Cyanotech Corporation (Nasdaq Capital Market: CYAN), a world leader in
microalgae-based, high-value nutrition and health products, today
announced that its founder, Gerald R. Cysewski, Ph.D., has been named
interim President and Chief Executive Officer effective March 31, 2016,
replacing Brent D. Bailey, who has resigned. A special committee of
Cyanotech’s board of directors has begun the search for a permanent CEO.
Bailey said, "Over the last five years, net sales have nearly doubled
and we have transformed Cyanotech from a bulk ingredient supplier to a
branded consumer products manufacturer with leading market share in both
Astaxanthin and Spirulina. Now I feel it is time to place more focus on
my family. I love this company and believe it is well positioned for the
future. It has been a privilege to lead Cyanotech.”
On behalf of Cyanotech’s board, chairman Michael Davis said, “We
recognize Brent’s contributions to Cyanotech, including developing and
maintaining important customer relationships and distribution channels
and upgrading its facilities and processes.
“We are pleased to have someone with Dr. Cysewski’s detailed knowledge
of Cyanotech’s business and his perspective as the company’s founder to
guide Cyanotech during this transitional phase. Our priority is to
identify a leader who can leverage our company’s assets and leadership
team to drive the next stage of Cyanotech’s growth.”
“This is an exciting time for Cyanotech and I am eager to take on the
opportunities that lie ahead,” Dr. Cysewski said. “As Cyanotech
continues to shift its focus to vertical integration, we believe that
there are significant growth opportunities for the company in the
future.”
Dr. Cysewski, who co-founded Cyanotech in 1983 and has served as a
director since that time, has been Executive Vice President and Chief
Scientific Officer. From 1990 to 2008, he served as the Company’s
President and Chief Executive Officer, as well as Chairman of the Board.
Before founding Cyanotech, he was Group Leader of Microalgae Research
and Development at Battelle Northwest, a major contract research and
development firm. Previously, he was an assistant professor in the
Department of Chemical and Nuclear Engineering at the University of
California, Santa Barbara, where he received a two-year grant from the
National Science Foundation to develop a culture system for blue-green
algae. Dr. Cysewski is recognized as a leading authority on large scale
production of micro-algae and is a frequently invited speaker at
industry gatherings around the world.
About Cyanotech — Cyanotech Corporation, a world leader in
microalgae technology, produces BioAstin® Natural Astaxanthin and
Hawaiian Spirulina Pacifica®—all natural, functional nutrients that
leverage our experience and reputation for quality, building nutritional
brands which promote health and well-being. Cyanotech's Spirulina
products offer complete nutrition, and augment energy and immune
response. They are FDA-reviewed and accepted as Generally Recognized as
Safe (GRAS) for use in food products. BioAstin's superior antioxidant
activity and ability to support and maintain a natural anti-inflammatory
response enhance skin, muscle and joint health. All Cyanotech products
are produced from microalgae grown at our 90-acre facility in Kona,
Hawaii using patented and proprietary technology. Cyanotech sells its
products direct to consumers at retail locations in the United States
and online at www.nutrex-hawaii.com
and also distributes to nutritional supplement, nutraceutical and
cosmeceutical manufacturers and marketers worldwide and is GMP-certified
by the Natural Products AssociationTM. Visit www.cyanotech.com
for more information.
“Safe Harbor” Statement under the U.S. Private Securities
Litigation Reform Act of 1995 — Besides statements of present fact and
historical fact, this press release may contain forward-looking
statements. Forward-looking statements relate to the future and are
subject to inherent uncertainties, risks and changes in circumstances
that are difficult to predict. Our actual results may differ materially
from those contemplated by forward-looking statements. We caution
against relying on forward-looking statements. Important factors that
could change actual, future results include: changes in sales levels to
our largest customers, weather patterns in Hawaii, production problems,
risks associated with new products, foreign exchange fluctuations, and
availability of financing, as well as national and global political,
economic, business, competitive, market and regulatory conditions. Other
factors are more fully detailed in the Company’s annual Form 10-K
filings with the Securities and Exchange Commission.
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