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September 21, 2002

Big City Radio, Inc. announced that certain holders of its 11 1/4% of Senior Discount Notes due 2005 have delivered to the Company a notice declaring the principal and interest on all of the Notes to be immediately due and payable.

The Company is considering various alternatives including the sale of assets and the restructuring of the Notes, although there are no assurances that any such sales or restructuring will be consummated. In the absence of such sales or restructuring, the Company may need to file for protection under the United States bankruptcy laws.

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