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GLOBAL ENTERTAINMENT ACQUIRES CERTAIN FIXED ASSETS AND MANAGEMENT OF ALBY'S AND CANCELS 3,421,666 SHARES OF COMMON STOCK

 GLOBAL ENTERTAINMENT ACQUIRES CERTAIN FIXED ASSETS AND
 MANAGEMENT OF ALBY'S AND CANCELS 3,421,666 SHARES OF COMMON STOCK
 CHERRY HILL, N.J., March 31 /PRNewswire/ -- Global Entertainment Ltd., (OTC Electronic Bulletin Board: GLBN) announced today that it had acquired certain fixed assets from Alby's, Inc. of Jacksonville, Fla., in exchange for options for 600,000 shares of common stock plus a loan to the new corporation.
 Global simultaneously formed a new subsidiary called Alby's Imports, Inc. to engage in the wholesale importation and distribution of consumer and entertainment products. Hollis Sprout, formerly the president of Alby's, Inc., has been named president of the new subsidiary.
 Alby's, Inc. since 1974 had been a wholesale importer and distributor of consumer and entertainment products to the supermarket, retail drug and mass merchant trade. For the year ended Dec. 31, 1991, as a subsidiary of Pennington Enterprises, Inc., Alby's had sales of approximately $14.6 million and pretax income of approximately $537,000.
 In further news, Global announced that a previously completed stock- for-stock exchange with Corsa, Ltd., a video producer and marketing company based in Conshohocken, Pa., had been rescinded, and Corsa has returned for cancellation 3,421,666 shares of Global common stock.
 Robert Kohn, chairman of Global, was named Global's chief executive officer and chief financial officer, and Jack Gluck, president of Film Studios Inc., a wholly owned subsidiary of Global, was named Global's president and Global's chief operating officer.
 Global Entertainment is engaged in the production and licensing of entertainment products as well as the wholesale importation and distribution of consumer and entertainment products to the supermarket, retail drug and mass merchant trades through its wholly owned subsidiaries, Alby's Imports, Inc., and Century Film Studios, Inc.
 -0- 3/31/92
 /CONTACT: Robert Kohn, chairman of Global Entertainment, 609-988-1717/
 (GLBN) CO: Global Entertainment Ltd.; Alby's Inc. ST: New Jersey IN: ENT SU: TNM


CK-TQ -- NY040 -- 3356 03/31/92 11:02 EST
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Date:Mar 31, 1992
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