Cyanotech Corporation Provides Update on Nasdaq Delisting Notification.Business Editors/Health/Medical Writers KAILUA KONA, Hawaii--(BUSINESS WIRE)--Nov. 14, 2003 Cyanotech Corporation (Nasdaq: CYAN), a world leader in producing high-value natural products from microalgae, today provided an update on the delisting notification by the Nasdaq Listing Qualifications Panel ("Panel"). In response to the Company's appeal to the Panel, Cyanotech has been notified that the Panel has made a decision that in order for the Company's shares to remain listed on the Nasdaq SmallCap Market, the Company's common stock must demonstrate a closing bid price of at least $1.00 per share for a minimum of ten consecutive trading days on or before November 20, 2003. The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. had previously informed Cyanotech that it was not in compliance with the minimum bid price requirement of $1.00 per share for its common stock as set forth in Nasdaq Marketplace Rule 4310(c)(4). On September 15, 2003, the Company had requested a hearing before the Panel to appeal the scheduled delisting. About Cyanotech Cyanotech Corporation, a world leader in microalgae technology, produces high-value natural products from microalgae and is the world's largest commercial producer of natural astaxanthin (pronounced "asta-zan-thin") from microalgae. Products include BioAstin(R) natural astaxanthin, a powerful antioxidant antioxidant, substance that prevents or slows the breakdown of another substance by oxygen. Synthetic and natural antioxidants are used to slow the deterioration of gasoline and rubber, and such antioxidants as vitamin C (ascorbic acid), butylated hydroxytoluene with expanding application as a human nutraceutical; NatuRose(R) natural astaxanthin for the aquaculture aquaculture, the raising and harvesting of fresh- and saltwater plants and animals. The most economically important form of aquaculture is fish farming, an industry that accounts for an ever increasing share of world fisheries production. and animal feed industries; Spirulina spirulina Any cyanobacteria in the genus Spirulina. A traditional food source in parts of Africa and Mexico, spirulina is an exceptionally rich source of vitamins, minerals, and protein, and one of the few nonanimal sources of vitamin B12. Pacifica(R), a nutrient-rich dietary supplement; and phycobiliproteins, which are fluorescent pigments used in the immunological diagnostics market. Spirulina Pacifica and BioAstin are sold directly online through the Company's website, www.nutrex-hawaii.com, as well as through resellers worldwide in over 30 countries. Corporate and product information is available at www.cyanotech.com. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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, 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 Form 10-Q See 10-Q. and annual form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filings with the Securities and Exchange Commission. |
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