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NaviSite Appeals Nasdaq Delisting

March 4, 2009 by  

Webmaster NewsANDOVER, Mass. – NaviSite, Inc. (NASDAQ: NAVI) announced today that it has been granted an appeals hearing before the Nasdaq Listing Qualifications Panel (the “Panel”) on April 23, 2009 to present a plan to regain compliance with the Nasdaq Marketplace Rule 4310(c)(3) (the “Rule”) for continued listing of its common stock on the Nasdaq Capital Market.

The Company announced yesterday that it received a notification letter from the Nasdaq Listing Qualifications Staff (the “Staff”) on February 24, 2009, indicating that, unless the Company requested a hearing before the Panel, the Company’s common stock would be delisted because the Company was not in compliance with the Rule. The delisting notice has no effect on the listing of the Company’s common stock at this time.

Today, the Company requested a hearing before the Panel to address the deficiency, which stayed any action with respect to the Staff determination until the Panel renders a decision subsequent to the hearing, and received confirmation of the hearing for April 23, 2009, at which the Company intends to present a plan to regain compliance with the Rule. While the Company expects that its plan will be sufficient to evidence regaining compliance, there can be no assurance that the Company’s request for continued listing will be granted.

Earlier today in a separate press release, NaviSite also announced that it will host a conference call on Thursday, March 5, 2009 at 5:00 PM Eastern Time to discuss the Company’s results for its second quarter for fiscal year 2009. The conference call can be accessed by dialing 866.804.6928 (International: 857.350.1674) and entering passcode 62521877.

About NaviSite
NaviSite is a leading provider of enterprise hosting and application solutions. Customers depend on NaviSite for managed application services, application development, implementation and management on its web infrastructure platforms in 16 state-of-the-art data centers supported by more than 650 professionals. NaviSite provides customized and scalable solutions leveraging its broad range of application development capabilities, packaged software implementation expertise, deep portfolio of best in class technologies and a full suite of web-hosting and internet infrastructure options. For more information, please visit www.navisite.com.

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