Full Press Release Details
| News Release | Contac t: Bruce Russell | |
| Russell Communications Group | ||
| brucerussell@ruscom.com |
Files Form 10-Q Financial Reports for First Quarter and Second Quarter
of Fiscal Year 2007; Delays Third Quarter Fiscal 2007 Form 10-Q Financial
Nasdaq Notice of Non-Compliance With Listing Requirement, and
Cyanotech Request for Continued Nasdaq Listing
(February 26, 2007) - Cyanotech Corporation (Nasdaq Capital Market: CYAN) filed
on February 20, 2007 Form 10-Q financial reports with the Securities and
Exchange Commission for the first and second quarters of fiscal year 2007,
ended June 30, 2007 and September 30, 2007, respectively.
Filing of Cyanotech s Form 10-Q financial report for
the third quarter of fiscal 2007, ended December 31, 2007, will be delayed
as a result of work required for the filing of the above-mentioned Forms 10-Q,
and also as a result of work required for the restatement process resulting in
the Company s February 14, 2007 filing of Form 10-K/A for fiscal year
2006. The Company anticipates filing
Form 10-Q for the third quarter of fiscal 2007 on or before March 14,
2007. The Company informed Nasdaq of
this in a Request for Continued Listing submitted to Nasdaq today, as
Cyanotech Corporation received notice on February 21,
2007 from The NASDAQ Stock Market that the Company is not in Compliance with
Nasdaq Marketplace Rule 4310(c)(14 for failure to file its Form 10-Q for the
period ended December 31, 2006 and that such failure is basis for delisting the
Company s Common Stock from The Nasdaq Stock Market. The Company was granted until February 28,
2007 to present its views to the Nasdaq Listing Qualifications Panel with respect
to the failure to file such Form 10-Q.
In its response the Company indicated that it expected to file the Form
10-Q report on or before March 14, 2007 and requested continued listing. The Company believes it is now in compliance
with all previous deficiency notices received from Nasdaq.
Harbor Statement under the Private Securities Litigation Reform Act of 1995
Except for statements of
historical fact, the statements in this news 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 recent Form 10-Q and annual form 10-K filings with the Securities
and Exchange Commission.
73-4460 Queen Kaahumanu
Highway, #102 Kailua-Kona, Hawaii 96740
(808) 326-1353 fax (808) 329-3597 www.cyanotech.com