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NEWS and PRESS RELEASES

Global Entertainment Holdings Posts Profitable First Quarter 2010 Results

Los Angeles, CA – (WORLD STOCK WIRE) – May 27, 2010 — Global Entertainment Holdings, Inc. (OTCBB: GBHL), recently filed its Form 10Q for the first quarter of 2010, reporting a solid first quarter 2010 growth in revenue, cash flow and net income and earnings per share.

First quarter net earnings were $277,289 versus a Loss of $184,635 for the first quarter a year ago.
First quarter reported earnings were $.012 per share, on a fully diluted basis. The first quarter reported gross revenues increased to $300,000, while General and Administrative Expenses decreased by $164,412, resulting in a $461,924 increase over the prior year’s net earnings.

President and CEO of GBHL, Gary Rasmussen, said, “This was a very exciting quarter for GBHL. Our Company has produced 4 feature length films in the last 16 months, and we are beginning to realize cash flows and profits from all of our hard work.”

Interest and Tax
In the first quarter 2010, GBHL’s interest expense totaled $5,056, an increase over last year. Tax loss carry forward gave tax benefits of an effective tax rate to 0.00 percent.

Cash flow
Cash flow, defined as cash from operating activities less capital expenditures, was $9,125 for the quarter.

To see the complete quarterly report on Form 10Q, as filed on May 24, 2010 with the SEC, go to http://www.sec.gov/.

About GBHL & Global Universal

Global Entertainment Holdings, Inc. is a publicly-held, entertainment company traded on the OTC Bulletin Board under the symbol: GBHL; website: www.Global-GBHL.com. The Company’s goal is building a worldwide entertainment organization with a multitude of domestic and foreign production affiliates. GBHL, through its wholly owned subsidiary, Global Universal Film Group, Inc. (www.GlobalUniversal.com), and its affiliated Canadian subsidiary, Global Universal Pictures, is in the process of developing and producing a slate motion pictures that will be produced in the U.S. and in Canada with recognizable star names, for worldwide release. Global Universal Pictures is a Canadian film production company with offices in Fredericton, New Brunswick, Canada, and on the Raleigh Studios Lot in Hollywood, California USA. Information on previously completed films can be found on the Company’s website, or on the Internet at: www.AmericanSunsetTheMovie.com, and www.PlasterRockMovie.com.

GBHL is focused on the financing and marketing of these feature-length films. GBHL, through another wholly owned subsidiary, You’ve Got The Part, Inc. (www.YouveGotThePart.com), will attempt to capitalize on the current popularity of Hollywood and reality based programming by casting various film roles online. Anyone with access to a digital camera or cell phone will soon be able to submit their audition for a role in an upcoming film.

Information on the Company and/or its publicly traded stock can be obtained from Worldwide Financial Solutions at: wfsolutions@gmail.com; or, directly from the Company at: contact@globaluniversal.com.

URL: WWW.GLOBALUNIVERSAL.COM

Safe Harbor: Pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Exchange Act of 1934, any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals and assumptions of future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this release may be identified through the use of words such as “expects,” “will,” “anticipates,” “estimates,” “believes,” or statements indicating certain actions such as “may,” “could,” or “might” occur. Such statements reflect the current views of GBHL and its affiliated companies with respect to future events and are subject to certain assumptions, including those described in this release. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance and commercial appeal of its feature-length films, its film production services, competitive market conditions in the motion picture industry (both in the US and foreign markets), successful sale of the rights to film content produced, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. Neither Global Entertainment Holdings, nor its affiliate or subsidiary companies undertakes any responsibility to update the “forward-looking” statements contained in this news release.

Gary Rasmussen, CEO
Global Entertainment Holdings
650 N. Bronson Suite B-116
On the Raleigh Studios Lot
Los Angeles, CA 90004
USA

Phone: 877-807-8880 

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