Cyanotech Corporation Form 8-K

Cyanotech Corporation

(November 14, 2006) Cyanotech Corporation (Nasdaq: CYAND) announced today

that it will continue to delay the filing of its first quarter fiscal year 2007

Form 10-Q and, consequently, will have to delay filing its Form 10-Q for the

second quarter of fiscal year 2007. Both

10-Qs are delayed because the Company s independent registered public

accounting firm has not yet rendered any decision with respect to a previously

announced accounting issue involving the Company s historic inventory

accounting method. The Company now hopes

to file both reports by November 30, 2006, but this is subject to the

requirements of the independent registered public accounting firm.

On November 3, 2006, the

Company reverse split its Common Stock one share for four shares. As a result the Company s common stock has

been trading at more than the $1.00 per share minimum price required for

listing by Nasdaq. The Company s stock

closed today at $1.73. Therefore, the

Company is now in compliance with Nasdaq s minimum bid price requirement. Because of the reverse stock split, the

Company s common stock will trade under the symbol CYAND until December 5,

2006 and will then revert to symbol CYAN.

The Company continues to

await the results of its previously announced Nasdaq Listing Qualifications

Panel Hearing. The Hearing concerned

both the bid price deficiency discussed above and the deficiency for late

filing of the Company s Form 10-Q for the quarter ended June 30, 2006. The Company has informed the Panel that its

Form 10-Q for quarter ended September 30, 2006 is also delayed, citing the

review process involving the Company s independent registered public accounting

Harbor Statement under the Private Securities Litigation Reform Act of 1995

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.

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