Global Entertainment Corporation (OTCBB: GNTP) today reported revenue of $13.2 million for the fiscal year ended May 31, 2009, up 6.0% compared to revenue of $12.4 million in the prior fiscal year. Income from continuing operations was up 105.3% to $0.2 million with net income of $27 thousand for fiscal year 2009, compared to the prior fiscal year that reported a loss from continuing operations of $2.8 million and a net loss of $4.0 million, which included a $1.2 million loss from discontinued operations related to the company’s divestiture of a subsidiary company.

During fiscal year 2009 the Wenatchee, Washington, facility began operations and was subsequently sold in December 2008, which allowed the company to repay the related $48.9 million construction loan in full, resulting in a positive change to the balance sheet by the reduction of the majority of the company’s outstanding debt. From the company’s multiple revenue streams project management fees increased 109% to $1.9 million compared to $0.9 million in the prior fiscal year; license fees - initial and transfer, were $1.6 million that included an initial license fee of $1.2 million, a non regular recurring event that did not occur in fiscal year ended 2008; and food service revenue was $0.7 million for the fiscal year 2009.

“Our return to profitability in fiscal year 2009 was reached during a significantly challenging economic time for our country and the impact it had on the entertainment business where we found families reducing expenditures for entertainment outside their homes. The sectors of our business tied to management and service agreements saw a decline in the number of events held and decline in attendance at events, which also reduced revenues in our ticketing company. Advertising sales commissions were impacted as well. The opening of the Allen, Texas, and Independence, Missouri, arenas in the fall of 2009 shows promise for added revenue with the new multi-year contracts in place,” stated Richard Kozuback, president and chief executive officer. “Contributing to the improvement in net income was a decrease in our legal and settlement costs over the prior fiscal year and reduction in corporate payroll.

“Ground breaking on the $41.5 million Dodge City, Kansas, arena is expected in October 2009, and we will be recording project management fees throughout fiscal 2010. The facility has a planned opening in 2011,” Kozuback continued. “We expect 2010 will continue to present challenges until there are more indications that the economy is in a solid state of recovery. Making operational adjustments within the current economic environment will be a focus for management and the Board of Directors.”

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Global Entertainment Corporation is an integrated events and entertainment company focused on mid-size communities that is engaged, through its seven wholly owned subsidiaries, in sports management, multi-purpose events and entertainment centers and related real estate development, facility and venue management and marketing and venue ticketing. Global Properties I, in correlation with arena development projects, works to maximize value and develop potential new properties. International Coliseums Company (ICC) serves as project manager for arena development, while Encore Facility Management and GEC Food Service, LLC coordinates arena operations and concessions. 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 a ticketing company for sports and entertainment venues. 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.

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.

The “audited” consolidated balance sheets and consolidated statements of operations contained in this press release have been derived from, and should be read in conjunction with, the Company’s May 31, 2009, annual report on Form 10-K. This press release does not include all disclosures normally required by accounting principles generally accepted in the United States.