. Global Entertainment Ticketing is an in-house ticketing company for sports and entertainment venues. Cragar Industries is the licensor for its nationally recognized, branded products CRAGAR®, TRU-SPOKE®, CRAGAR S/S® and STREET PRO®.

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, 2006, as filed with the Securities and Exchange Commission.

GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS			August, 31		May 31,
			2006		2006
			(Unaudited)
Current Assets:
Cash and cash equivalents		$	5,998,688	$	5,438,091
Accounts receivable, net			5,221,530		6,068,528
Other Current Assets			569,484		434,682
	Total Current Assets		11,789,702		11,941,301
Other Assets			4,701,062		4,819,299
	Total Assets	$	16,490,764	$	16,760,600
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and Accrued liabilities		$	4,665,371	$	4,387,512
Deferred revenues - current portion			1,291,351		900,386
	Total Current Liabilities		5,956,722		5,287,898
Other Liabilities			458,195		458,195
	Total Liabilities		6,414,917		5,746,093
Stockholders' Equity:
Common stock			6,496		6,488
Paid-in capital			10,665,773		10,665,781
Retained earnings (deficit)			(596,422)		342,238
	Total Equity		10,075,847		11,014,507
	Total Liabilities & Equity	$	16,490,764	$	16,760,600

GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED SUMMARY OF OPERATIONS FINANCIAL HIGHLIGHTS (Unaudited)
				For the three months ended
				August 31,
				2006		2005
Revenues			$	3,651,918	$	3,204,773
Expenses				4,660,806		3,357,457
Loss from Operations				(1,008,888)		(152,684)
Other Income				70,228		1,400
Net Loss			$	(938,660)	$	(151,284)
Loss Per Share - basic and diluted			$	(0.14)	$	(0.03)
Weighted average shares outstanding
- basic and diluted				6,494,428		5,345,738