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November 01, 2011

Towerstream Corporation to Acquire Business Assets from Color Broadband

Towerstream Corporation, a leading high-speed wireless 4G service provider and Wi-Fi network operator, recently signed an agreement with Color Broadband Communications Inc to acquire all customer contracts, network infrastructure, and related assets from Color Broadband. The transaction consists of cash, common stock and assumed obligations.

With its fourth acquisition since April 2010, Towerstream has now expanded its customer base in Los Angeles by 60 percent. Also, it has expanded the annual revenue base by approximately 70 percent, and its network coverage area by approximately 20 percent.

“Color Broadband is one of the largest wireless internet services providers in California,” stated President and Chief Executive Officer, Jeff Thompson. “We are excited about integrating Color Broadband's Points of Presence into our network and the opportunity to aggressively build our customer base in the expanded network coverage area.”

“Our California market has been growing rapidly over the past few years and this transaction will accelerate that growth even further,” noted Joseph Hernon, Chief Financial Officer. “This acquisition will be immediately accretive to Towerstream and embodies our focus on opportunities that match our business model and enhance shareholder value.”

This transaction will be the largest to date under Towerstream's acquisition program, and is subject to customary conditions and is expected to close by the end of 2011.

Meanwhile, Towerstream Corporation recently announced that Thompson will present at Open Mobile Media's Open Mobile Summit next week at the Marriot Marquis San Francisco.

Thompson's presentation titled, “Wi-Fi Offload: The Key to Mobile Content Delivery” will discuss how to build intelligent, robust Wi-Fi networks in our largest cities specifically focused on ensuring the consumer smartphone/tablet experience not only lives up to the hype but far surpasses it. The Towerstream presentation takes place on Wednesday, November 2, 2011 at 3:15 p.m., PDT.

Rahul Arora is a MobilityTechzone contributor. He has worked as an editor and freelance writer for several reputed organizations in India. To read more of his articles, please visit his columnist page.

Edited by Jennifer Russell

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