TOWERCO TURNS EBITDA-POSITIVE,
20 MONTHS AFTER LAUNCH

CARY, N.C.,  April 21, 2006 – TowerCo, which develops, owns and leases wireless communications towers, today said it has turned EBITDA-positive, 20 months after the company's launch.

"With tower ownership approaching 300 sites, the company offset the costs of its infrastructure-build and cleared the EBITDA hurdle as the result of steady growth outlined in our plan," TowerCo Chief Executive Officer Richard J. Byrne said.

"We'll continue to leverage our streamlined SG&A (sales, general and administrative) expenses with increasing revenue, as we add towers and tenants," Byrne added.

In other significant developments during the past 12 months, TowerCo:

• In February 2006, was selected by Cingular Wireless LLC as one of five national build-to-suit providers. As a result of the new agreement, TowerCo expects to do business across the U.S. with Cingular, the largest wireless carrier in the nation.

• In December 2005, received a $30 million equity commitment from Soros Strategic Partners LP, an entity managed by Soros Fund Management LLC, bringing total equity capital committed to the company to $60 million.

• In August 2005, secured a $35 million senior credit facility from CapitalSource Finance LLC. TowerCo said that the three-year, cash flow-based loan will help fund an aggressive growth strategy enabling it to expand its tower ownership to 1,000 by the end of 2009.

• In April 2005, announced an agreement with Nextel Partners, Inc. for the purchase, construction and ownership of 300 wireless communication towers.

About TowerCo LLC

Based in Cary, N.C., TowerCo is engaged in the construction, development, leasing and management of communication towers. TowerCo was launched in September 2004 on the strength of a commitment in equity financing from Tailwind Capital Partners. In January 2006, Soros Strategic Partners committed $30 million, and together with Tailwind, brought the total equity commitment to the company to $60 million. Formed by industry veterans Richard Byrne, Chief Executive Officer, and Scot Lloyd, Chief Operating Officer, TowerCo seeks to meet the infrastructure needs of wireless services providers and others by developing new tower sites in the U.S. TowerCo's headquarters are located at 112 Towerview Court, Cary, N.C. 27513. Telephone: 919-469-5559.

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