Sify receives NASDAQ Staff Deficiency letter
January 05 2017 - 7:36AM
On December 27, 2016,
Sify Technologies Limited
(NASDAQ: SIFY), headquartered at Chennai, India, (the
"Company") received a letter from the Listing Qualifications
Department of the Nasdaq Stock Market ("Nasdaq") indicating that,
based upon the closing bid price of the Company's common stock for
the last 30 consecutive business days, the Company did not meet the
minimum bid price of $1.00 per share required for continued listing
on The Nasdaq Global Select Market pursuant to Nasdaq Listing Rule
5450(a)(1).
The letter also indicated that the Company will be provided with
a compliance period of 180 calendar days, or until June 26, 2017,
in which to regain compliance pursuant to Nasdaq Listing Rule
5810(c)(3)(A).
The letter further provided that if, at any time during the
180-day period, the closing bid price of the Company's common stock
is at least $1.00 for a minimum of ten consecutive business days,
Nasdaq will provide the Company with written confirmation that it
has achieved compliance with the minimum bid price requirement.
About Sify Technologies: Sify is among the
largest integrated ICT Solutions and Services companies in India,
offering end-to-end solutions with a comprehensive range of
products delivered over a common telecom data network
infrastructure reaching more than 1300 cities and towns in India.
This telecom network today connects 43 Data Centers across India
including Sify's 6 Tier 3 Data Centers across the cities of
Chennai, Mumbai, Delhi and Bengaluru.
A significant part of the company's revenue is derived from
Enterprise Services, comprising of Telecom services, Data Center
services, Cloud and Managed services, Applications Integration
services and Technology Integration services. Sify also provides
services that cater to the burgeoning demands of the SMB community,
much of it on its Cloud services platform.
Sify has a unified license to operate NLD (National Long
Distance), ILD (International Long Distance) services and ISP
services and offers VoIP backhaul for international carriers. With
the Sify Cable landing station and partnerships with submarine
cable companies globally, Sify is present in almost all the spheres
of the ICT eco system.
Sify has an expanding base of Managed Services customers, both
in India and overseas, and is India's first enterprise managed
services provider to launch a Security Operations Center (SOC) to
deliver managed security services. The software team develops
applications and offers services to improve business efficiencies
of its current and prospective client bases. Sify also offers
services in the specialized domains of eLearning, both in India and
globally. For more information about Sify, visit
www.sifycorp.com
Forward Looking Statements This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. The
forward-looking statements contained herein are subject to risks
and uncertainties that could cause actual results to differ
materially from those reflected in the forward-looking statements.
Sify undertakes no duty to update any forward-looking statements.
For a discussion of the risks associated with Sify's business,
please see the discussion under the caption "Risk Factors" in the
company's Annual Report on Form 20-F for the year ended March 31,
2016, which has been filed with the United States Securities and
Exchange Commission and is available by accessing the database
maintained by the SEC at www.sec.gov, and Sify's other reports
filed with the SEC.
CONTACT: For further information, please contact:
Sify Technologies Limited
Mr. Praveen Krishna
Investor Relations & Public Relations
+91 44 22540777 (ext.2055)
praveen.krishna@sifycorp.com
Grayling Investor Relations
Shiwei Yin
+1-646-284-9474
Shiwei.Yin@grayling.com
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