NaviSite Granted Extension for Continued Listing on the NASDAQ Capital Market

ANDOVER, Mass.--(BUSINESS WIRE)--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

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