Towerstream Corporation Announces Proposed Public Offering of Common Stock

Towerstream Corporation Announces Proposed Public Offering of Common Stock

MIDDLETOWN, R.I., Jan. 30, 2013 (GLOBE NEWSWIRE) -- Towerstream Corporation
(Nasdaq:TWER), a leading 4G and Small Cell Rooftop Tower company, today
announced that it intends to offer shares of its common stock in an
underwritten public offering. Towerstream also expects to grant the
underwriters a 45-day option to purchase additional shares of common stock.
Lazard Capital Markets LLC is acting as sole book-running manager for the
offering. While the offering is expected to price before 9:30 am EST on
January 31, 2013, the offering is subject to market conditions, and there can
be no assurance as to whether or when the offering may be completed, or as to
the actual size or terms of the offering.

A registration statement on Form S-3 relating to the common stock offered in
this offering has been filed with, and declared effective by, the Securities
and Exchange Commission (the "SEC"). A preliminary prospectus supplement, as
well as a final prospectus supplement, relating to the offering will be filed
with the SEC, each of which will form a part of the effective registration
statement. Any offering will be made only by means of a prospectus forming a
part of the effective registration statement. When available, copies of the
preliminary and final prospectus supplements 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.

About Towerstream Corporation

Towerstream (Nasdaq:TWER) is a leading 4G and Small Cell Rooftop Tower
company. The company owns, operates, and leases Wi-Fi and Small Cell rooftop
tower locations to cellular phone operators, tower, Internet and cable
companies and hosts a variety of customers on its network. Towerstream was
originally founded in 2000 to deliver fixed-wireless high-speed Internet
access to businesses and to date offers broadband services in over 12 urban
markets including New York City, Boston, Los Angeles, Chicago, Philadelphia,
the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Nashville, Las
Vegas-Reno and the greater Providence area. For more information on
Towerstream services, please visit www.towerstream.com and/or follow us
@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, including,
without limitation, risk related to our ability to deploy and expand a small
cell rooftop tower locations in the New York City and other key markets.
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: INVESTOR CONTACT:
        
         Terry McGovern
         Vision Advisors
         415-902-3001
         mcgovern@visionadvisors.net
        
         MEDIA CONTACT:
        
         Todd Barrish
         Indicate Media
         646-396-6038
         todd@indicatemedia.com

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