Cyanotech Corporation has been notified by the NASDAQ Listing Qualifications Panel that it is not in compliance with its continued listing requirements under NASDAQ Listing Rules 5605(b)(1) and 5605(c)(2)(A) due to having only three independent directors of six total directors on its Board and fewer than three independent directors on its audit committee, while David I. Rosenthal serves as Interim President and CEO, as announced on March 1, 2010. Mr. Rosenthal has resigned from the audit committee in order to accept his interim appointment as an executive officer. NASDAQ rules require that the Board be comprised of a majority of independent directors and that the audit committee is comprised of only independent directors of which there must be at least three. The notification indicated that so long as Cyanotech provides an acceptable plan within 45 days to regain a majority of independent directors to the Board and to add a third independent member to the audit committee, NASDAQ will consider granting Cyanotech an exception for up to 180 days from March 8, 2010. Cyanotech intends to provide a plan acceptable to NASDAQ within the required time period.

The Board of Directors of Cyanotech Corp. has named David I. Rosenthal as Interim President and Chief Executive Officer, effective February 27, 2010, while a search is underway for a new CEO. He replaces Andrew H. Jacobson, who was removed from his responsibilities of President and Chief Executive Officer by the Board. Mr. Rosenthal, age 55, has served on the Board of Directors of Cyanotech since November 2000 and is a member of the Audit Committee. Most recently, Mr. Rosenthal was Chief Financial Officer of Hickory Farms Inc. Mr. Rosenthal has also served as Chief Financial Officer of several publicly-held companies, including SpectaLink Corporation.

Cyanotech Corporation announced unaudited earnings results for the third quarter and nine months ended Dec. 31, 2009. For the quarter, the company reported net sales of $3,982,000, income from operations of $632,000, income before provision (benefit) for income taxes of $612,000, net income of $605,000 or $0.11 diluted earnings per share compared to the net sales of $3,553,000, income from operations of $556,000, income before provision (benefit) for income taxes of $517,000, net income of $514,000 or $0.10 diluted earnings per share for the same quarter a year ago. For the year to date period, the company reported net sales of $11,928,000, income from operations of $1,706,000, income before provision (benefit) for income taxes of $1,646,000, net income of $1,617,000 or $0.30 diluted earnings per share compared to the net sales of $10,528,000, income from operations of $1,053,000, income before provision (benefit) for income taxes of $940,000, net income of $948,000 or $0.18 diluted earnings per share for the same period year ago.

Cyanotech Receives Temporary Non-Compliance Notice from Nasdaq Related to Its Number of Independent Directors

Cyanotech Receives Temporary Non-Compliance Notice from Nasdaq Related to Its Number of Independent Directors

Cyanotech's Board of Directors Names David I. Rosenthal as Interim President and CEO

Cyanotech's Board of Directors Names David I. Rosenthal as Interim President and CEO

Cyanotech Reports Financial Results for the Third Quarter of Fiscal 2010

Cyanotech Reports Financial Results for the Third Quarter of Fiscal 2010

CYANOTECH CORP Files SEC form 10-Q, Quarterly Report

Cyanotech Reports Financial Results for the Second Quarter of Fiscal 2010

Board of Directors Amends Cyanotech's Bylaws

Cyanotech Launches New Hawaiian Spirulina Pacifica® Multi-Vitamins

Cyanotech Announces Discovery of Vitamin K2 in Hawaiian Spirulina Pacifica®

CYANOTECH CORP Files SEC form 8-K, Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Financial Stateme

Board of Directors Amends Cyanotech's Bylaws

Cyanotech Launches New Hawaiian Spirulina Pacifica® Multi-Vitamins

Cyanotech Announces Discovery of Vitamin K2 in Hawaiian Spirulina Pacifica®

CYANOTECH CORP Files SEC form 10-K, Annual Report

CYANOTECH CORP Files SEC form 8-K, Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Financial Stateme

CYANOTECH CORP Files SEC form 10-Q, Quarterly Report

Cyanotech Lauded by State of Hawaii for 25 Years of Leadership

Cyanotech Continues Its Good Manufacturing Practices Standard