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Towerstream Corporation Announces Pricing Of Underwritten Registered Offering Of Common Stock

MIDDLETOWN, R.I., Nov. 23, 2010 (GLOBE NEWSWIRE) -- Towerstream (Nasdaq:TWER) announced the pricing of an underwritten registered offering of 5,714,286 shares of its common stock with an offering price of $2.80 per share. The gross proceeds to Towerstream from this offering are expected to be approximately $16.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on or about November 29, 2010, subject to customary closing conditions. Towerstream has also granted the underwriters a 30-day option to purchase up to an additional 857,143 shares of common stock to cover over-allotments, if any. All of the shares in the offering are to be sold by Towerstream.

Towerstream intends to use the net proceeds from this offering for general corporate purposes, including providing services, marketing and growth.

Lazard Capital Markets LLC is acting as the sole book-running manager and Merriman Capital, Inc. is acting as the co-manager for the offering. A shelf registration statement and accompanying base prospectus on Form S-3 relating to the shares was filed with the Securities and Exchange Commission ("SEC") and is effective. A preliminary prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC's web site at Copies of the final prospectus supplement relating to the offering, when available, may be obtained from the offices of Lazard Capital Markets LLC at 30 Rockefeller Plaza, 60th Floor, New York, NY, 10020, via telephone at (800) 542-0970 or from the above-mentioned SEC website. 

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.

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