Cyanotech Receives Non-Compliance Notice from Nasdaq; Company Has 180 Days to Comply.KAILUA KONA, Hawaii -- Cyanotech Corporation (Nasdaq: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 criteria. About Cyanotech Cyanotech Corporation, a world leader in microalgae technology, produces BioAstin(R) Natural Astaxanthin and Hawaiian 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)--all natural, functional nutrients that enhance human health and nutrition, providing significant 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 , anti-inflammatory and immune response immune response n. An integrated bodily response to an antigen, especially one mediated by lymphocytes and involving recognition of antigens by specific antibodies or previously sensitized lymphocytes. benefits. NatuRose(R) Natural Astaxanthin is a natural pigment source that also promotes animal health and nutrition, primarily in 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. . Phycobiliproteins are fluorescent pigments used in medical diagnostic testing Diagnostic testing Testing performed to determine if someone is affected with a particular disease. Mentioned in: Von Willebrand Disease 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 cos·me·ceu·ti·cal n. A cosmetic that has or is purported to have medicinal properties. , and animal feed makers and marketers in more than 30 countries worldwide. Cyanotech was the first microalgae company in the world to obtain ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001:2000 certification. Corporate data and product information are available at www.cyanotech.com. "Safe Harbor" 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 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. |
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