TowerCo, Inc. Receives $50 million in Funding, Begins Operations

Wednesday, September 29, 2004

CARY, N.C., Sept. 29, 2004 -- TowerCo, Inc., a newly formed company focused on the development, leasing and management of communication towers, today announced it has received a commitment of up to $50 million in equity financing from funds managed by Tailwind Capital Partners, LLC, and has begun operations at its headquarters in Cary, N.C. and at a southeast region office in Richmond, Va.

Richard J. Byrne, Chief Executive Officer of TowerCo, said, “Our plan is to quickly build a reputation as reliable, hard-working, agile and responsive business partners who deliver results. We are confident that our capabilities and commitment to our customers will enable us to build a successful tower company.”

TowerCo’s management team brings significant industry experience to the new endeavor. In addition to Mr. Byrne, TowerCo’s senior management team includes Chief Operating Officer Scot Lloyd and Chief Financial Officer Dan Hunt. Collectively, the management team has been involved in the acquisition and disposition of towers valued at more than $2.5 billion.

Prior to forming TowerCo, Mr. Byrne served as the president of the tower division of SpectraSite Communications, which grew from 125 towers to more than 8,000 in 4 years. Prior to that, he served as national director of business development at Nextel Communications Inc. where he was responsible for the industry’s first major sale of towers -- a transaction valued at $630 million.
Mr. Lloyd recently served as executive vice president of sales and marketing at Global Signal Inc., a Sarasota, Fla. -- based company, and as vice president of sales at SpectraSite. Mr. Hunt recently served as Chief Financial Officer of Tompkins Associates Inc., a supply chain consulting firm based in Raleigh, N.C. Prior to joining Tompkins, Mr. Hunt served as Vice President of Finance at SpectraSite.

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

About DH Capital, LLC

DH Capital is a private investment banking partnership serving the media, Internet and telecommunications industries. Based in New York, the firm capitalizes on more than 75 years of combined experience in financing, acquiring, selling and operating companies. DH Capital specializes in providing a full range of advisory services to companies and financial institutions including private placements, mergers & acquisitions, financial restructuring, and operational consulting. The principals of DH Capital have led hundreds of transactions including M&A 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 on DH Capital, please contact us at 212-698-7990 or visit our website at www.dhcapitalllc.com.

About Tailwind Capital Partners

Tailwind is a $1.3 billion private equity fund affiliated with Thomas Weisel Partners with a current portfolio of over 30 companies, primarily focused in the growth sectors of the economy, including healthcare, technology and business services, and media and communications. Tailwind’s investment strategy includes a combination of traditional buyouts and growth equity investments. Tailwind's team of 17 dedicated investment professionals brings to bear an exceptional combination of private equity and operating experience and is headquartered in New York and San Francisco.

About TowerCo, Inc.

Based in Cary, NC, TowerCo focuses on the development, leasing and management of communication towers. Formed by industry veterans Richard Byrne, Chief Executive Officer, and Scot Lloyd, Chief Operating Officer, TowerCo will seek to meet the infrastructure needs of wireless services providers and others by developing new tower sites, in the United States. TowerCo’s headquarters are located at 100 Towerview Ct. Cary, NC 27513. Telephone: 919-469-5559.