Cyanotech Corp. (NASDAQ:CYAN) of Kailua-Kona, Hawaii,announced that it has sold 560,000 shares of its restrictedcommon stock to a private investor for $560,000 cash.Cyanotech applied $525,000 of the net proceeds to repayingtwo loans from the state of Hawaii's Department of BusinessEconomic Development and Tourism. The remainder will beused for working capital.

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