Cyanotech completes 20-acre culture pond expansion -- production capacity increased 50 percent since April.KAILUA-KONA, Hawaii--(BUSINESS WIRE)--Nov. 14, 1996--Cyanotech Corp. (NASDAQ/NMS:CYAN) reported that it has completed the planned expansion of its culture ponds for producing and harvesting microalgae products. The expansion resulted in 20 additional acres of culture ponds -- 40 acres were in production previously -- increasing the company's capacity for microalgae production by 50 percent since the program was initiated in April 1996. A total of $3.2 million has been expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. on the expansion of the culture ponds and on related factory upgrades. The new ponds were formally opened on Nov. 1, with a dedication ceremony in Kailua-Kona, attended by U.S. Senator Daniel K. Inouye and Hawaii County Mayor Stephen K. Yamashito. "This expansion of Cyanotech's production capacity comes just in time for the company to continue its steady growth. Recently, we reported Cyanotech's 13th consecutive quarter of year-to-year increases in both sales and earnings," said Gerald R. Cysewski, Ph.D., president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The additional output from this expansion will allow us to address new market areas for our 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 products, and also expand our customer base. Additionally, we plan to initiate limited commercial production of the company's new microalgae product, the pigment astaxanthin, used for 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. feed, in early 1997." Cysewski added that construction is proceeding on a new 3,200-square-foot astaxanthin processing plant. Cyanotech develops and commercializes natural products from microalgae. The company is currently producing microalgae products for the nutritional supplement and immunological diagnostics markets, and is also developing microalgae-based products for the aquaculture feed/pigments and biopesticide markets. Nutrex Inc., the company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , produces and markets a line of Spirulina-based nutritional products for the retail market. The Nutrex products are the only microalgae products in the world that are certified organic. CONTACT: EVP-Finance & Administration, Kailua-Kona Ronald P. Scott, 808/326-1353 or RCG RCG Responsible Conduct of Gambling RCG Revolutionary Communist Group (Northern Ireland) RCG Raiffeisen Central Genossenschaft (German: Raiffeisen Cooperative) RCG Race, Class and Gender Bruce Russell Bruce Russell is a New Zealand experimental musician. He is a founding member and guitarist of the noise rock trio The Dead C and the free noise combo A Handful of Dust (with Alastair Galbraith). He has released solo albums featuring guitar and tape manipulation. , 310/216-1414 |
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