NaviSite (NAVI) Receives Non-Compliance Notification From NASDAQ

November 12, 2008 9:48 AM EST

NaviSite, Inc. (NASDAQ: NAVI) received a letter from the NASDAQ Stock Market that the Company is not in compliance with NASDAQ Marketplace Rule 4310(c)(3), which requires the Company to have a minimum of $2,500,000 in stockholders' equity, $35,000,000 market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.

The deficiency letter indicates that the NASDAQ staff is reviewing the Company's eligibility for continued listing on The Nasdaq Capital Market. The Company has until November 21, 2008 to provide NASDAQ with a specific plan to achieve and sustain compliance with all NASDAQ Capital Market listing requirements. The Company expects to submit a compliance plan on or prior to the abovementioned date.

While the Company intends to submit a plan of compliance, there can be no assurance that the NASDAQ staff will ultimately determine that the plan adequately addresses the deficiency.

NaviSite is a provider of enterprise hosting and application services.[SM]

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