Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - TOWERSTREAM CORP | twer20140317_8k.htm |
Exhibit 99.1
Towerstream Reports Fourth Quarter and Year End 2013 Results
MIDDLETOWN, R.I., March 17, 2014 – Towerstream Corporation (NASDAQ: TWER) (the “Company”), a leading 4G and Small Cell Rooftop Tower company, announced results for the fourth quarter and year ended December 31, 2013.
Fourth Quarter and Annual Operating Highlights
HetNets Tower Corporation Subsidiary
|
● |
Revenues increased to $0.7 million in the fourth quarter 2013 compared to $0.5 million in the third quarter 2013. |
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● |
Completed first full quarter of Wi-Fi lease agreement with major cable operator. |
Towerstream Corporation
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● |
Average revenue per user (“ARPU”) of new customers (excluding acquisitions) increased to $752 during the fourth quarter 2013 compared to $648 for the third quarter 2013 and $542 for the fourth quarter 2012. |
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● |
Total customer ARPU increased for the seventh consecutive quarter and totaled $761 at the end of 2013 as compared to $710 at the end of 2011. |
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● |
Company remained in a strong financial position as cash balances totaled approximately $28 million at December 31, 2013 with cash used in the quarter ended December 31, 2013 of approximately $4.6 million. |
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● |
Launched new 100 megabyte offering in select building locations in the fourth quarter. |
Management Comments
"We are pleased to report that HetNets revenue grew 21% sequentially driven by our first full quarter of rent-based Wi-Fi revenue,” stated Jeffrey Thompson, President and Chief Executive Officer. “We expect HetNets Wi-Fi revenue to continue to grow at a double digit rate sequentially, while we position the company for carrier small cell deployments in the second half of the year.”
"Strong customer upgrade activity continued to drive growth in ARPU for our fixed wireless segment and our recently launched 100 Mbps offering is gaining traction among new customers" stated Joseph Hernon, Chief Executive Financial Officer. "We expect to grow our fixed wireless segment during 2014 and are beginning to see acquisition opportunities emerge which could potentially drive growth and be accretive."
Selected Financial Data and Key Operating Metrics
(All dollars are in thousands except ARPU)
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(Unaudited) |
||||||||||||
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Three months ended |
||||||||||||
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12/31/2013 |
9/30/2013 |
12/31/2012 |
||||||||||
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Revenues |
$ | 8,521 | $ | 8,401 | $ | 8,229 | ||||||
|
Gross margin |
||||||||||||
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Consolidated |
23% | 31% | 38% | |||||||||
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Fixed wireless |
64% | 66% | 69% | |||||||||
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Capital expenditures |
||||||||||||
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Fixed wireless |
$ | 1,160 | $ | 1,243 | $ | 2,337 | ||||||
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Shared wireless infrastructure |
1,265 | 681 | 2,430 | |||||||||
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Corporate |
909 | 200 | 126 | |||||||||
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Churn rate (1) |
1.90% | 1.81% | 1.59% | |||||||||
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ARPU (1) |
$ | 761 | $ | 747 | $ | 717 | ||||||
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ARPU of new customers (1) |
752 | 648 | 542 | |||||||||
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Cash and cash equivalents |
28,182 | 32,794 | 15,152 | |||||||||
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Years ended |
||||||||||||
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12/31/2013 |
12/31/2012 |
|||||||||||
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Selected Financial Data |
||||||||||||
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Revenues |
$ | 33,433 | $ | 32,279 | ||||||||
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Gross margin |
||||||||||||
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Consolidated |
31% | 49% | ||||||||||
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Fixed wireless |
67% | 70% | ||||||||||
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Capital expenditures |
||||||||||||
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Fixed wireless |
$ | 4,519 | $ | 11,303 | ||||||||
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Shared wireless infrastructure |
2,314 | 11,589 | ||||||||||
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Corporate |
1,259 | 1,921 | ||||||||||
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Churn rate (1) |
1.93% | 1.59% | ||||||||||
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ARPU (1) |
$ | 761 | $ | 717 | ||||||||
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ARPU of new customers (1) |
663 | 531 | ||||||||||
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Cash and cash equivalents |
28,182 | 15,152 | ||||||||||
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(1) |
See Non-GAAP Measures below for the definitions of Churn, ARPU and ARPU of new customers. |
Consolidated Statement of Operations
(All dollars are in thousands except per share amounts)
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(Unaudited) |
(Audited) |
|||||||||||||||
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Three months ended December 31, |
Years ended December 31, |
|||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
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Revenues |
$ | 8,521 | $ | 8,229 | $ | 33,433 | $ | 32,279 | ||||||||
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Operating Expenses |
||||||||||||||||
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Cost of revenues |
6,574 | 5,139 | 22,938 | 16,379 | ||||||||||||
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Depreciation and amortization |
3,698 | 3,605 | 15,352 | 13,634 | ||||||||||||
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Customer support |
772 | 1,136 | 3,799 | 4,709 | ||||||||||||
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Sales and marketing |
1,446 | 1,536 | 5,779 | 6,134 | ||||||||||||
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General and administrative |
2,659 | 3,095 | 11,033 | 12,169 | ||||||||||||
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Total Operating Expenses |
15,149 | 14,511 | 58,901 | 53,025 | ||||||||||||
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Operating Loss |
(6,628 | ) | (6,282 | ) | (25,468 | ) | (20,746 | ) | ||||||||
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Other Income (Expense) |
||||||||||||||||
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Gain (loss) on business acquisition |
- | - | 1,004 | (40 | ) | |||||||||||
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Interest income |
2 | 1 | 3 | 42 | ||||||||||||
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Interest expense |
(66 | ) | (29 | ) | (221 | ) | (105 | ) | ||||||||
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Other income (expense), net |
(4 | ) | (6 | ) | (15 | ) | (14 | ) | ||||||||
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Total Other Income (Expense) |
(68 | ) | (34 | ) | 771 | (117 | ) | |||||||||
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Loss before income taxes |
(6,696 | ) | (6,316 | ) | (24,697 | ) | (20,863 | ) | ||||||||
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Provision for income taxes |
(78 | ) | (126 | ) | (78 | ) | (126 | ) | ||||||||
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Net Loss |
$ | (6,774 | ) | $ | (6,442 | ) | $ | (24,775 | ) | $ | (20,989 | ) | ||||
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Net loss per common share – basic and diluted |
$ | (0.10 | ) | $ | (0.12 | ) | $ | (0.38 | ) | $ | (0.39 | ) | ||||
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Weighted average common shares outstanding – basic and diluted |
66,419 | 54,648 | 65,181 | 54,434 | ||||||||||||
Statement of Operations - Segment Basis
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Three months ended December 31, 2013 (Unaudited) |
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Fixed Wireless |
Shared Wireless Infrastructure |
Corporate |
Eliminations |
Total |
||||||||||||||||
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Revenues |
$ | 7,917 | $ | 650 | $ | - | $ | (46 | ) | $ | 8,521 | |||||||||
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Operating Expenses |
||||||||||||||||||||
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Cost of revenues |
2,842 | 3,717 | 61 | (46 | ) | 6,574 | ||||||||||||||
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Depreciation and amortization |
2,652 | 875 | 171 | - | 3,698 | |||||||||||||||
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Customer support |
205 | 56 | 511 | - | 772 | |||||||||||||||
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Sales and marketing |
1,302 | 63 | 81 | - | 1,446 | |||||||||||||||
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General and administrative |
148 | 182 | 2,329 | - | 2,659 | |||||||||||||||
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Total Operating Expenses |
7,149 | 4,893 | 3,153 | (46 | ) | 15,149 | ||||||||||||||
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Operating Income (Loss) |
$ | 768 | $ | (4,243 | ) | $ | (3,153 | ) | $ | - | $ | (6,628 | ) | |||||||
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Non-cash expenses (a) |
2,988 | 1,308 | 399 | - | 4,695 | |||||||||||||||
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Adjusted EBITDA (b) |
3,756 | (2,935 | ) | (2,754 | ) | - | (1,933 | ) | ||||||||||||
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Less: Capital expenditures |
1,160 | 1,265 | 909 | - | 3,334 | |||||||||||||||
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Net Cash Flow (b) |
$ | 2,596 | $ | (4,200 | ) | $ | (3,663 | ) | $ | - | $ | (5,267 | ) | |||||||
Statement of Operations - Segment Basis
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Twelve months ended December 31, 2013 |
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Fixed Wireless |
Shared Wireless Infrastructure |
Corporate |
Eliminations |
Total |
||||||||||||||||
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Revenues |
$ | 32,076 | $ | 1,540 | $ | - | $ | (183 | ) | $ | 33,433 | |||||||||
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Operating Expenses |
||||||||||||||||||||
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Cost of revenues |
10,406 | 12,494 | 221 | (183 | ) | 22,938 | ||||||||||||||
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Depreciation and amortization |
11,063 | 3,509 | 780 | - | 15,352 | |||||||||||||||
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Customer support |
771 | 270 | 2,758 | - | 3,799 | |||||||||||||||
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Sales and marketing |
5,128 | 301 | 350 | - | 5,779 | |||||||||||||||
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General and administrative |
592 | 669 | 9,772 | - | 11,033 | |||||||||||||||
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Total Operating Expenses |
27,960 | 17,243 | 13,881 | (183 | ) | 58,901 | ||||||||||||||
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Operating Income (Loss) |
$ | 4,116 | $ | (15,703 | ) | $ | (13,881 | ) | $ | - | $ | (25,468 | ) | |||||||
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Non-recurring expenses, primarily acquisition related |
- | - | 113 | - | 113 | |||||||||||||||
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Non-cash expenses (a) |
11,678 | 3,949 | 1,947 | - | 17,574 | |||||||||||||||
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Adjusted EBITDA (b) |
15,794 | (11,754 | ) | (11,821 | ) | - | (7,781 | ) | ||||||||||||
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Less: Capital expenditures |
4,519 | 2,314 | 1,259 | - | 8,092 | |||||||||||||||
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Net Cash Flow (b) |
$ | 11,275 | $ | (14,068 | ) | $ | (13,080 | ) | $ | - | $ | (15,873 | ) | |||||||
(a) Includes depreciation and amortization, stock-based compensation, deferred rent expense, loss on property and equipment, and loss on nonmonetary transactions.
(b) See Non-GAAP Measures below for a definition and reconciliation of (i) Adjusted EBITDA to Net Loss and (ii) Net Cash Flow to Net Cash Used in Operating Activities.
Effective January 1, 2013, the Company has two reportable segments. The Fixed Wireless segment provides fixed wireless broadband services to commercial customers and delivers access over a wireless network transmitting over both regulated and unregulated radio spectrum. The Shared Wireless Infrastructure segment offers a range of rental options on street level rooftops related to (i) the installation of customer owned Small Cells, (ii) the offloading of mobile data, and (iii) backhaul, power and other related telecommunications.
The Corporate group includes corporate overhead and centralized activities which support our overall operations. Corporate overhead includes administrative personnel, including executive management, and other support functions such as information technology and facilities. Centralized operations include network operations, customer care, and the management of network assets. Corporate costs are not allocated to the segments because such costs are managed on a centralized basis. Management also believes that not allocating these centralized costs provides a better reflection of the direct operating performance of each segment.
Summary Condensed Balance Sheet (Audited)
(All dollars are in thousands)
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December 31, 2013 |
December 31, 2012 |
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Assets |
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Current Assets |
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Cash and cash equivalents |
$ | 28,182 | $ | 15,152 | ||||
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Other |
1,537 | 1,553 | ||||||
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Total Current Assets |
29,719 | 16,705 | ||||||
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Property and equipment, net |
38,485 | 41,982 | ||||||
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Other assets |
6,713 | 8,423 | ||||||
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Total Assets |
74,917 | 67,110 | ||||||
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Liabilities and Stockholders’ Equity |
||||||||
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Current Liabilities |
||||||||
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Accounts payable and accrued expenses |
3,774 | 4,149 | ||||||
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Deferred revenues and other |
2,247 | 2,468 | ||||||
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Total Current Liabilities |
6,021 | 6,617 | ||||||
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Long-Term Liabilities |
2,802 | 2,689 | ||||||
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Total Liabilities |
8,823 | 9,306 | ||||||
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Stockholders’ Equity |
||||||||
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Common stock |
66 | 54 | ||||||
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Additional paid-in-capital |
154,172 | 121,118 | ||||||
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Accumulated deficit |
(88,144 | ) | (63,368 | ) | ||||
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Total Stockholders’ Equity |
66,094 | 57,804 | ||||||
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Total Liabilities and Stockholders’ Equity |
$ | 74,917 | $ | 67,110 | ||||
Summary Condensed Statement of Cash Flows (Audited)
| Years ended December 31, | ||||||||
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2013 |
2012 |
|||||||
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Cash Flows from Operating Activities |
||||||||
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Net loss |
$ | (24,775 | ) | $ | (20,989 | ) | ||
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Non-cash adjustments: |
||||||||
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Depreciation & amortization |
15,352 | 13,634 | ||||||
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Stock-based compensation |
1,254 | 1,658 | ||||||
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Gain on business acquisition |
(1,004 | ) | 40 | |||||
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Other |
859 | 413 | ||||||
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Changes in operating assets and liabilities |
(1,170 | ) | (2,835 | ) | ||||
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Net Cash Used in Operating Activities |
(9,484 | ) | (8,079 | ) | ||||
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Cash Flows From Investing Activities |
||||||||
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Acquisitions of property and equipment |
(7,143 | ) | (20,723 | ) | ||||
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Acquisition of a business, net of cash acquired |
(223 | ) | - | |||||
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Other |
(196 | ) | (620 | ) | ||||
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Net Cash Used in Investing Activities |
(7,562 | ) | (21,343 | ) | ||||
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Cash Flows From Financing Activities |
||||||||
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Payments on capital leases |
(784 | ) | (492 | ) | ||||
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Proceeds from stock issuances |
361 | 428 | ||||||
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Net proceeds from sale of common stock |
30,499 | - | ||||||
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Other |
- | (34 | ) | |||||
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Net Cash Provided by (Used in) Financing Activities |
30,076 | (98 | ) | |||||
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Net Increase (Decrease) In Cash and Cash Equivalents |
13,030 | (29,520 | ) | |||||
|
Cash and cash equivalents – beginning |
15,152 | 44,672 | ||||||
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Cash and cash equivalents – ending |
$ | 28,182 | $ | 15,152 | ||||
Fixed Wireless Segment Market data for the three months ended December 31, 2013
(All dollars are in thousands)
|
Market |
Revenues |
Cost of Revenues |
Gross Margin |
Operating Costs |
Adjusted Market EBITDA |
|||||||||||||||||||
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Los Angeles |
$ | 2,060 | $ | 613 | $ | 1,447 | 70 | % | $ | 436 | $ | 1,011 | ||||||||||||
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New York |
1,975 | 713 | 1,262 | 64 | % | 323 | 939 | |||||||||||||||||
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Boston |
1,578 | 441 | 1,137 | 72 | % | 233 | 904 | |||||||||||||||||
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Chicago |
761 | 321 | 440 | 58 | % | 110 | 330 | |||||||||||||||||
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Miami |
402 | 116 | 286 | 71 | % | 109 | 177 | |||||||||||||||||
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San Francisco |
314 | 163 | 151 | 48 | % | 69 | 82 | |||||||||||||||||
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Las Vegas-Reno |
235 | 151 | 84 | 36 | % | 19 | 65 | |||||||||||||||||
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Houston |
168 | 74 | 94 | 56 | % | 32 | 62 | |||||||||||||||||
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Providence-Newport |
85 | 53 | 32 | 38 | % | 11 | 21 | |||||||||||||||||
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Dallas-Fort Worth |
174 | 109 | 65 | 37 | % | 51 | 14 | |||||||||||||||||
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Seattle |
76 | 52 | 24 | 32 | % | 11 | 13 | |||||||||||||||||
|
Philadelphia |
38 | 21 | 17 | 45 | % | 19 | (2 | ) | ||||||||||||||||
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Nashville |
5 | 14 | (9 | ) | - | % | 3 | (12 | ) | |||||||||||||||
|
Total |
$ | 7,871 | $ | 2,841 | $ | 5,030 | 64 | % | $ | 1,426 | $ | 3,604 | ||||||||||||
Fixed Wireless Segment Market data for the three months ended December 31, 2012
(All dollars are in thousands)
|
Market |
Revenues |
Cost of Revenues |
Gross Margin |
Operating Costs |
Adjusted Market EBITDA |
|||||||||||||||||||
|
Los Angeles |
$ | 2,058 | $ | 538 | $ | 1,520 | 74 | % | $ | 361 | $ | 1,159 | ||||||||||||
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Boston |
1,688 | 376 | 1,312 | 78 | % | 207 | 1,105 | |||||||||||||||||
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New York |
1,938 | 655 | 1,283 | 66 | % | 383 | 900 | |||||||||||||||||
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Chicago |
961 | 339 | 622 | 65 | % | 161 | 461 | |||||||||||||||||
|
Miami |
424 | 111 | 313 | 74 | % | 80 | 233 | |||||||||||||||||
|
San Francisco |
382 | 118 | 264 | 69 | % | 80 | 184 | |||||||||||||||||
|
Las Vegas-Reno |
347 | 150 | 197 | 57 | % | 35 | 162 | |||||||||||||||||
|
Providence-Newport |
124 | 57 | 67 | 54 | % | 23 | 44 | |||||||||||||||||
|
Seattle |
110 | 51 | 59 | 54 | % | 23 | 36 | |||||||||||||||||
|
Philadelphia |
34 | 18 | 16 | 47 | % | 28 | (12 | ) | ||||||||||||||||
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Dallas-Fort Worth |
155 | 88 | 67 | 43 | % | 84 | (17 | ) | ||||||||||||||||
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Nashville |
8 | 16 | (8 | ) | - | % | 10 | (18 | ) | |||||||||||||||
|
Total |
$ | 8,229 | $ | 2,517 | $ | 5,712 | 69 | % | $ | 1,475 | $ | 4,237 | ||||||||||||
Operating Outlook and Guidance
|
● |
Revenues for the first quarter 2014 are expected to range between $7.8 million to $8.0 million for the Fixed Wireless segment. |
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● |
Revenues for the first quarter 2014 are expected to range between $650,000 to $750,000 for the Shared Wireless Infrastructure segment. |
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● |
Adjusted EBITDA, on a segment basis, is expected to range between profitability of $3.5 million to $3.7 million for the Fixed Wireless segment. |
Non-GAAP Measures and Reconciliations to GAAP Measures
We use certain Non-GAAP measures to monitor the Company's business performance and that of our segments. These Non-GAAP measures are not recognized under generally accepted accounting principles ("GAAP"). Accordingly, investors are cautioned about using or relying on these measures as alternatives to recognized GAAP measures. Our methods of calculating these measures may not be comparable to similar measures presented by other companies.
A definition of the Non-GAAP measures that we employ, and how we use them to monitor business performance, are as follows:
“Adjusted EBITDA” represents net income (loss) before interest, income taxes, depreciation and amortization expenses, excluding, when applicable, stock-based compensation, deferred rent expense, other non-operating income or expenses, as well as gain or loss on (i) disposal of property and equipment, (ii) nonmonetary transactions, and (iii) business acquisitions.
“Adjusted Market EBITDA” also excludes corporate overhead expenses and other centralized costs. We believe that Adjusted Market EBITDA trends are insightful indicators of our markets’ relative performance, and whether our markets are able to produce sufficient market cash flow to fund working capital and capital expenditure needs.
“ARPU” refers to the monthly average revenue per user, or customer, being generated from those customers under contract at the end of each indicated period. We calculate ARPU by dividing our monthly recurring revenue (“MRR”) at the end of a period by the number of customers generating that MRR.
“ARPU of new customers” is calculated in the same manner but only includes new customers who entered into contracts during the indicated period.
“Churn” and “Churn rate” refer to the percent of revenue lost on a monthly basis from customers disconnecting from our network or reducing the amount of their bandwidth.
“Corporate” includes corporate overhead and centralized activities which support our overall operations.
“EBITDA” represents net income (loss) before interest, income taxes, depreciation and amortization.
“Market Cash Flow” represents the amount of cash generated in a market after deducting a market’s direct operating expenses from that market’s revenues. Market Cash Flow does not include (i) centralized costs which support all markets collectively or (ii) any network related capital expenditures incurred in a market.
“Net Cash Flows” represents Adjusted EBITDA less capital expenditures.
“Non-Core Expenses” relate to our efforts in 2012 to develop other wireless technology solutions and services, and primarily consisted of rent payments for street level rooftops, costs associated with constructing an offload network and payroll costs for employees working on these projects.
"Shared Wireless Infrastructure, Net" represents the net operating results for that business segment.
A reconciliation of non-GAAP measures to GAAP financial measures is as follows (amounts in thousands):
I. Adjusted Market EBITDA to Net Loss, Fixed Wireless Segment
|
For the three months ended |
For the three months ended |
|||||||
|
December 31, 2013 |
December 31, 2012 |
|||||||
|
Adjusted Market EBITDA |
$ | 3,604 | $ | 4,237 | ||||
|
Fixed wireless, non-market specific |
||||||||
|
Other expenses |
(230 | ) | (280 | ) | ||||
|
Depreciation and amortization |
(2,652 | ) | (2,587 | ) | ||||
|
Shared wireless infrastructure, net |
(4,197 | ) | - | |||||
|
Non-core expenses |
- | (3,661 | ) | |||||
|
Corporate |
(3,153 | ) | (3,991 | ) | ||||
|
Other income (expense) |
(68 | ) | (34 | ) | ||||
|
Provision for income taxes |
(78 | ) | (126 | ) | ||||
|
Net loss |
$ | (6,774 | ) | $ | (6,442 | ) | ||
II. Adjusted EBITDA to Net Loss
|
For the three months ended |
For the twelve months ended |
|||||||
|
December 31, 2013 |
December 31, 2013 |
|||||||
|
Adjusted EBITDA |
$ | (1,933 | ) | $ | (7,781 | ) | ||
|
Depreciation and amortization |
(3,698 | ) | (15,352 | ) | ||||
|
Non-recurring expenses |
- | (113 | ) | |||||
|
Stock-based compensation |
(314 | ) | (1,254 | ) | ||||
|
Loss on property and equipment |
(39 | ) | (121 | ) | ||||
|
Loss on non-monetary transactions |
(68 | ) | (272 | ) | ||||
|
Deferred rent |
(576 | ) | (575 | ) | ||||
|
Operating Income (Loss) |
$ | (6,628 | ) | $ | (25,468 | ) | ||
|
Interest income |
2 | 3 | ||||||
|
Interest expense |
(66 | ) | (221 | ) | ||||
|
Gain on business acquisition |
- | 1,004 | ||||||
|
Other income (expense), net |
(4 | ) | (15 | ) | ||||
|
Provision for income taxes |
(78 | ) | (78 | ) | ||||
|
Net loss |
$ | (6,774 | ) | $ | (24,775 | ) | ||
III. Net Cash Flow to Net Cash Used in Operating Activities
|
For the three months ended |
For the twelve months ended |
|||||||
|
December 31, 2013 |
December 31, 2013 |
|||||||
|
Net cash flow |
$ | (5,267 | ) | $ | (15,873 | ) | ||
|
Capital expenditures |
3,334 | 8,092 | ||||||
|
Non-recurring expenses |
- | (113 | ) | |||||
|
Changes in operating assets and liabilities, net |
849 | (1,170 | ) | |||||
|
Other, net |
(34 | ) | (420 | ) | ||||
|
Net cash used in operating activities |
$ | (1,118 | ) | $ | (9,484 | ) | ||
Conference Call and Webcast
A conference call led by President and Chief Executive Officer, Jeff Thompson, and Chief Financial Officer, Joseph Hernon, will be held on March 17, 2014 at 5:00 p.m. ET to review our financial results and provide an update on current business developments. Interested parties may participate in the conference by dialing 877-755-7423 or 678-894-3069 (for international callers). A telephonic replay of the conference may be accessed approximately two hours after the call through March 24, 2014 at 11:59 p.m. ET by dialing 855-859-2056 or 404-537-3406 (for international callers) using pass code 50048570.
The call will also be webcast and can be accessed in a listen-only mode on the Company’s website at http://ir.towerstream.com/events.cfm.
About Towerstream Corporation
Towerstream (NASDAQ: TWER) is a leading 4G and Small Cell Rooftop Tower company. The company owns, operates, and leases Wi-Fi and Small Cell rooftop tower locations to cellular phone operators, tower, Internet and cable companies and hosts a variety of customers on its network. Towerstream was originally founded in 2000 to deliver fixed-wireless high-speed Internet access to businesses and to date offers broadband services in 13 urban markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Houston, Nashville, Las Vegas-Reno, and the greater Providence area. For more information on Towerstream services, please visit www.towerstream.com and/or follow us @Towerstream.
The Towerstream Corporation logo is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=6570
About HetNets Tower Corporation
HetNets Tower Corporation (“HetNets”) was formed in January 2013 as a wholly owned subsidiary of Towerstream Corporation (NASDAQ:TWER), and offers a neutral host, shared wireless infrastructure solution, either independently or as a turnkey service. Its wireless communications infrastructure is available to wireless carriers, cable and Internet companies in major urban markets where the explosion in mobile data is creating significant demand for additional capacity and coverage. HetNets offers a carrier-class Wi-Fi network for Internet access and the offloading of mobile data. Its street level rooftop locations are ideal for the installation of customer owned small cells including DAS, Metro and Pico cells. Other solutions provided by HetNets include backhaul, power, and related small cell requirements. More information is available at http://www.hetnets.com.
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 small cell rooftop tower locations 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.
INVESTOR CONTACT:
Monica Gould
The Blueshirt Group
212-871-3927
monica@blueshirtgroup.com
MEDIA CONTACT:
Todd Barrish
Indicate Media
917-861-0089
todd@indicatemedia.com
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