updated 6/13/2011 8:16:57 AM ET 2011-06-13T12:16:57

MIDDLETOWN, R.I., June 13, 2011 (GLOBE NEWSWIRE) -- Towerstream Corporation (Nasdaq:TWER), a leading 4G service provider, is set to join the Russell 3000 Index and Russell Global Index when Russell Investments reconstitutes its comprehensive set of global equity indexes on June 24, according to a preliminary list of additions posted June 10 on www.russell.com/indexes .

Membership in the Russell Global Index, which remains in place for one year, means automatic inclusion in the appropriate large-cap, small-cap, all-cap indexes as well as the applicable style, sector and country indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.

"Our inclusion in the Russell Indexes is an important milestone in the development and expansion of our company," said Towerstream Chief Executive Officer Jeff Thompson. "We are pleased to be selected for Russell's leading equity benchmarks, as our inclusion to these important indexes offers Towerstream further exposure to the investment community."

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading US$3.9 trillion in institutional assets currently are benchmarked to them.

The Russell Global Index, which captures 98% of investable securities globally, is reconstituted annually and all sub-indexes are recalibrated simultaneously to accurately measure current market realities for each market segment. These investment tools originated from Russell's multi-manager investment business in the early 1980s when the company saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers.

Russell launched the Russell Global Index in 2007, leveraging the popular methodology from its U.S. indexes. The broad-market Russell 3000 Index serves as the U.S. component to the Russell Global Index.

Daily returns for the Russell Global Index and other Russell Indexes are available at http://www.russell.com/Indexes/data/default.asp .

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 12 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 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

About Russell

Russell Investments provides strategic advice, world-class implementation, state-of-the-art performance benchmarks and a range of institutional-quality investment products. Russell has about $161 billion in assets under management as of March 31, 2011, and serves individual, institutional and advisor clients in more than 35 countries. Founded in 1936, Russell is a subsidiary of The Northwestern Mutual Life Insurance Company.

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

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