KAILUA-KONA, Hawaii--(BUSINESS WIRE)--Jan. 21, 2003--Cyanotech Corporation (Nasdaq: CYAN) announced the resignation of Ronald P. Scott as Chief Financial Officer of the Company, effective February 28, 2003. Mr. Scott will continue to serve on Cyanotech's Board of Directors. The Company's Controller, Jeffrey H. Sakamoto, was promoted to the position of Vice President, Finance and Administration, and will assume Mr. Scott's job responsibilities.
Mr. Scott, 48, resigned for personal reasons and is relocating to the U.S. Mainland. He joined the Company in 1990 as Vice President-Finance and Administration. In 1995, he was elected to the Board of Directors and also promoted to the position of Executive Vice President and Chief Financial Officer.

"We deeply appreciate Ron's service to Cyanotech over the past 12 years and the many contributions he made to the Company at multiple levels," said Gerald R. Cysewski, Ph.D., chairman, president and CEO. "We will miss his participation in our day-to-day decision-making, particularly now when the results of our common efforts are being realized in terms of growing demand for the Company's products."

Mr. Sakamoto, 45, joined Cyanotech in 1995 as Controller and has worked closely with Mr. Scott in all aspects of financial management of the Company. Prior to joining Cyanotech, Mr. Sakamoto was the Assistant Controller at Hale Makua Health Care Systems and Accounting Manager at the Hawaii Division of NBI, Inc., a supplier of business computers. Mr. Sakamoto holds a Bachelors of Business Administration degree in accounting from the University of Hawaii, Manoa, and has over 20 years of experience in financial and accounting positions.

Cyanotech Corporation, the world's leader in microalgae technology, produces high-value natural products from microalgae, and is the world's largest commercial producer of natural astaxanthin (pronounced "asta-zan-thin") from microalgae. Products include BioAstin(R) natural astaxanthin, 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 dietary supplement; and phycobiliproteins, which are fluorescent pigments used in the immunological diagnostics market. Spirulina and BioAstin are sold directly online through www.nutrex-hawaii.com and www.bioastinxp.com as well as through resellers worldwide in over 30 countries. Corporate and product information is available at www.cyanotech.com