Saturday, November 1, 2008

NAVI - Form 10-K could not be filed within the prescribed period

Navisite's conference call, on Monday, will be quite interesting...

The registrant has substantially completed its Form 10-K
for the fiscal year ended July 31, 2008. The registrant’s Form 10-K could not be filed within the prescribed period as the registrant has just completed an amendment and waiver to its senior secured credit agreement, the completion of which waived violations of certain covenants as of the fiscal year end and modified certain covenants going forward. Such amendment and waiver will affect the financial statements of the registrant that are to be included in the Form 10-K and the registrant needs additional time to incorporate the amendment and waiver into the financial statements of the registrant. The registrant’s Form 10-K for the fiscal year ended July 31, 2008 will be filed on or before the fifteenth calendar day following the prescribed due date.

Navisite credit facility

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