Global Entertainment Holdings/Equities Reports Third Quarter Results.

MIAMI -- Global Entertainment Holdings/Equities, Inc. (OTCBB:GAMM) announced financial results for the quarter ended September 30, 2004. Revenue for the quarter was $942,684, compared to revenue of $804,792 for the same period a year ago. Revenue for the nine months ended September 30, 2004 was $3,161,334 compared to $3,118,463 for the same period in 2003. These amounts represent a 17 percent growth quarter-over-quarter and a 1.3 percent growth year-over-year.

GAAP net loss for the quarter ended September 30, 2004 was $(258,347), or $(0.03) per diluted share, compared to GAAP net loss of $(972,266), or $(0.09) per diluted share, for the same period a year ago. GAAP net loss for the nine months ended September 30, 2004 was $(563,727), or $(0.06) per diluted share, compared to $(1,641,843), or $(0.16) per diluted share for the nine months ended September 30, 2003.

"Although we have posted a loss for the quarter and for the nine months ended September 30, 2004," said Bryan Abboud, CEO of Global Entertainment, "We are pleased to see the effect of our cost saving moves in loss-reduction over the prior year's activity. We have enhanced employee efficiency by reducing our workforce from 45 employees at March, 2003 to 25 employees today while maintaining revenue."

"We are projecting sales to be level in the fourth quarter of this year and a loss for the year of $(950,000)," said Abboud, "However, we expect results from our UK marketing partner, Cameron Thomson, and other new business from our new software solution; we anticipate profitability in 2005."

About Global Entertainment Holdings/Equities, Inc.

Global Entertainment Holdings/Equities, Inc. (OTCBB:GAMM), is a publicly traded holding company that provides business development support and administrative assistance for technology-driven subsidiaries that license, develop and host internet software applications for the online entertainment and gaming sector. For additional information, please visit http://www.globalentertainmentinc.com.

Safe Harbor Statement

Statements in this press release that are not historical including statements regarding the Company's or management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended.

It is important to note that the Company's actual results could differ materially from those in any forward-looking statements. By making forward-looking statements, the Company undertakes no obligation to update such statements for revisions or changes after the date of this release. These forward-looking statements involve a number of risks and uncertainties, including the risk that we will not meet our expected revenue levels, our loss will be greater than projected, our European marketing team will not provide additional revenue sources, we will not be able to market our new developed software or our co-branding of third party software will not be successful along with other risk factors which are listed from time to time in the Company's SEC reports, including but not limited to, the annual report on form 10-KSB for the year ended December 31, 2003 and the quarterly report on form 10-QSB for the periods ending March 31, 2004, June 30, 2004 and September 30, 2004. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.