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Cyanotech Regains Full Compliance with Nasdaq

KAILUA KONA, Hawaii (July 2, 2010) — Cyanotech Corporation (Nasdaq Capital Market: CYAN), a world leader in microalgae-based, high-value nutrition and health products, today announced that it had received notice from the Nasdaq Stock Market on June 30, 2010 of full compliance with Listing Rules required for its continued listing on the The Nasdaq Capital Market.

On March 8, 2010, Nasdaq issued a non-compliance notice to the Company given the appointment of David I. Rosenthal as Interim President and CEO and his concurrent resignation from the Audit Committee of the Board of Directors due to his temporary executive position. The non-compliance notice was due to the Board having fewer than three independent directors on its audit committee and having less than a majority of non-executive, independent directors. On March 31, 2010, the Board was restored to compliance upon the resignation from the Board by the prior President and CEO, leaving a majority of non-executive, independent directors plus only two executive directors. On June 23, 2010, the Board of Directors appointed Michael A. Davis, an independent director, to the Audit Committee. Upon its notification of this action to Nasdaq, the Company completed its requirements for return to full compliance.

About CyanotechCyanotech Corporation, a world leader in microalgae technology, produces BioAstin® Natural Astaxanthin and Hawaiian Spirulina Pacifica®—all natural, functional nutrients that leverage our experience and reputation for quality, building nutritional brands which promote health and well-being. Cyanotech's Spirulina products offer complete nutrition, and augment energy and immune response. They are FDA reviewed and accepted as Generally Recognized as Safe (GRAS) for use in food products. BioAstin's superior antioxidant activity and ability to support and maintain a natural anti-inflammatory response enhance skin, muscle and joint health. All Cyanotech products are produced from microalgae grown at its 90-acre facility in Kona, Hawaii using patented and proprietary technology. Cyanotech distributes to nutritional supplement, nutraceutical and cosmeceutical manufacturers and marketers in more than 54 countries worldwide. Cyanotech was the first microalgae company in the world to obtain quality management standards ISO 9001:2000 certification and is GMP-certified by the Natural Products AssociationTM. Visit www.cyanotech.com for more information.

“Safe Harbor” Statement under the U.S. Private Securities Litigation Reform Act of 1995
Besides statements of present fact and historical fact, this press release may contain forward-looking statements. Forward-looking statements relate to the future and are subject to inherent uncertainties, risks and changes in circumstances which are difficult to predict. Our actual results may differ materially from those contemplated by forward-looking statements. We caution against relying on forward-looking statements. Important factors that could change actual, future results include: changes in sales levels to our largest customers, weather patterns in Hawaii, production problems, risks associated with new products, foreign exchange fluctuations, and availability of financing, as well as national and global political, economic, business, competitive, market and regulatory conditions. Other factors are more fully detailed in the Company’s recent Form 10-Q and annual Form 10-K filings with the Securities and Exchange Commission.

Contact:
Bruce Russell: [email protected]
(310) 559-4955 x101


 

 
 
 
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