Global Entertainment Corporation (OTCBB: GNTP) today reported for the first three months of fiscal 2010, the company realized a net loss of $0.25 million or $0.04 per share compared to a net loss of $0.16 million or $0.02 per share for the three-month period ended August 31, 2008. The prior year period included a loss of $0.05 million from discontinued operations, net of income taxes for which there is no comparable loss in the first quarter of the current fiscal year 2010.

Revenue for the first quarter ended August 31, 2009 was $2.37 million, an improvement over revenue of $2.36 million in the first quarter period ended August 31, 2008. Facility management fees increased 103.1% to $0.9 million compared to $0.4 million in the same period in the prior fiscal year. This was primarily due to fees for preopening services on the Allen, Texas and Independence, Missouri projects. License fees-league dues and other increased 36.5% to $0.37 million compared to $0.27 million in the prior fiscal year, which represents an increase in sponsorship revenue. These increases, however, were offset by a combination of the decreases of $0.16 million in project development fees, $0.02 million in project management fees and $0.42 million in ticket service fees.

Richard Kozuback, president and chief executive officer, said, “Unemployment numbers continue to increase despite the fact there are reported signs of general improvement taking place in the economic recovery. We see high unemployment rates as a contributing factor for the decline in the entertainment business that directly affects our subsidiaries involved in arena development, facility and venue management and marketing, and venue ticketing. Attendance at events held at our facilities continues to be impacted by the current economic conditions.

“We expect to earn advertising sales commissions and facility management fees through our multi-year contracts with Independence, Missouri and Allen, Texas throughout the fiscal year. We also expect to earn project development fees in our second quarter ended November 30, 2009 from our Dodge City, Kansas project agreement. We are making every effort to meet the challenges faced in these difficult economic times as we focus on effective operation of our core businesses and on controlling expenses,” Kozuback stated.

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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, Inc. (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 sheet contained in this press release has 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.