Full Press Release Details
Cyanotech Receives Non-Compliance Notice from
Company has 180 days to comply
KAILUA KONA, Hawaii (December 5, 2005) Cyanotech Corporation (Nasdaq
Capital Market: CYAN), a world leader in producing high-value nutrition and
health products from microalgae, received on December 1, 2005 notice from
Nasdaq that the bid price of the Company s stock has closed below the minimum
$1.00 per share requirement for the last 30 consecutive business days as
required by NASDAQ Marketplace Rule 4310(c)(4).
Therefore, the Company will be provided 180 calendar days, or until May
30, 2006, to regain compliance by virtue of the bid price closing at $1.00 per
share or more for a minimum of 10 days.
If compliance cannot be demonstrated by May 30, 2006, then Nasdaq staff
will determine whether the Company meets the Nasdaq initial listing criteria,
as set forth in Marketplace Rule 4310(c), except for the bid price
requirement. If it meets the initial
listing criteria, Nasdaq staff will notify the Company that it has been granted
an additional 180 calendar day compliance period. Cyanotech currently meets the initial listing
Cyanotech Corporation, a world leader in microalgae
technology, produces BioAstin
Natural Astaxanthin and Hawaiian Spirulina Pacifica all
natural, functional nutrients that enhance human health and nutrition, providing
significant antioxidant, anti-inflammatory and immune response benefits. NatuRose Natural Astaxanthin is a natural pigment source
that also promotes animal health and nutrition, primarily in aquaculture. Phycobiliproteins are fluorescent pigments
used in medical diagnostic testing and research. Cyanotech produces these products from
microalgae grown at its 90-acre facility in Hawaii using patented and
proprietary technology. Cyanotech
products are distributed to nutritional supplement, nutraceutical,
cosmeceutical, and animal feed makers and marketers in more than 30 countries
worldwide. Cyanotech
was the first microalgae company in the world to obtain ISO
9001:2000 certification.
Corporate data and product information are available at www.cyanotech.com
Safe 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 Cyanotech s 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