BigStar Entertainment to Retain Financial Advisor to Evaluate Strategic Opportunities; Notice Regarding Requirements for Continued Listing Received From Nasdaq.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 18, 2000

BigStar Entertainment Inc. (Nasdaq:BGST) today announced that its board of directors has authorized the retention of a financial advisor to assist in evaluating strategic opportunities that could enhance the company's business objectives and increase shareholder value.

The company has received inquires regarding a possible sale and/or strategic business combination. The company has not agreed on terms with any party, including a price for any investment in or acquisition of all or part of the securities of BigStar Entertainment Inc.

Separately, the company announced that it has received notification from Nasdaq regarding Rule 4450(a)(5), specifically concerning the possible delisting of the company's stock as a result of its bid price closing below $1.00 for 30 consecutive trading days. In accordance with the Rule, the company will be provided 90 calendar days to regain compliance. The company is exploring its options under the Nasdaq Rules to maintain its listing.

"The board believes that it is in the best interest of the company to evaluate strategic opportunities that would accelerate our corporate goals and maximize shareholder value. We are selecting an investment banker and look forward to working with them to realize the company's full potential," said David Friedensohn, chairman and chief executive officer of BigStar.

BigStar Entertainment Inc. (http://www.bigstar.com) is 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 over 40,000 videos and digital video discs (DVDs).

In addition, the company's Advaya Inc. division offers digital direct marketing services for businesses and companies that want to communicate directly with their customers online, a $160 billion industry. Advaya provides a variety of e-marketing services and products to its customers including a personalized, targeted e-messaging and e-mail service.

Through its proprietary Web-based software tool and client services team, Advaya enables clients to manage their subscriber databases, build, schedule, test, send and analyze targeted messages to their users. Advaya also provides consulting services for building subscriber lists, developing creative digital direct marketing strategies and offers data warehousing. More information about Advaya Inc. can be found at www.advaya.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: BigStar Entertainment has included in this news release certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 concerning potential future events and developments affecting BigStar's business, operations and financial condition. Examples of forward-looking statements include, but are not limited to, "can be," "expects," "may affect," "may depend," "believes," "estimates," "anticipates," "projects" and similar words and phrases. Such forward-looking statements are subject to various known and unknown risks, and uncertainties and BigStar cautions readers that any forward-looking information provided by or on behalf of BigStar is not a guarantee of future performance. Actual results could differ materially from those anticipated in such forward-looking statements due to a number of factors, some of which are beyond BigStar's control, in addition to those discussed in BigStar's other news releases, public filings and statements by BigStar's management, including (i) the highly volatile and competitive nature of the Internet industry, (ii) changes in domestic and foreign economic and market conditions, (iii) the effect of federal, state and foreign regulation on BigStar's business, (iv) issues related to BigStar's entry into new markets, and (v) the effect of any future acquisitions. All such forward-looking statements are current only as of the date on which such statements were made. BigStar does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events. For a description of additional risks and uncertainties, refer to BigStar's filings made from time to time with the Securities and Exchange Commission.