Sunday, March 11, 2007

Foundry Receives Additional Non-Compliance Letter from Nasdaq

Foundry Networks received an Additional Staff Determination letter from The Nasdaq Stock Market stating that the company's delay in filing its Form 10-K for the year ended December 31, 2006 is an additional basis for Nasdaq to find that Foundry is not currently in compliance with Nasdaq's listing requirements. Foundry said it intends to present its views to Nasdaq and that during the stay, its shares will remain listed on The Nasdaq Global Select Market. An adverse decision on the matter could result in Foundry's securities being delisted from The Nasdaq Global Select Market.