Valid L1 B visa with expired I94

[rahul22july]

I have L1 B visa valid till Apr 2013. But my I94 expired in mar 2012 this year. Subsequently,I applied for L1 B extension in feb 2012 and my request just got rejected.

What are my options?

1. I need to leave USA straightaway?

2. Since my old L1 B is still valid till apr 2013 next year, can i go outside USA and return so that I can get new I94 on my old L1 B visa? Is this valid?

Please help. I need to make some decision asap.

Thanks,