Towerstream Corporation Announces Pricing of Public Offering of Common Stock

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 or from Lazard Capital Markets LLC,
30 Rockefeller Plaza, 60th Floor, New York, NY 10020 or via telephone at (800)

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 (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 and/or follow us

The Towerstream Corporation logo is available at:

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.

         Terry McGovern
         Vision Advisors
         Todd Barrish
         Indicate Media

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