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Towerstream Corporation Announces Pricing Of Public Offering Of Common Stock

MIDDLETOWN, R.I., Jan. 31, 2013 (GLOBE NEWSWIRE) -- Towerstream Corporation (Nasdaq:TWER), a leading 4G and Small Cell Rooftop Tower company, today announced that it has priced an underwritten public offering of an aggregate of 10,000,000 shares of its Common Stock, at a price to the public of $3.00 per share. In addition, Towerstream has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 shares of common stock. The offering is expected to close on or about February 5, 2013, subject to customary closing conditions.

The net offering proceeds to Towerstream from this offering are expected to be approximately $27.7 million, after deducting underwriting discounts and commissions and other estimated offering expenses, but excluding any exercise of the underwriters' option to purchase additional shares.

Lazard Capital Markets LLC is acting as sole book-running manager for the offering, with Canaccord Genuity Inc. and D.A. Davidson & Co. acting as the co-managers for the offering.

Towerstream intends to use the net proceeds of this offering for general working capital for us and our Hetnets subsidiary, potential acquisitions, and expansion in existing and new markets.

A registration statement on Form S-3 relating to the common stock offered in this offering, together with the base prospectus and a preliminary prospectus supplement have been filed with Securities and Exchange Commission (the "SEC"). The above described offering is made only by means of a prospectus forming a part of the effective registration statement. A final prospectus supplement, relating to the offering will be filed with the SEC, and will form a part of the effective registration statement. When available, copies of the final prospectus supplement relating to these securities may be obtained by visiting the SEC's website at www.sec.gov or from 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 an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

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