NewLead Holdings Ltd. Receives Deficiency Notices From the NASDAQ Stock Market

PIRAEUS, Greece, Sept. 22, 2011

NewLead Holdings Ltd. (NASDAQ: NEWL) ("NewLead" or "the Company") today announced that the Company has received two deficiency notices from The NASDAQ Stock Market LLC ("NASDAQ"). On September 16, 2011, the Company received a written notification from the NASDAQ indicating that the Company is not in compliance with NASDAQ Listing Rule 5450(b)(1)(C) for continued listing on The NASDAQ Global Select Market because the Market Value of the Company's Publicly Held Shares ("MVPHS") was below $5,000,000 for the previous 30 consecutive business days. On September 21, 2011, the Company received another written notification from the NASDAQ indicating that the Company is not in compliance with NASDAQ Listing Rule 5450(a)(1) because the minimum bid price of its common shares was below $1.00 per share for the previous 30 consecutive business days (the "minimum bid price requirement").

Pursuant to the NASDAQ Listing Rules, NewLead has been granted a 180-day compliance period in respect of each deficiency to regain compliance with the requirements of the NASDAQ Listing Rules. The compliance period for the MVPHS requirement ends on March 14, 2012 and the compliance period for the minimum bid price requirement ends on March 19, 2011. During the respective compliance periods, the Company's common shares will continue to be listed and traded on The NASDAQ Global Select Market. Pursuant to the NASDAQ Listing Rules, NewLead may regain compliance with the two NASDAQ Listing Rules if (1) the MVPHS closes at $5,000,000 or more for a minimum of ten consecutive business days at any time during the compliance period for the MVPHS requirement, pursuant to NASDAQ Listing Rule 5810(c)(3)(D), and (2) the minimum bid price of NewLead's common shares equals at least $1.00 per share for ten consecutive business days at any time during the compliance period for the minimum bid price requirement, pursuant to NASDAQ Listing Rule 5810(c)(3)(A). Alternatively, the Company may consider applying for a transfer to The NASDAQ Capital Market, provided it satisfies the requirements for continued listing on such market.

NewLead continues to monitor its MVPHS and the minimum bid price of its common shares and is considering its options in order to regain compliance within the applicable compliance periods.

About NewLead Holdings Ltd.
NewLead Holdings Ltd. is an international, vertically integrated shipping company that owns and manages product tankers and dry bulk vessels. NewLead currently controls 22 vessels, including six double-hull product tankers and 16 dry bulk vessels of which two are newbuildings. NewLead's common shares are traded under the symbol "NEWL" on the NASDAQ Global Select Market. To learn more about NewLead Holdings Ltd., please visit the new website at www.newleadholdings.com.

Source: NewLead Holdings Ltd. press release