Los Angeles, CA – February 6, 2014 – Global Entertainment Holdings (OTC: “GBHL”) announced today that it has formed a new operating subsidiary, Global Entertainment Media, Inc. (“GEM”), which will participate in the explosive growth of the new ‘Digital Convergence’ marketplace.
GEM is developing a “media & entertainment content convergence” product, tentatively called the “HUB”, or “Home Utility Base”, that will efficiently compete with current entertainment content providers by offering consumers an economical home entertainment medium designed to consolidate a vast array of content libraries, high-speed Internet and HD off-air TV, and online content (whether broadcast or streamed) while shifting seamlessly between a wide variety of home entertainment offerings for television viewing in high definition. The HUB unit (a set top smartbox) plans to offer free recording of multiple channels from different sources.
“Until now, convergent digital media devices have usually had a proprietary bias in that a customer is forced to use only their brand or products.” stated Gary Rasmussen, CEO of GBHL. “With our HUB product, we expect to change that by letting consumers choose content from limitless sources in all mainstream formats providing the consumer with a virtually unlimited “library” without regard to brand.” Rasmussen continued, “We have already assembled a talented team, experienced in various digital technologies, who bring their expertise to Global Entertainment Media to ensure the successful launch of the HUB.”
The Company anticipates field testing of the HUB prototype to commence during the second quarter of this year, utilizing a wireless MVDDS solution for connectivity and content delivery.
About Global Entertainment Holdings, Inc. (OTC: GBHL): GBHL is a publicly-held entertainment company with the goal to build a worldwide entertainment and media organization with domestic and foreign subsidiaries, affiliates and/or joint venture partners. GBHL operates primarily through its wholly-owned subsidiaries of Global Universal Film Group, Global Entertainment Media, Global Entertainment Film Fund, LLC, and its partially-owned Canadian subsidiary, Global Universal Pictures, through which film production, film finance, development and sales activities are carried out. The Company is determined to stay on the cutting edge of social networking and media distribution through its wholly-owned subsidiary, You’ve Got The Part, Inc. You’ve Got the Part plans to capitalize on the current popularity of Hollywood and reality-based programming by offering participants small roles online, in a Hollywood movie or video production, for which anyone with access to a digital camera can apply. The Company also utilizes joint ventures to maximize revenue while reducing equity exposure. Recently announced joint ventures in the areas of film productions, tech-education and urban youth apparel further GBHL’s corporate goals.
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 218 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 press 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 U.S. 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.