BEVERLY HILLS, CA -- (Marketwire) -- 08/20/08 -- Global Entertainment Acquisition Corp. (PINKSHEETS: GEAC), founded by iconic producer Maurice Smith, announced today that it has negotiated a deal to executive produce and co-finance the thriller "Carjacked" with Golden Globe nominee Dan Grodnik and Academy Award Winning Producer Albert S. Ruddy. The announcement culminates several weeks of negotiations with veteran filmmaker Grodnik, who recently was nominated for a Golden Globe for Best Picture for his production of the independent film "Bobby" starring Anthony Hopkins, Sharon Stone, Demi Moore, Laurence Fishburne, Lindsay Lohan and William H. Macy.

Grodnik and Albert S. Ruddy announced a partnership in Crazy Max Productions recently at the Cannes Film Festival and "Carjacked" is the first of several projects that will be produced by their newly formed company.

Albert S. Ruddy has produced some of the greatest films of the past 40 years including "The Godfather," starring Marlon Brando and Al Pacino; "Million Dollar Baby," starring Clint Eastwood; and both "Longest Yard" movies, the original with Burt Reynolds, and the remake starring Adam Sandler, to name just a few. Mr. Ruddy is one of only three producers living to have won two Academy Awards for Best Picture.

Grodnik's "Bobby" premiered at the Venice Film Festival, where it received a seven-minute-long standing ovation. The film was released in New York and Los Angeles on November 17, 2006; wide release followed on Thanksgiving, November 23, 43 years and a day after the John F. Kennedy assassination. "Bobby" was nominated for a Golden Globe for Best Picture.

"Carjacked" will be shot sometime in the fall of 2008 and will wrap in 4 weeks. Casting is underway and the male and female leads should be announced within the next few weeks. The news comes on the heels of several very promising achievements and announcements including the acquisition of rights on both music libraries and screenplays, the addition of several key entertainment veterans to the advisory team, the commencement of production on "Spiderella," the super heroine screenplay developed by Maurice Smith, and the completion on the creative of "Brand Dead," a project the company expects to ultimately become a franchise comedy.

The company has initiated a name change and will announce when Finra makes it official and expects to announce significant positive developments regarding a restructuring in the coming weeks.

ABOUT GLOBAL ENTERTAINMENT

Global Entertainment Acquisition Corporation is an emerging film production company headed by Maurice Smith, a veteran filmmaker who has produced many successful and memorable films such as "Screwballs," "Totally Blonde," "Alien Predator," "Recruits 1 and 2" and many other films over his distinguished 30 year career. His films have been distributed in virtually every country in the world and he has distribution on several films currently with some of the largest film distributors in the world.

The company will focus on producing small budget films in the Comedy and Sci Fi genres while searching for and developing emerging talent including writers, directors and actors to work on their films. In an era of expanded outlets of distribution, content is in higher demand than ever. It is Global's mission to become a leading content provider of entertaining, high quality films to feed the global demand.

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.