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Global Entertainment Enters Into Strategic Partnership With Innergate Entertainment

Global Entertainment Enters Into Strategic Partnership With Innergate Entertainment
(I-Newswire) Los Angles, CA, November 4, 2010 – Global Entertainment Holdings, Inc. a publicly traded entertainment Company (OTCBB: GBHL), announces that the Company has entered into a mutually advantageous partnership with InnerGate Entertainment to collaborate on the production and marketing of a slate of high quality, feature films. Global Entertainment Holdings, Inc.

According to the agreement, InterGate’s primary role will be to facilitate the financing required to produce the multiple films comprising the slate that the companies intend to produce. GBHL, operating through its U.S. production subsidiary, Global Universal Entertainment, will provide production expertise and industry contacts for distribution of the films. This partnership is expected to extend Global Universal’s presence to the East Coast while simultaneously increasing InnerGate’s exposure in the industry.

GBHL’s CEO, Gary Rasmussen, commented, “Among the numerous benefits we anticipated from this partnership is greater access to capital funding for our existing and future projects, as well as the ability to produce higher quality film projects likely to command a theatrical release.”

InnerGate Entertainment, LLC is a privately held company that develops and produces diverse and original entertainment content for theatrical motion pictures and television programming. In addition to developing unique and original projects of their own, InnerGate also seeks out qualified independent projects and entertainment properties that are exceptional.

InnerGate has two features by in-house and award-winning screenwriter Patrick Nicholas in development. One of them, “In God I Trust” is in negotiation with a prominent west coast manager for one of their upcoming talents to play the lead. Based on a true jail-house memoire, “In God I Trust” is a gritty crime drama with Latin soul, set in the ‘80s. InnerGate Entertainment, in association with Shamack Productions, is also producing “Shim Sham” a dance musical slated for the Broadway stage. “Shim Sham” is based on the life and times of Buddy Bradley, choreographer extraordinaire.

“InnerGate Entertainment strives for high standards of quality and creativity in the properties it develops, goals that coincide well with Global Universal’s own goals. We look forward to developing and enhancing the synergy that our companies have discovered.” Stated Daniel Sherkow, Global Universal’s Chief Operating Officer.

Additional information regarding InnerGate Entertainment can be found at www.InnerGate-Entertainment.com

About Global Entertainment Holdings, Inc. (OTC: GBHL) is a publicly-held, entertainment company. The Company’s goal is to build a worldwide entertainment organization with a multitude of domestic and foreign production affiliates. GBHL, operating through its wholly owned subsidiaries, Global Universal Film Group, Inc., Global Universal Entertainment, Inc., and its partially-owned Canadian subsidiary Global Universal Pictures, is in the process of developing and producing a slate motion pictures in Canada and the U.S., employing recognizable-named talent, for worldwide release. 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 small roles online that anyone with a digital camera can apply for.

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 affiliated or subsidiary entities undertakes any responsibility to update the “forward-looking” statements contained in this news release.

For more information, please visit us at: WWW.GLOBALUNIVERSAL.COM, or contact the Company by email at: contact@globaluniversal.com.

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