Top

NaviSite Granted Extension for Continued Listing on the NASDAQ Capital Market

May 26, 2009 by  

NaviSiteWebmaster NewsANDOVER, Mass. – NaviSite, Inc. (NASDAQ: NAVI), a leading provider of enterprise hosting solutions and application services, today announced that the NASDAQ Listing Qualifications Panel has granted the Company continued listing on the NASDAQ Stock Market subject to the condition that, on or before August 24, 2009, it demonstrates evidence of stockholders’ equity of at least $2.5 million, or compliance with one of the alternative criteria for continued listing. The Panel’s determination follows a hearing held on April 23, 2009 at which the Company presented its plan to regain compliance.

As referenced in NaviSite’s previous earnings announcement and as presented to the Panel, NaviSite is planning to regain compliance of the NASDAQ continued listing rules through execution of a strategic plan that includes potential divestiture of colocation assets, a reduction of its overall debt burden, and an increased focus on the core managed hosting, application management and enterprise cloud solutions. More details of the strategic plan will be discussed during NaviSite’s third quarter, fiscal year 2009 earnings conference call scheduled for Thursday, June 4, 2009 at 5:00 PM EDT. The conference call details will be announced in a separate press release and will also be available at www.navisite.com

About NaviSite
NaviSite is a leading provider of enterprise hosting and application solutions. It provides customized and scalable solutions leveraging its industry leading hosting and enterprise cloud infrastructure, and custom and packaged application life cycle management expertise. Over 1,500 customers depend on NaviSite for managed application services, application development, implementation and management on its web infrastructure platforms in fifteen state-of-the-art data centers supported by approximately 650 professionals. For more information, visit www.navisite.com.

Want to receive alerts when your website is down? Sign-up for free website monitoring at UptimeSpy.com.

Be Sociable, Share!

Comments

Comments are closed.

Bottom