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 

Global’s CEO, Gary Rasmussen, stated “The timing of our Bulletin Board status could not have been better for our Company. These past months have seen our business model move forward, dramatically, with the recent premiere of our second feature length film, American Sunset, starring Corey Haim and Frank Molina, at the American Film Market (AFM) in Los Angeles, CA, plus the highly anticipated release of our first feature length film, Blue Seduction, starring Billy Zane and Estella Warren just this past November. And, most exciting of all, GBHL entered into joint venture partnership with Arthur Wylie’s Global Renaissance Entertainment Group, which has exclusive film rights for the novels of acclaimed best-selling author, Omar Tyree.”

Jackie Giroux, President of Global Universal Pictures, remarked, “A Bulletin Board listing opens up additional market opportunities for Global that will allow a larger number of investors to review the soundness of our film financing methods, which significantly lower investment risk while maintaining a lucrative upside potential inherent in the film business. I urge everyone to visit our websites, www.Global-GBHL.com and www.GlobalUniversal.com and www.AmericanSunsetTheMovie.com, where you will find additional information about our current events, as well as “movie trailers” for our latest films that will provide a glimpse of the quality of the films we can produce at a highly efficient cost.”

The OTCBB is a regulated quotation service that offers real-time quotes, last sales prices and volume information in over-the-counter equity securities. More information about the OTCBB and a quotation for AIDP is available on the Internet at www.otcbb.com.

Global Entertainment Holdings, Inc. is a publicly-held, entertainment company. 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. 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.

Further information on the Company and/or its publicly traded stock can be obtained by contacting Worldwide Financial Solutions at wfsolutions@gmail.com; (765) 780-0915; or, contact the company directly at: contact@globaluniversal.com; facsimile: (818) 827-0090;

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
Los Angeles, CA 90004
USA

Phone: 877-807-8880

GBHL CEO, Gary Rasmussen, commented that “Mr. Haim recently starred in Crank-High Voltage, opposite Jason Statham (The Transporter Series, The Bank Job, Death Race) and we are very excited that he was available for American Sunset.”Also co-starring in American Sunset are Frank Molina and Bernie Robichaud (Trailer Park Boys).

Kaleidoscope Entertainment has been selected as the Canadian distributor for American Sunset and Global Universal Film Group, a wholly-owned subsidiary of GBHL, is the sales agent.

Jacqueline Giroux, President of GUP, announced that American Sunset, an action thriller, is just completing principal photography and will be ready for release this Fall. “As with our first feature length film, Blue Seduction, several star actors were interested in becoming involved with us on this film project because it deals with the timely subject matter of personal security in today’s world.”

Ms. Giroux wrote American Sunset and is the film’s Producer; Michael Masucci is the Director and Marc Savoie of The Postman (a post-production facility in Canada), will co-produce and provide post-production services. Executive Producers are Eric Leffler and Gary Rasmussen.

Mr. Rasmussen also stated that, “Securing well known talent for American Sunset and with additional film projects underway, GBHL’s business model is rapidly becoming a reality. All investors and shareholders are encouraged to visit our websites www.globaluniversal.com and www.global-gbhl.com for further information, disclosures and disclaimers about our company and our current progress.” The Company’s goal is to build a global entertainment organization.

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 the publicly traded stock can be obtained by contacting wfsolutions@gmail.com or 765-780-0915.

Global Entertainment Holdings, Inc. is a public Company, traded on the “OTC” under the symbol, GBHL. The Company’s goal is to build a global entertainment organization that will profit from the distribution and production of motion pictures and other entertainment media. GBHL, through its wholly owned subsidiaries, Global Universal Entertainment and Global Universal Film Group, (http://www.globaluniversal.com), along with its partially-owned Canadian affiliate, Global Universal Pictures, is in the process of developing and producing a slate of motion pictures. Global Universal Film Group is also developing “You’ve Got The Part” (www.youvegotthepart.com), an on-line casting show with audience participation that will endeavor to capitalize on the public’s fascination with Hollywood and the popularity of reality based programming.

Further information on the Company and/or the publicly traded stock can be obtained by contacting Worldwide Financial Solutions at: wfsolutions@gmail.com or the Company at: contact@globaluniversal.com

This press release contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements contain words such as “expects,” “believes,” “anticipates” and “intends.” Important risk factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, economic conditions affecting the collection of advances and fees associated with the Company’s former core business operations; the ability of Global Entertainment Holdings and its subsidiaries to achieve their business goals and profitability, as well as activities, events or developments that the company expects, believes or anticipates will or may occur in the future; and the company’s ability to finance its planned film production efforts. Such statements are subject to a number of assumptions, risks and uncertainties that are disclosed from time to time in the company’s reports filed with the Securities and Exchange Commission. The Company does not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in management’s expectations, except as required by law.

Source: Global Entertainment Holdings, Inc.

Tel: 877-807-8880