MIDDLETOWN, R.I., Dec. 5, 2011 (GLOBE NEWSWIRE) -- Towerstream
Corporation (Nasdaq:TWER), a leading 4G service provider and Wi-Fi
network operator, completed its acquisition of substantially all of the
business assets of Color Broadband Communications, Inc. ("Color
Broadband"). The acquired business assets include substantially all of
Color Broadband's customer contracts, network infrastructure, and
related assets in the Los Angeles market.

"We are pleased to close our third acquisition in the last twelve
months, our fourth in total, and our largest to date," stated Jeff
Thompson, Chief Executive Officer. "Our California market has been
growing rapidly over the past few years and this transaction makes Los
Angeles our largest revenue generating market."

"Our acquisition program continues to yield opportunities to acquire
solid, single market operators in existing and new markets," noted
Joseph Hernon, Chief Financial Officer. "We have established an
efficient and expedient process for identifying and closing accretive
transactions and seamlessly integrating the acquired assets."

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 over 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. In 2011,
Towerstream launched its Manhattan Wi-Fi network geared towards mobile
operators, retail/daily deal providers and Wi-Fi operators. 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, including, without limitation, risk
related to our ability to deploy and expand a Wi-Fi network 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.


CONTACT: INVESTOR CONTACT:

         Terry McGovern
         Vision Advisors
         415-902-3001
         mcgovern@visionadvisors.net

         MEDIA CONTACT:

         Todd Barrish
         Indicate Media
         646-396-6038
         todd@indicatemedia.com