updated 12/16/2010 10:47:01 AM ET 2010-12-16T15:47:01

MIDDLETOWN, R.I., Dec. 16, 2010 (GLOBE NEWSWIRE) -- Towerstream (Nasdaq:TWER), a leading 4G service provider, completed its acquisition of certain business assets from Pipeline Wireless. The acquired business assets include substantially all of Pipeline Wireless' customer contracts, network infrastructure, and related assets in the Boston and Providence markets.

"We are very excited to close our second accretive acquisition," stated Jeffrey Thompson, Chief Executive Officer. "Acquisitions will continue to enhance our strong organic growth and accelerate market cash flow and penetration."

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

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