Summit America Television Announces Issuance of Stock to Warrant Holders.

Business Editors

NAPLES, Fla.--(BUSINESS WIRE)--July 1, 2003

Summit America Television, Inc. (Nasdaq: SATH), which owns and operates five television stations and holds a 30% interest in the Shop At Home Network, a nationally televised home shopping service, today announced that it has received $4.5 million from the sale of 1.6 million shares of its Common Stock, $.0025 par value, pursuant to warrants originally granted in 2000.

On June 30, 2003, two investors exercised warrants previously issued by the Company and purchased 1,600,038 shares of the Company's Common Stock, $.0025 par value, at a purchase price of $2.82 per share (for a total payment to the Company of $4,512,107). The warrants were issued on June 30, 2000, and expired if not exercised by the end of the day on June 30, 2003. The warrants granted the investors the right to purchase up to 2,000,000 shares of common stock, of which the investors purchased 1.6 million shares and allowed the warrants for the remaining 400,000 shares to expire.

The warrant was originally issued on June 30, 2000, in connection with the purchase by the two investors of $20,000,000 of the Company's Series B Convertible Preferred Stock. All of the shares of Series B Convertible Preferred Stock have been redeemed or converted to common stock and none remains outstanding on this date.

Summit has reported that on March 31, 2003, the Company had approximately 42.4 million outstanding shares of Common Stock. The newly issued shares constitute about 3.8% of those outstanding shares.

Summit plans to use the proceeds from the exercise of the warrants for general working capital purposes.

Summit is the 21st largest television station group owner in the U.S. The five full-power broadcast television stations it owns are KCNS, San Francisco; WMFP, Boston; WOAC, Cleveland; WRAY, Raleigh; and WSAH, Bridgeport, Connecticut. WSAH covers a portion of the New York market.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 -- This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934. Forward-looking statements include information relating to possible or assumed future results of operations of the Company, including those preceded by, followed by or that include the words "believes," "projects," "expects," "anticipates" or similar expressions. These statements reflect the current views of the Company with respect to future events. The following important factors, in addition to those described in the Company's filings with the SEC, could affect the future results of the Company, and could cause those results to differ materially from those expressed in the forward-looking statements: general economic and business conditions; anticipated trends in the Company's business; existing and future regulations affecting the Company's business; the Company's successful implementation of its business strategy; fluctuations in the Company's operating results; technological changes in the television and Internet industry; restrictions imposed by the terms of the Company's indebtedness; and legal uncertainties. These forward-looking statements are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, whether as a result of new information, future events or any other reason.