Cyanotech Continues Delay of Fiscal 2007 Financial Results

Business Wire, July 16, 2007

KAILUA KONA, Hawaii -- Cyanotech Corporation (Nasdaq:CYAN) announced it will not meet today's extended deadline for filing its Form 10-K Report with the Securities and Exchange Commission for the fiscal year ended March 31, 2007. The Company, on June 29, 2007, filed Form 12b-25 extending the time to file its Form 10-K. The Company is continuing to work with its registered independent public accountant, KPMG, to resolve possibly material non-cash technical accounting matters. The Company presently believes that it should be able to file Form 10-K by July 30, 2007, but such filing is also dependent upon KPMG's completion of audit procedures.

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