SOURCE: Global Entertainment Holdings

January 03, 2008 07:30 ET

Global Announces Acquisition of Hands Free Entertainment

LAS VEGAS, NV--(Marketwire - January 3, 2008) - Global Entertainment Holdings (OTCBB: GBHL), announces the acquisition of Hands Free Entertainment Inc., a Texas-based film and entertainment corporation. The companies came to terms on a stock swap agreement on December 31, 2007 whereby Hands Free Entertainment became a wholly owned subsidiary of Global Entertainment Holdings. Global CEO Gary Rasmussen commented, "We couldn't be more excited about Hands Free Entertainment joining Global. This acquisition immediately increases our revenues and assets in the film business. We are also ecstatic because Hands Free's core competencies, expertise, and assets align perfectly with our business model for building a complete entertainment company."

Hands Free Entertainment has produced for both television and film with credits including the Dr. Phil show and "Through Your Eyes." The film, about the world's only known deaf blind triplets, has received worldwide attention since its release. "Through Your Eyes" has already received distribution through Trans World Entertainment retail stores throughout the United States. Hands Free Entertainment's on-line presence, including www.throughyoureyesthemovie.com, has received over 1.5 million hits in 2007.

Hands Free Entertainment owners and producers Cory Hudson and James Paul will continue to run Hands Free Entertainment as well as work with Global Entertainment on upcoming projects.

About Global Universal Film Group

Until recently, the Company specialized in the funding of plaintiff's litigation. Although this business will continue to provide revenue with minimal efforts, it will gradually diminish as its remaining contract receivables are realized. Global Entertainment Holdings will henceforth focus its resources on the production of feature-length films, which business is currently conducted through its wholly owned subsidiary, Global Universal Film Group, as well as other entertainment media platforms. Global Universal is engaged in the development and production of feature-length motion pictures intended for worldwide release. Global Universal plans to develop and produce a slate of six to eight motion pictures that will be financed by leveraging state tax credits received from each film's budget with debt financing from asset based lenders, co-production partnerships and private equity funds. Global Universal's website is www.globaluniversal.com.

This press release does not constitute an offer of any securities for sale. Except for the historical information presented herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995, or by the Securities and Exchange Commission in its rules, regulations and releases. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks include the ability of Global Entertainment Holdings and its subsidiary, Global Universal Film Group, 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. Such statements are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that such statements are not guarantees of future performance and that actual result or developments may differ materially from those set forth in the forward-looking statements. In addition, other risks are detailed in the company's periodic reports. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.

Contact Information

  • Contact:
    Global Universal Film Group, Inc.
    888-887-4449