Cyanotech Corporation Delays Filing

  
    
  
  
    
      Cyanotech Corporation (Nasdaq:CYAND) announced today that it will 
      continue to delay the filing of its first quarter fiscal year 2007 Form 
      10-Q and, consequently, will have to delay filing its Form 10-Q for the 
      second quarter of fiscal year 2007. Both 10-Qs are delayed because the 
      Company’s independent registered public 
      accounting firm has not yet rendered any decision with respect to a 
      previously announced accounting issue involving the Company’s 
      historic inventory accounting method. The Company now hopes to file both 
      reports by November 30, 2006, but this is subject to the requirements of 
      the independent registered public accounting firm.
    
    
      On November 3, 2006, the Company reverse split its Common Stock one 
      share for four shares. As a result the Company’s 
      common stock has been trading at more than the $1.00 per share minimum 
      price required for listing by Nasdaq. The Company’s 
      stock closed today at $1.73. Therefore, the Company is now in compliance 
      with Nasdaq’s minimum bid price requirement. 
      Because of the reverse stock split, the Company’s 
      common stock will trade under the symbol “CYAND” 
      until December 5, 2006 and will then revert to symbol “CYAN.”
    
    
      The Company continues to await the results of its previously announced 
      Nasdaq Listing Qualifications Panel Hearing. The Hearing concerned both 
      the bid price deficiency discussed above and the deficiency for late 
      filing of the Company’s Form 10-Q for the 
      quarter ended June 30, 2006. The Company has informed the Panel that its 
      Form 10-Q for quarter ended September 30, 2006 is also delayed, citing 
      the review process involving the Company’s 
      independent registered public accounting firm.
    
    
      “Safe Harbor” 
      Statement under the Private Securities Litigation Reform Act 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, 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 Form 10-Q and 
      annual form 10-K filings with the Securities and Exchange Commission.
    
  
Cyanotech Corporation (Nasdaq:CYAND) announced today that it will
continue to delay the filing of its first quarter fiscal year 2007
Form 10-Q and, consequently, will have to delay filing its Form 10-Q
for the second quarter of fiscal year 2007. Both 10-Qs are delayed
because the Company's independent registered public accounting firm
has not yet rendered any decision with respect to a previously
announced accounting issue involving the Company's historic inventory
accounting method. The Company now hopes to file both reports by
November 30, 2006, but this is subject to the requirements of the
independent registered public accounting firm.

   On November 3, 2006, the Company reverse split its Common Stock
one share for four shares. As a result the Company's common stock has
been trading at more than the $1.00 per share minimum price required
for listing by Nasdaq. The Company's stock closed today at $1.73.
Therefore, the Company is now in compliance with Nasdaq's minimum bid
price requirement. Because of the reverse stock split, the Company's
common stock will trade under the symbol "CYAND" until December 5,
2006 and will then revert to symbol "CYAN."

   The Company continues to await the results of its previously
announced Nasdaq Listing Qualifications Panel Hearing. The Hearing
concerned both the bid price deficiency discussed above and the
deficiency for late filing of the Company's Form 10-Q for the quarter
ended June 30, 2006. The Company has informed the Panel that its Form
10-Q for quarter ended September 30, 2006 is also delayed, citing the
review process involving the Company's independent registered public
accounting firm.

   "Safe Harbor" Statement under the Private Securities Litigation
Reform Act 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, 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 Form 10-Q and annual form 10-K filings
with the Securities and Exchange Commission.