Towerstream on track to add 100 On-Net buildings in Q4

MIDDLETOWN — Fixed-wireless fiber-alternative provider Towerstream announced plans to add 100 buildings to its On-Net footprint in the fourth quarter, increasing building additions by 22 percent from the third quarter.

Once added, the company will have a total of 437 buildings On-Net.

“There is a direct relationship [between] sales growth [and] the number of buildings On-Net,” said Philip Urso, interim CEO.
In total, 13,000 businesses will be able to procure On-Net services from Towerstream, a 30 percent increase over the third quarter.

Last fall, the Nasdaq Stock Market LLC’s listing qualifications staff notified the company that if its stock price didn’t improve, it could be delisted from the exchange.
The company — of which Urso is a co-founder — is due to publicly announce and inform Nasdaq of its compliance with stockholders’ equity requirement, a minimum $2.5 million, on Nov. 22. Continued compliance must also be demonstrated through November 2017.
Earlier this year, Towerstream’s CEO Jeff Thompson resigned. Arthur Giftakis, former senior vice president of engineering and operations, took over as chief operating officer and is overseeing On-Net building efforts.

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