KAILUA-KONA, Hawaii--June 18, 2003--Cyanotech Corporation (Nasdaq: CYAN) today announced that it has received from Nasdaq an additional 90-day period, or until September 10, 2003, to meet compliance for continued listing on the SmallCap Market.
Regarding the Company's prospects for the coming months, Cyanotech President and Chief Executive Officer, Dr. Gerald Cysewski, said, "Cyanotech's results for the past two fiscal quarters indicate continued progress towards profitability with sales of natural astaxanthin products, NatuRose(R) and BioAstin(R), increasing steadily. We hope to maintain this trend in the new fiscal year, which began April 1, 2003."
Cyanotech Corporation, a world leader in microalgae technology, develops unique natural products from microalgae, and is the world's only producer of Hawaiian Spirulina and the largest commercial producer of BioAstin(R) natural astaxanthin (pronounced "asta-zan-thin"). Products include BioAstin(R), a powerful antioxidant with expanding applications as a human nutraceutical; NatuRose(R) natural astaxanthin for the aquaculture and animal feed industries; Spirulina Pacifica(R), a nutrient-rich green food; and phycobiliproteins, fluorescent pigments used in the immunological diagnostics market. Spirulina Pacifica(R) and BioAstin(R) are found in the products of the finest supplement brands in over 30 countries worldwide and are sold through various distribution channels including mass, discount, grocery, pharmacy, health food, network marketing, internet and others. Cyanotech is committed to sustainable business practices that respect the environment and our natural resources. Corporate and product information is available at www.cyanotech.com