Towerstream Corporation Announces Closing of Public Offering of Common Stock

Towerstream Corporation Announces Closing of Public Offering of Common Stock

MIDDLETOWN, R.I., Feb. 5, 2013 (GLOBE NEWSWIRE) -- Towerstream Corporation
(Nasdaq:TWER), a leading 4G and Small Cell Rooftop Tower company, today
announced the completion of its underwritten public offering of 10,000,000
shares of its common stock, at a public offering price of $3.00 per share. The
total gross proceeds of the offering were $30,000,000. After underwriting
discounts and commissions, and estimated offering expenses payable by
Towerstream, net proceeds were approximately $27,700,000. Lazard Capital
Markets LLC acted as sole book-running manager for the offering, and Canaccord
Genuity Inc. and D.A. Davidson & Co. acted as the co-managers for the

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 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 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) 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 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 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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