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NaviSite, Inc. Regains Compliance with NASDAQ Listing Requirements

June 24, 2009 by  

NaviSiteWeb Hosting ToolsANDOVER, Mass. – NaviSite, Inc. (NASDAQ:NAVI – News), a leading provider of Enterprise Cloud Services, Hosting Solutions and Application Management, announced today that The NASDAQ Stock Market has informed the Company that it has regained compliance with NASDAQ listing rules.

Today the Company received a letter from The NASDAQ Stock Market confirming that it has demonstrated a market value of listed securities over the required minimum of $35 million for 10 consecutive trading days, for continued listing on The NASDAQ Capital Market under Listing Rule 5550(b) (formerly known as Nasdaq Marketplace Rule 4310(c)(3)), and that the NASDAQ Hearings Panel has determined to continue the listing of the Company’s securities on The NASDAQ Stock Market.

The Company previously announced that its plan to regain compliance with the listing rules through execution of a strategic plan that includes the 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. The Company continues to pursue its strategic plan in order to improve the Company’s balance sheet by reducing its debt obligations and focus on its core businesses for growth and performance, although its completion is no longer required in order for the Company to comply with the NASDAQ continued listing rules.

About NaviSite
NaviSite is a leading provider of enterprise cloud services, hosting solutions and application management. It provides customized and scalable solutions leveraging its industry leading hosting and enterprise cloud infrastructure, and 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.

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