BigStar Entertainment Raises Stock Buyback Authorization to Three Million; Repurchases 1.4 Million Shares; Resignation of ValueVision Executive from Board.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 23, 2001

BigStar Entertainment Inc. (OTCBB:BGST) today announced its board of directors has authorized the repurchase of an additional one million shares of the company's outstanding common stock.

The common stock may be repurchased from time to time in privately negotiated transactions or in the open market at varying prices depending on market conditions and other factors.

The board previously authorized the repurchase of up to two million shares in December 2000, of which approximately 800,000 shares had been repurchased.

The company also announced it has repurchased approximately 1.4 million shares from ValueVision International Inc. (Nasdaq:VVTV). Both companies have also agreed to discontinue their marketing agreement, including the production of "The BigStar Show."

Concurrently, the company said that Nathan Fagre, senior vice president and general counsel of ValueVision, has resigned from BigStar's board of directors.

BigStar Entertainment now has approximately eight million common shares outstanding following the repurchase of shares from ValueVision.

About BigStar Entertainment

BigStar Entertainment Inc. operates bigstar.com, a leading Shop-A-Tainment(TM) destination site, based on internal analysis of traffic, sales and other metrics. Bigstar.com is exclusively dedicated to filmed entertainment products, selling more than 45,000 videos and digital video discs (DVDs). BigStar's offering of more than 8,000 movie trailers, served through its BigStar Broadband Theater, is among the largest on the Internet.