FOR IMMEDIATE RELEASE

October 31, 2003

Monarch Broadcasting has agreed to purchase the assets of radio stations KWHW-AM, KRKZ-FM and KQTZ-FM serving Altus, and the surrounding southwestern

Oklahoma area from Altus Radio, Inc. for $1,800,000.*

Altus Radio is owned by Galen Gilbert and Jimmy Young. Galen Gilbert has ownership interests in radio stations in southwest Missouri. Monarch Broadcasting is owned by Matt Ward who has no other broadcasting interests.

Bill Whitley of the Dallas office of Media Services Group represented the Seller in this transaction.

* Pending FCC Approval