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Global Entertainment Holdings Finalizes Joint Venture With Arthur Wylie’s Global Renaissance Entertainment Group

Los Angeles, CA – (WORLD STOCK WIRE) – July 7, 2010 — Global Entertainment Holdings, Inc. a publicly traded entertainment Company (OTCBB: GBHL), is pleased to announce that it has recently completed an exchange of shares with Arthur Wylie’s Global Renaissance Entertainment Group (GREG). This was the final step towards commencing activities under a Joint Venture company formed last October with GREG called “Global Renaissance Funding” (GRF). GRF is 51% owned by Global Entertainment Holdings and will endeavor to raise capital for a slate of films to be jointly produced by GREG and Global Universal Entertainment, a wholly-owned subsidiary of GBHL, and with Global Universal Pictures, its 30% owned Canadian affiliate.

Gary Rasmussen, CEO for Global Entertainment Holdings, remarked that, “With the finalization of our Share Exchange agreement, Global Entertainment Holdings now owns an equity interest in GREG, an indirectly in the Omar Tyree properties, and GREG is now a significant shareholder in our public company, GBHL, providing both GREG and GBHL with a vested interest in one another.”

Last year, Mr. Wylie and Omar Tyree, the New York Times bestselling author, whose works have been read by millions, structured an exclusive deal to adapt his popular novels into film. Leslie, a supernatural thriller set in New Orleans, along with his best seller Flyy Girl are the first of Tyree’s novels to be adapted to film by GREG and to be funded through GRF. Omar Tyree books have been sold and read by over 8 million people. Leslie and loyal Flyy Girl readers will provide a “built-in” audience for the film.

Leslie is intended to be just one of several films planned for production this Fall at the newly formed Wylie Studios in Southeastern Michigan. Arthur Wylie, CEO of GREG, has begun securing production rights from many of Hollywood’s super-producers to produce high quality productions with better pricing. Plans are to operate from the 104-acre studio complex, which is located in the City of Allen Park, just ten miles outside of Detroit, Michigan, until they secure a more permanent site for their productions. What is now the studio complex was formerly the headquarters and warehouses of Montgomery Ward.

The vertical integration of the studio into the production structure of GRF and Global Universal will facilitate many upcoming film productions with reduced labor rates, hefty tax incentives from Michigan and enhanced production scheduling. “This paves the way for our companies to commence working on raising capital and starting the production of films in Michigan”, stated Gary Rasmussen, GBHL CEO.

A recent article in Crains Detroit Business News attests to the fact that Arthur Wylie and GREG have established a major presence in Allen Park, Michigan. “I believe that all businesses must get back to the fundamentals of business, financing and protecting investors’ equity, by utilizing a more efficient combination of debt, equity and tax incentives than typically structured by Hollywood”, stated Arthur Wylie, GREG CEO.

About Global Renaissance Entertainment Group
Global Renaissance Entertainment Group, Inc. (www.theGlobalRenaissance.com), is a full service film and television production company located in Hollywood, CA, Atlanta, Georgia and Allen Park, Michigan. Our primary focus is to develop solid brands that have built in audiences, facilitating the successful release of content across multiple platforms of media. This consists of films originating from Global Renaissance Entertainment Group (GREG), as well as outside content from top production companies. We strategically structure the financing, marketing, distribution and production for films and television content to be released globally. The principals of GREG are currently developing a world-class film studio and entertainment complex in Allen Park, Michigan.
GREG, an Arthur Wylie owned and operated company, has recently joint ventured with Global Entertainment Holdings, Inc., a publicly‐held, fully reporting company whose common stock is traded over the counter (OTCBB: GBHL), creating GLOBAL RENAISSANCE FUNDING, LLC, for the purpose of forming and managing film funds. The principals of GBHL have been in business since 1987, and have produced over 15 feature-length films “on time” and “on budget.”

About GBHL & Global Universal

Global Entertainment Holdings, Inc. (www.Global-GBHL.com) is a publicly-held, entertainment company traded on the OTC Bulletin Board under the symbol: GBHL. The Company’s goal is to build a worldwide entertainment organization with a multitude of domestic and foreign production affiliates. GBHL, through its wholly-owned subsidiaries, Global Universal Entertainment, Global Universal Film Group and its affiliated Canadian company, Global Universal Pictures (www.GlobalUniversal.com), is in the process of developing and producing a slate motion pictures that will be produced in both the U.S. and in Canada with recognizable star names, financed with distribution and tax incentives, with worldwide sales handled through Global Universal Film Group. GBHL and its U.S. subsidiaries are located on the Raleigh Studios Lot in Hollywood, California USA, and Global Universal Pictures, a partially-owned, Canadian affiliate, is located in Fredericton, New Brunswick, Canada. 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.

Global Renaissance Funding (GRF) is a Joint Venture entity formed by GBHL and Global Renaissance Entertainment Group (www.theGlobalRenaissance.com), helmed by Co-CEO Arthur Wylie. GRF intends to finance a slate of films, including films based on several best-selling books written by novelist Omar Tyree. GBHL, through another wholly owned entity, You’ve Got The Part (http://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.

Coverage of GBHL’s common stock has been initiated by “The Wall Street Corner” (www.wallstreetcorner.com/daily.html). Further information on the Company and/or its publicly traded stock can be obtained from Worldwide Financial Solutions at: wfsolutions@gmail.com, (765) 780-0915; or, directly from the Company at: contact@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,” “Hopefully” 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 undertake 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

Phone: 877-807-8880

Note: The following news is from Global Entertainment Holdings, and World Stock Wire, Inc. is not liable for the contents of this news.

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