Optasite Secures $85 Million In New Financing from Citi, Goldman, and Morgan

Citi Leads D Round of Equity Financing while Morgan Stanley Provides Subordinated Debt Facility

October 1, 2007 - Optasite, Inc., a fast-growing developer, owner and operator of telecommunications tower sites, today announced the closing of $85 Million in new financing, including a Series D round of equity led by Citi an a $50M subordinated debt facility from Morgan Stanley. This brings the Company's total financing raised to date to more than $330 Million. Goldman Sachs also participated in the equity round. Optasite will use these new financings to continue the growth of the Company's portfolio through both acquisition and select development opportunities.

The Company also announced acquisitions and definitive agreements to acquire an additional 210 towers, including acquisitions from the Hemphill Corporation, Tower Top Investments and Horvath Communications Group. Including towers already developed by the Company, this brings Optasite's total portfolio to 511 towers in 29 states and the US Virgin Islands.

"Citi is a wonderful addition to our group of investors and brings a wealth of financial and industry expertise to the Company," said Jim Eisenstein, Optasite's Chairman and Chief Executive Officer. "Optasite remains focused on being a tower industry leader and partnering with companies like Citi and Morgan Stanley helps ensure that our growth and momentum will continue."

"Optasite is now one of the largest and fastest growing private tower companies in the country," said Tripp Peake, Managing Partner, Long River Ventures. "The interest from groups like Citi, Goldman Sachs, and Morgan Stanley reflects both the market opportunity as more wireless services and technologies are deployed and the strength of the Optasite team."