TOWERCO: ONE-THIRD OF THE WAY TO GOAL

TO OWN 1,000 TOWERS BY 2009

CARY, N.C.,  October 12, 2006 – TowerCo LLC, one of the 10 largest wireless communication tower companies in the U.S., today said it was a third of the way toward achieving its goal to own 1,000 towers by 2009. Founded in September 2004, the company now owns more than 350 towers and has a pipeline to develop an additional 300 towers.

"We're very pleased with how TowerCo has grown and with the feedback we're receiving from our customers," said Chief Executive Officer Richard J. Byrne. "Our staff has all worked in large tower companies, and they know how the job should be done. We've put in the systems, processes and people to ensure the job's done right. Even though TowerCo is young, we've earned a reputation for reliability, flexibility and resourcefulness, and we will remain committed to those qualities."

In fact, one executive from a major carrier who's been in the wireless communications business for more than 15 years said TowerCo was "the best tower company they have ever worked with."

"Comments like that reflect the effort and dedication of our entire company," Byrne noted.

In other significant developments since the beginning of 2006:

• In April, TowerCo turned EBITDA positive. The company said it expects to meet its revenue and profit objectives during its infrastructure build, and that it will continue to leverage its streamlined SG&A (Sales, General and Administrative) expenses with increasing revenues as it adds towers and tenants to them;

• In February, Cingular named TowerCo one of five national built-to-suit providers, significantly expanding the relationship TowerCo began in 2005 covering 50 towers in Michigan and Ohio. 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.

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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