Friday, August 15, 2008

Former Coast Guard commander Grinnell named Towerstream COO

By Mass High Tech Staff

Fixed wireless service provider Towerstream Corp. reports it has hired Bruce Grinnell in the company’s new position of chief operations officer. As COO, Grinnell is charged with implementing a growth strategy for the company and with overall responsibility for the network engineering, information technology, network operations and customer care sectors.

Grinnell previously worked as COO and vice president of operations at logistics and management firm VBS Inc. In addition to management and senior operational positions with other companies, he also spent 20 years with senior management roles as a commander in the U.S. Coast Guard.

In May, Towerstream (Nasdaq: TWER) named biotech veteran Joseph Hernon as chief financial officer of the company.

Last December, Towerstream filed papers with the U.S. Federal Communications Commission to participate in the 700-megahertz wireless band auction but did not win any of the available blocks.

In June 2007, the Middletown, R.I.-based company raised $40 million in a registered direct public offering.

Founded in 2000, Towerstream has established pre-WiMAX networks in markets such as New York City, Los Angeles, Chicago, San Francisco, Seattle, Miami, Greater Boston, and Providence and Newport, R.I., according to officials. The company reported a net loss of $8.5 million on $6.9 million in revenue in 2007.