Regent Bcstg. Grand Rapids Completes Acquisition of WLSP,KRXF from Convenant Comm.

FOR IMMEDIATE RELEASE

October 2, 2002

Regent Broadcasting of Grand Rapids, Inc. has closed on the purchase of WLSP-AM and WRXF-FM in LaPeer, Michigan, from Covenant Communications Corporation for $1.3 million.

George R. Reed and Eddie Esserman initiated this transaction and represented the Seller in the negotiations.

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