Company Named as First Double Award Winner for its Wireless Broadband Service MIDDLETOWN, R.I., Oct. 2 /PRNewswire-FirstCall/ -- Towerstream (NASDAQ: TWER), a leading fixed WiMAX service provider, today announced its WiMAX service has been named the winner of two Telephony Innovation Awards at Telephony LIVE 2008, a telecommunications summit from Telephony Magazine. The company was awarded "Most Innovative Broadband Wireless Service" and "Most Innovative Small Business Service." Towerstream's high-speed wireless broadband is currently available in nine major U.S. markets. "Towerstream is dedicated to providing the best and most reliable wireless broadband service to businesses -- from SMBs to enterprises," said Jeff Thompson, President and CEO of Towerstream. "Telephony Magazine is a highly respected publication in the telecommunications industry and we are honored to receive these awards from the Telephony team." Telephony's Innovation Awards are in their second year of recognizing creative service creation and deployment in the telecom service provider space. The awards are open to all service providers including telecom and cable companies, wireless service providers, managed and hosted service providers, Internet service providers and applications service providers. The awards are judged by members of Telephony's editorial staff and by guest judges. This year's guest judging panel included Daniel Briere, CEO of TeleChoice, Vince Vittore, program manager with the Yankee Group and Cindy Whelan, analyst with Current Analysis. "Towerstream's WiMAX service was the first double winner in the two-year history of the Telephony Innovation Awards," said Telephony Editor-in-Chief Carol Wilson. "I think this speaks to how far ahead of the market our judges believe Towerstream to be in using this wireless technology to deliver broadband access to businesses." For more information please visit http://www.towerstream.com/. About Towerstream Corporation Towerstream is a leading fixed WiMAX service provider in the U.S., delivering high-speed Internet access to businesses. Founded in 2000, the Company has established networks in nine markets including New York City, Boston, Los Angeles, Chicago, the San Francisco Bay Area, Miami, Seattle, Dallas-Fort Worth, and the greater Providence area where the Company is based. 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. 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 publicly release statements made to reflect events or circumstances after the date hereof. DATASOURCE: Towerstream Corporation CONTACT: Investors, Terry McGovern of Vision Advisors, +1-415-902-3001, ; or media, Amanda Lordy, , or Todd Barrish, , both of Dukas Public Relations, +1-212-704-7385; all for Towerstream Corporation Web Site: http://www.towerstream.com/

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