Wednesday, October 18, 2006

CARY, N.C., October 18, 2006 – TowerCo LLC, which in just two years of operation has achieved a Top 10 standing among U.S. wireless communications tower companies, today announced its senior credit facility from CapitalSource has increased to $75 million from $35 million. TowerCo said that the three-year, cash flow-based loan would fund its current pipeline of committed tower builds that will take the company beyond 600 towers.

"We are pleased with the growth TowerCo has achieved in its first two years and confident we will continue to fulfill the promises we have made to our customers and our investors," said Richard J. Byrne, Chief Executive Officer of TowerCo. "This expansion of our senior credit facility, along with the support we received from our equity investors Tailwind Capital and Soros Strategic Partners, will support our goal to become a significant player in the tower industry."

TowerCo, which leases space on its multi-tenant towers to wireless service providers, currently owns more than 360 towers and has agreements with leading wireless service providers that will increase its tower ownership to more than 600 towers in the future.

In other important developments since the beginning of 2006:

About TowerCo LLC

Based in Cary, N.C., TowerCo is engaged in the construction, development, leasing and management of communication towers. Launched in September 2004 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.

About Tailwind Capital

Tailwind Capital is an independent private equity firm that manages the $1.3 billion TWCP Funds and is focused on control investments in the growth sectors of the economy including media/communications, healthcare, and business services. Tailwind's team of investment professionals brings to bear an exceptional combination of private equity and operating experience in addition to capital -- providing Capital Plus -- working closely with management teams as middle-market businesses confront the challenges of rapid growth, strategic transformation and global competition. Tailwind's other portfolio companies include Concord Music Group (recorded music), Hospital Partners of America (hospital management), NextMedia (radio broadcasting and outdoor advertising) and Trover Solutions (insurance subrogation services). Tailwind is headquartered in New York with offices in San Francisco. For additional information on Tailwind, please visit

About Soros Fund Management

Soros Fund Management LLC, founded by George Soros, is a privately held investment management firm providing financial services and investment strategies for various private funds, including Soros Strategic Partners LP.

About CapitalSource

CapitalSource is a specialized commercial finance company operating as a REIT and offering first mortgage, asset-based, cash flow and mezzanine financing to small and mid-sized borrowers through three focused lending businesses: Structured Finance, Healthcare and Specialty Finance and Corporate Finance. By offering a broad array of financial products, the company had outstanding $10.5 billion in loan commitments as of June 30, 2006. Headquartered in Chevy Chase, Maryland, the company has a national network of offices across the country. As of June 30, 2006, CapitalSource had 549 employees.