[July 18, 2011]

Rodman & Renshaw, LLC Announces Exercise of Over-Allotment Option of Underwritten Offering of Common Stock by Towerstream Corporation

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) announced today the exercise of the over-allotment option granted to the underwriters to purchase 1,350,000 additional shares of common stock, at a public offering price of $4.00 per share, of Towerstream Corporation (Nasdaq:TWER). The over-allotment option was exercised in connection with Towerstream's previously announced underwritten offering of 9,000,000 shares of common stock, bringing gross proceeds from the offering to $41,400,000.

The securities described above were offered by Towerstream pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission ("SEC (News - Alert)"). The securities were offered by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Copies of the preliminary prospectus supplement, the final prospectus supplement and accompanying base prospectus related to this offering may be obtained from the SEC's website at http://www.sec.gov, or from Rodman & Renshaw, LLC, 1251 Avenue of the Americas, 20th Floor, New York, NY 10020 or via telephone at (212) 430-1710.

This press release shall not constitute an offer to sell or the solicitation of offers to buy any securities of Towerstream Corporation and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or ale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Towerstream Corporation

Towerstream is a leading 4G service provider in the U.S., delivering high-speed wireless Internet access to businesses. Founded in 2000, the Company has established networks in 12 markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Nashville, Las Vegas-Reno and the greater Providence area where the Company is based. For more information about the Company, visit their website at www.towerstream.com or follow them on Twitter (News - Alert) @Towerstream.

The Towerstream Corporation logo is available at //www.globenewswire.com/newsroom/prs/?pkgid=6570 .

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, including, without limitation, risk related to our ability to deploy and expand a Wi-Fi network in the New York City and other key markets. 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.

About Rodman & Renshaw

Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) is a holding company with a number of direct and indirect subsidiaries, including Rodman & Renshaw, LLC.

Rodman & Renshaw is a full-service investment bank dedicated to providing corporate finance, strategic advisory and related services to public and private companies across multiple sectors and regions. Rodman also provides research and sales and trading services to institutional investors. Rodman is the leader in the PIPE (private investment in public equity) and RD (registered direct offering) transaction markets. According to Sagient Research Systems, Rodman has been ranked the #1 Placement Agent in terms of the aggregate number of PIPE and RD financing transactions completed every year since 2005.

For more information visit Rodman & Renshaw on the Internet at www.rodm.com

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