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|Towerstream Corporation was organized in the State of Nevada in June 2005. The Company provides broadband services to commercial customers and delivers access over a wireless network transmitting over both regulated and unregulated radio spectrum. Its service supports bandwidth on demand, wireless redundancy, virtual private networks (‘VPNs’), disaster recovery, bundled data and video services. It provide service to business customers in New York City, Boston, Chicago, Los Angeles, San Francisco, Seattle, Miami, Dallas-Fort Worth, Philadelphia, Nashville, Las Vegas-Reno and Providence-Newport. Its broadband network is constructed in a different manner than the legacy service providers. In each of its markets, it enters into lease agreements with building owners which it refers to as Company Locations. At these locations, it installs a significant amount of equipment on the building rooftop in order to connect numerous customers to the Internet. It also connects to the Internet at some of these locations by entering into either IP transit agreements or peering arrangements with a national service provider. These connection points are referred to as Points of Presenceor PoPs. Each PoP is ‘linked’ to one or more other PoPs to enhance redundancy and make sure that there is no single point of failure. It refers to the core connectivity of all of its PoPs as a ‘Wireless Ring in the Sky.’ The Company offers its broadband services under agreements having terms of one, two or three years. Pursuant to these agreements, it bill customers on a monthly basis, in advance, for each month of service. Payments received in advance of services performed are recorded as deferred revenues and recognized as revenue ratably over the service period. The Company faces competition from Verizon Communications Inc. and AT&T Inc. which are referred to as ‘‘incumbent local exchange carriers,’’ or (‘ILECS’), as well as ‘‘common local exchange carriers,’’ such as TelePacific Communications, MegaPath Networks, and EarthLink, Inc. Wireless broadband services are subject to regulation by the Federal Communications Commission (‘FCC’). At the federal level, the FCC has jurisdiction over wireless transmissions over the electromagnetic spectrum and all interstate telecommunications services.|
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