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Towerstream Corp., a Middletown, R.I. company that provides fixed WiMax service for businesses, plans to pay $1.6 million in cash and common stock to buy certain assets of Sparkplug Communications Inc., giving Towerstream network infrastructure and customers in Chicago and Nashville, Tenn.
The acquisition is expected to close by the end of second quarter of 2010 and would make the Chicago area Towerstream’s (Nasdaq: TWER) third largest market with an annual revenue base of approximately $1.3 million. Nashville would become the company’s 11th market.
In August of 2008, Towerstream named Bruce Grinnell to what was then the new position of chief operations officer. Grinnell had previously been 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 spent 20 years in senior management roles as a commander in the U.S. Coast Guard.
Towerstream delivers its wireless, WiMax-based high-speed Internet access to businesses in ten markets, including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay Area, Miami, Seattle, Dallas-Fort Worth and the greater Providence, R.I., area.
For the first three quarters of 2009, Towerstream lost $6.66 million, on revenue of $10.87 million. The company employs about 165 people.
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