Towerstream (TWER) to Acquire Certain L.A. Area Assets from Color Broadband

Towerstream Corporation (Nasdaq: TWER), and Color Broadband Communications Inc. have entered a definitive agreement for Towerstream to acquire certain business assets from Color Broadband in a transaction consisting of cash, common stock and assumed obligations. Under the terms of the agreement, Towerstream will acquire all customer contracts, network infrastructure, and related assets. The transaction is subject to customary conditions and is expected to close by the end of 2011.

This transaction will be the largest to date under Towerstream's acquisition program, and represents the fourth acquisition since April 2010.

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