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NEWS and PRESS RELEASES

“Mr. Pink” A Hot Film For Global Universal

Los Angeles, CA – May 19, 2011 – Global Entertainment Holdings, Inc. (OTCQB/BB: GBHL) announced today that its US Production subsidiary, Global Universal Entertainment, Inc. has optioned the motion picture and television rights to the recently published book, “Mr. Pink”.

“Mr. Pink is one hot property”, stated Daniel Sherkow, COO of Global Universal Entertainment. “Mr. Pink”, is the true story of four well off college students who pulled off one of the largest heists in the art world. The valuable art books are worth over twelve million dollars!”

Former Paramount Executive Sherkow continued, “the ‘Mr. Pink’ project is an exciting and compelling true story, which is featured on Google under The Transy Book Heist, and more info is at: http://www.whoismrpink.com/. It is timely, teen driven, yet bears a strong moral lesson.”

Veteran writer and film producer Jackie Giroux has adapted the screenplay from Blake Allen and Allen Brothers Publishing. Giroux will produce the picture, along with Blake Allen, Sydney Allen, and Mike Markwell, as Executive Producers. “I read the book in one sitting” exclaimed Giroux. “It is very similar to Truman Capote’s In Cold Blood. If these four very different personalities had not met in college, the ingenious heist idea would have never come to fruition. They fed upon each other’s talents. This will be the fascination for a great Hollywood cast, and a hit film!”

Global Universal expects to shoot a portion of the picture in Kentucky and has begun evaluating locations within that State. In addition, Global Universal is also in conversations with distributors as it explores various distribution options.

Gary Rasmussen, CEO of Global Universal, stated that, “the ‘Mr. Pink’ project has the potential to add significant value to the company due to its potential ‘box office appeal’ and our ability to produce the picture at a comparatively reasonable cost.” Mr. Rasmussen continued, “as an additional revenue stream, Global Universal will share in the proceeds of the book in addition to its participation in the motion picture”.

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 of 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.GLOBAL-GBHL.COM, or contact the Company by email at: contact@globaluniversal.com.

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