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Cyanotech Corporation Announces Reverse Split of Its Par Value $0.005 Common Stockand Temporary 30-day Change in Its Symbol from CYAN to CYAND

KAILUA KONA, Hawaii (November 3, 2006) — Cyanotech Corporation (Nasdaq Capital Market: CYAN) announced today that the one for four reverse stock split of its par value $0.005 Common Stock (Symbol CYAN, Cusip No. 232437 20 2) has become effective.  The reverse stock split was previously authorized by the Company’s Board of Directors and a Certificate of Change filed with the Secretary of State of Nevada.

The Company’s Common Stock, par value $0.02 per share, will begin trading on the Nasdaq Capital Market at the opening of trading on Monday, November 6, 2006 under the Stock Symbol CYAND.  This Stock Symbol will apply for 30 days only, and then change back to CYAN on December 5, 2006.  New stock certificates issued as a result of the reverse split will bear Cusip No. 232437 30 1.  The Company, through its transfer agent, Computershare Trust Company, Inc., will pay cash in lieu of issuing fractional shares based on the stock’s Friday, November 3, 2006 closing price of $0.43 per share.

As a result of the reverse stock split, stock certificates may be exchanged on the basis of one share of par value $0.02 common stock (Cusip No. 232437 30 1) for every four shares of par value $0.005 common stock (Cusip No. 232437 20 2).  It is not necessary for stockholders to exchange their par value $0.005 Cyanotech Corporation stock certificates at this time.  However, if stockholders wish to exchange their stock certificates for the new certificates, the Company will pay, on behalf of each stockholder, a one time exchange fee up to a maximum of $25.  New par value $0.02 stock certificates will also be issued by the transfer agent when part of the old par value $0.005 shares are sold.  Any fractional share in such transactions will be paid in cash.

Instructions and exchange forms will be sent to stockholders in the coming weeks by the transfer agent.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
Except for statements of historical fact, the statements in this press release are forward-looking.  Such statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made.  These factors include, but are not limited to, general economic conditions, forecasts of sales in future periods, changes in sales levels to our largest customers, weather patterns, production problems caused by contamination, risks associated with the acceptance of new products, competition, foreign exchange fluctuations, government regulation, and other factors more fully detailed in the Company’s Form 10-Q and annual form 10-K filings with the Securities and Exchange Commission.


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


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