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Towerstream Corporation Announces Exercise Of Over-Allotment Option And Closing Of Underwritten Offering Of Common Stock

MIDDLETOWN, R.I., Nov. 29, 2010 (GLOBE NEWSWIRE) -- Towerstream (Nasdaq:TWER) announced today the completion of its previously announced underwritten offering of 5,714,286 shares of its common stock, as well as 857,143 additional shares of its common stock pursuant to the full exercise of the over-allotment option granted to the underwriters, at an offering price of $2.80 per share. The total gross proceeds of the offering were approximately $18.4 million. After underwriting discounts and commissions and estimated offering expenses payable by Towerstream, net proceeds were approximately $17.0 million. Lazard Capital Markets LLC acted as the sole book-running manager and Merriman Capital, Inc. acted as the co-manager for the offering.

The securities described above were offered by Towerstream pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission ("SEC"). The securities were offered by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Copies of the preliminary prospectus supplement, the final prospectus supplement and accompanying base prospectus related to this offering may be obtained from the SEC's website at http://www.sec.gov or Lazard Capital Markets LLC, 30 Rockefeller Plaza, 60th Floor, New York, NY 10020 or via telephone at (800) 542-0970.

This press release shall not constitute an offer to sell or the solicitation of offers to buy any securities of Towerstream Corporation and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Towerstream Corporation

Towerstream is a leading 4G service provider in the U.S., delivering high-speed wireless Internet access to businesses. Founded in 2000, the Company has established networks in 11 markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Nashville, and the greater Providence area where the Company is based. For more information, visit our website at www.towerstream.com or follow us on Twitter @Towerstream.

The Towerstream Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6570 .

Safe Harbor

Certain statements contained in this press release are "forward-looking statements" within the meaning of applicable federal securities laws, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements contained herein. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:  Vision Advisors
          INVESTOR CONTACT:
          Terry McGovern
          415-902-3001
          mcgovern@visionadvisors.net

          ICR Inc.
          INVESTOR CONTACT:
          Seth Potter
          646-277-1230
          Seth.Potter@icrinc.com

          LaunchSquad Public Relations
          MEDIA CONTACT:
          Matt Calderone
          212-564-3665
          towerstream@launchsquad.com

Towerstream Corporation Logo

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