TOWERCO SECURES $35 MILLION LOAN; EXPECTS TO OWN 1,000 TOWERS BY 2009

Wednesday, August 03, 2005

CARY, N.C., Aug. 3, 2005 – TowerCo, Inc., which develops, owns and leases wireless communications towers, today announced it has 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.

“We are pleased with the growth TowerCo has achieved over its first 10 months of operation, and we believe our asset portfolio and the agreements we have in place have put TowerCo on a path to becoming a significant player in the tower industry,” said Richard J. Byrne, Chief Executive Officer of TowerCo. “With support from our equity investors Tailwind Capital Partners and our new senior credit facility, we have the resources we need to expand our tower portfolio and provide excellent service to our customers.”

TowerCo, which leases space on its multi-tenant towers to wireless service providers, in April entered into an agreement with Nextel Partners, Inc., for the purchase, construction and ownership of 300 cell towers. TowerCo currently owns 115 towers and has agreements with leading wireless service providers that will increase its tower ownership to more than 500 over the next 24 months.

DH Capital LLC served as TowerCo’s investment advisor in the transaction.

About TowerCo, Inc.

Based in Cary, N.C., TowerCo focuses on the development, leasing and management of communication towers. TowerCo was launched in September 2004 on the strength of a commitment for up to $50 million in equity financing from Tailwind Capital Partners. 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 100 Towerview Court, Cary, N.C. 27513. Telephone: 919-469-5559. To learn more about TowerCo, visit www.towerco.com.

About CapitalSource

CapitalSource is a specialized commercial finance company offering asset-based, senior, cash flow and mezzanine financing to small and mid-sized borrowers through three focused lending businesses: Corporate Finance, Healthcare and Specialty Finance, and Structured Finance. By offering a broad array of financial products, CapitalSource had outstanding more than $7.6 billion in loan commitments as of June 30, 2005. Headquartered in Chevy Chase, Md., CapitalSource has a national network of offices in cities including Atlanta, Boston, Buffalo, Chicago, Dallas, Los Angeles, Nashville, New York, Philadelphia, San Francisco and St. Louis. As of June 30, 2005, it had 436 employees.

About DH Capital, LLC

DH Capital is an investment banking partnership serving the media, Internet and telecommunications industries. Based in New York, the firm’s principals have extensive experience and proven abilities in capital formation, finance, research, business development and operations. DH Capital provides a full range of advisory services to companies and financial institutions including private placements, mergers and acquisitions, financial restructuring, and operational consulting. The principals of DH Capital have led hundreds of transactions including mergers and acquisitions totaling in excess of $10 billion, private equity placements totaling more than $800 million, and debt placements totaling in excess of $8 billion. For additional information about DH Capital, visit www.dhcapitalllc.com.

About Tailwind Capital Partners

Tailwind manages a $1.3 billion fund focused on private equity investments in the growth sectors of the economy, including media and communications, healthcare and business services. Tailwind’s current portfolio of investments includes Aircast, Concord Music Group, Hospital Partners of America, NextMedia, Trover Solutions and TowerCo. Tailwind has offices in New York and San Francisco.