ST. LOUIS, MO – October 7, 2005 – SAVVIS, Inc. (NASDAQ: SVVS), a leading global IT utility, today announced that it has received a letter from The Nasdaq Stock Market advising that the company has 180 days, until April 3, 2006, to regain compliance with The Nasdaq SmallCap Market's $1.00 minimum bid price rule. The grace period is extendable by another 180 days, to October 2, 2006, if SAVVIS meets certain other listing requirements. If the company does not regain compliance within the allotted period, Nasdaq will send the company a notice that it is subject to a delisting from Nasdaq, which SAVVIS would be able to appeal to a Nasdaq Listing Qualifications Panel.
SAVVIS received the notification because the bid price of SAVVIS’ common stock closed below $1.00 per share for 30 consecutive business days. Under NASD Marketplace Rules, $1.00 per share is the minimum required for continued listing. If, at any time during the grace period, the bid price of the company's common stock closes at $1.00 per share or more for at least ten consecutive business days, Nasdaq will notify the company that it complies with the Rule. SAVVIS has existing stockholder authorization for both a one-for-fifteen and a one-for-twenty reverse split of its outstanding common stock.
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from SAVVIS’ expectations. Certain factors that could affect actual results, including but not limited to risks related to financial performance and financing sources, are set forth as risk factors in SAVVIS’ SEC reports and filings, including its annual report on Form 10-K and all subsequent filings. SAVVIS encourages investors to review those factors carefully before making any investment decision. The forward-looking statements contained in this document speak only as of today’s date, October 7, 2005, and the company will not undertake efforts to revise those forward-looking statements to reflect events after this date.
SAVVIS, Inc. (NASDAQ: SVVS) is a global IT utility services provider that focuses exclusively on IT solutions for businesses. With an IT services platform that extends to 47 countries, SAVVIS has over 5,000 enterprise customers and leads the industry in delivering secure, reliable, and scalable hosting, network, and application services. These solutions enable customers to focus on their core business while SAVVIS ensures the quality of their IT systems and operations. SAVVIS’ strategic approach combines virtualization technology, a global network and 24 data centers, and automated management and provisioning systems. For more information about SAVVIS, visit: .
Carter B. Cromley