Towerstream Corporation (NASDAQ:TWER), a leading fixed-wireless fiber alternative company, announced today the reduction of $5.0 million of long-term debt which has been exchanged for Series D Preferred Stock. This action reduces the Company’s total long term debt by $5 million to $33.4 million. In addition, the Company’s cash balance remains at approximately $12 million. This action improves the Company’s capital structure, strengthens its balance sheet, and demonstrates the investor’s confidence in its business plan.
Management Comment
“We are pleased to have been able to improve our capital structure by exchanging a portion of our outstanding debt. This action enhances our shareholder’s equity and is a further step towards satisfaction of our NASDAQ continued listing requirements,” stated Philip Urso, Chief Executive Officer. “Debt reduction continues to be our priority as we execute our plan.”
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.
