SOURCE: Global Entertainment Acquisition Corporation

September 16, 2008 08:30 ET

Global Ent. Acquisition Corp. Announces Name Change, Major Transition of Its Business Into Hydrogen Technology

With Technology Potential Management Believes "Too Impacting" to Ignore, Global Changes Its Name to Hydrogenetics, Inc.

BEVERLY HILLS, CA--(Marketwire - September 16, 2008) - Global Entertainment Acquisition Corporation (PINKSHEETS: GEAC) announced today that is has changed its name to HydroGenetics, Inc. with the Florida Division of Corporations and filed the name change with FINRA. The company will continue to operate its entertainment business but significantly transition into the development of alternative energy solutions, including the development of a hydrogen reactor that is currently producing several liters of hydrogen per minute prototyped in a 2003 Chevy Silverado, potentially creating a savings of over 50% in gasoline consumption. The company has entered into an agreement with the inventors of the reactor to take it to market.

The reactor, which is currently producing high levels of hydrogen by splitting water, will purportedly become an after market product for the automotive, trucking and boating industries. According to the inventors the device can be effective in any internal combustion engine and could ultimately produce a huge fuel savings, enabling cars that now get 15 miles to the gallon, to get between 50 and 100 miles to the gallon.

Recently, the company has been very aggressive in the acquisition and development of entertainment properties and projects, and most recently announced that it had acquired an equity position in a film produced by 2-time Academy Award producer Albert S. Ruddy. The action picture, titled "Carjacked," is currently in casting. The decision to change its name in no way means the company intends on abandoning its ongoing entertainment business. The company is expected to announce the hiring of a new CEO and other developments in the coming days.

About HydroGenetics

HydroGenetics, Inc. is in the business of acquiring and operating emerging businesses and currently owns Hilarity Films, Global Entertainment and its subsidiary HydroAxis Technologies. It is the company's mission to incubate these emerging companies into revenue producing, profitable businesses through both the investment of capital and resources as well as providing consulting services for the benefit of management of its business units.

Safe Harbor Disclosure:

This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.

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