Zanett Receives Notice From NASDAQ Relating to Its Late Form 10-Q

Zanett, Inc. ZANE announced today that it received a non-compliance notice from the NASDAQ Stock Market stating that the company was not in compliance with NASDAQ Listing Rule 5250(c)(1) because the company has not timely filed its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011. The NASDAQ letter stated that the company has until July 25, 2011, to submit a plan to regain compliance. If such a plan is timely submitted by the company, the NASDAQ staff can grant the company up to 180 calendar days from the due date of the Form 10-Q (or until November 21, 2011) to regain compliance.