Company Looks to Continue Momentum of First Quarter 2007 MIDDLETOWN, R.I., May 21 /PRNewswire-FirstCall/ -- Towerstream Corporation (OTC:TWER.OB) (BULLETIN BOARD: TWER.OB) , a leading fixed WiMAX service provider, announced today significant improvement in revenue growth and customer acquisition and retention over 2006. Throughout the first quarter of 2007, Towerstream continued to expand capacity, build out the sales team, add senior management in key departments, and execute on its business model. In addition Towerstream expanded into two new markets, Seattle and Miami. Towerstream's first quarter 2007 reported results included the following: -- Increase in the average monthly revenue per customer (ARPU) to $865 compared to $590 for the first quarter 2006; an increase of approximately 47% -- Significant decrease in customer churn to 1.3% compared to 2.0% in first quarter 2006 -- Increase in install rates per sales person to $1095, compared to $972 in the first quarter 2006; an increase of 13% "This has been a very exciting period for Towerstream as we transitioned from a private to a public company," said Jeff Thompson, President and CEO of Towerstream. "In only a few short months we were able to invest some of our new capital to build out our sales and customer service teams. As a result, throughout the first quarter we continued to see the benefits including the large increase in our new customer ARPU, the increase in sales per salesperson and the significant decrease in customer churn. We look forward to building on this strong growth momentum and further expanding our customer base into new and existing markets." For more information visit http://www.towerstream.com/ About Towerstream Towerstream (OTC:TWER.OB) (BULLETIN BOARD: TWER.OB) is a leading fixed wireless service provider in the U.S., delivering high-speed Internet access to businesses. Founded in 2000, the company has established pre-WiMAX networks in markets such as New York City, Los Angeles, Chicago, San Francisco, Seattle, Miami, the greater Boston area, and Providence and Newport, R.I., and continues to expand coverage throughout the country. The company was the first carrier selected to join the WiMAX Forum to assist leading vendors in establishing industry compliance with international broadband wireless access standards and cross-vendor interoperability. For more information on Towerstream, please visit the website at: http://www.towerstream.com/. 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 have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof. DATASOURCE: Towerstream Corporation CONTACT: Media, Kristin Conforti of Dukas Public Relations, +1-516-320-6839, , or Investors, Terry McGovern of Vision Advisors, +1-415-902-3001, , both for Towerstream Corporation Web site: http://www.towerstream.com/

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