Savvis to Apply For Nasdaq Small-Cap Market

• By theWHIR.com , May 24, 2002

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May 24, 2002 -- (WEB HOST INDUSTRY REVIEW) -- Network service provider Savvis Communications Corp. (Savvis.com) announced on Thursday that it will apply for a listing on the Nasdaq Small-Cap Issues Market, where it intends to retain its ticker symbol of SVVS.

The company received notice on May 17 2002 from the Nasdaq's Listings Qualification Department that Savvis's stock was subject to delisting based on its failure to maintain the minimum bid price required by Nasdaq rules.

David Frear, vice president of Savvis, says the company is financially strong, with a growing customer base of over 1,500 companies. "We are moving our stock to the Nasdaq Small-Cap Issues Market," he says, "to comply with Nasdaq's Marketplace Rules while continuing to offer investors the opportunity to participate."

If the transfer to the Small-Cap Issues Market is approved, says Savvis, the company will have until August 13, 2002, to demonstrate compliance with Nasdaq's $1 minimum bid requirement. The company will then be eligible for a 180-day grace period in which to demonstrate compliance, provided that it meets additional listing criteria for the Small-Cap market, which Savvis says it currently meets.

Frear says Savvis does not intend to implement a reverse stock split at this time. "Our company remains focused on delivering strong financial results, acquiring new customers and leading the industry in customer service," he says.

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