updated 5/10/2011 4:47:24 PM ET 2011-05-10T20:47:24

MIDDLETOWN, R.I., May 10, 2011 (GLOBE NEWSWIRE) -- Towerstream Corporation (Nasdaq:TWER), a leading 4G service provider, and One Velocity Inc. ("One Velocity") have entered a definitive agreement for Towerstream to acquire certain business assets from One Velocity. Under the terms of the agreement, Towerstream will acquire One Velocity business assets operating in Las Vegas and Reno, Nevada including all customer contracts, network infrastructure, and related assets.  The acquisition closing is subject to customary conditions and is expected to close by the end of the second quarter 2011.   As a result of the acquisition of One Velocity, Towerstream has increased its revenue guidance for the second quarter 2011 to range between $6.4 million and $6.7 million.

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: INVESTOR CONTACT:
         Terry McGovern
         Vision Advisors
         415-902-3001
         mcgovern@visionadvisors.net
         
         MEDIA CONTACT:
         Matt Calderone
         LaunchSquad Public Relations
         212-564-3665
         towerstream@launchsquad.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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