MIDDLETOWN, R.I., July 06, 2016 (GLOBE NEWSWIRE) -- Towerstream Corporation (NASDAQ:TWER) (the “Company”), a leading Fixed-Wireless Fiber Alternative company, announced it has engaged an appraisal firm experienced in evaluating wireless spectrum and received guidance on the value of its FSS station and license.
Towerstream is the holder of grandfathered earth station assets in the greater Miami, FL area and is the licensee of call sign KA412 operating in frequencies between 3.625 GHz to 4.2 GHz. An independent third-party valuation firm recently appraised those wireless assets between $22 million and $33 million.* Although there can be no assurance that a third party acquirer would be willing to purchase for that price or at all, or regulatory approval for such a sale would be achieved, the Company is confident that the appraisal reflects potential value that is not evident on the historical balance sheet of the Company since the balance sheet reflects only the Company’s historical purchase price.
“Towerstream is pleased that the FCC clarified its rules in the 3.5 GHz band,” stated Arthur Giftakis, Chief Operating Officer. “These frequencies will play an important role as the Commission continues its goal of increasing available spectrum for mobility.”
About Towerstream Corporation
Towerstream Corporation (NASDAQ:TWER) is a leading Fixed-Wireless Fiber Alternative company delivering high-speed Internet access to businesses. The Company offers broadband services in 12 urban markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Houston, Las Vegas-Reno, and the greater Providence area.
In 2014, Towerstream launched its On-Net fixed-wireless service offering On-Net building tenants access to dedicated, symmetrical high-speed Internet connectivity, with a premier SLA, at market-setting prices.
*About the Appraisal
Given the lack of market activity in the 3.5 GHz band since the solidification of the FCC rules in the 3.5 GHz band for the Citizens Broadband Radio Service, the value estimate is inherently subject to risks and uncertainties (including but not limited to, its dependence on the commercial development of the Citizens Broadband Radio Service band), some of which cannot be predicted or quantified based on current expectations.
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 correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
INVESTOR CONTACT: Terry McGovern Vision Advisors 415-902-3001 firstname.lastname@example.org