Cyanotech Corporation (Nasdaq Capital Market: CYAN) was awarded the Presidential “E” Award for Exports by U.S. Department of Commerce Secretary Gary Locke at the Department’s headquarters in Washington, D.C. on May 16. The “E” Awards are the highest recognition any U.S. entity can receive for making a significant contribution to the expansion of U.S. exports.
“We are honored that President Obama and the Commerce Department have recognized our achievements in exporting,” said Brent Bailey, Cyanotech’s President and CEO. “Our Hawaiian Spirulina and BioAstin Natural Astaxanthin products are now distributed in more than 60 countries on six continents.”
Dr. Gerald Cysewski, Cyanotech’s Founder and Chief Scientific Officer, added, “Our valued distributors around the world recognize Cyanotech’s leadership position in Spirulina and Astaxanthin quality as well as our superior customer service and branding. On the consumer level, once people try our products, they understand our intense focus on producing products that help people feel better and live longer.”
“Exports are a key driver of America's economic recovery,” said Secretary of Commerce Gary Locke. “President Obama’s National Export Initiative (NEI), which aims to double U.S. exports by 2015 in support of several million American jobs, is a robust, forward-looking trade agenda with an emphasis on domestic job growth. Cyanotech is being honored today for making significant contributions toward fulfilling that agenda.
“I congratulate you on your significant export achievement. It is businesses like yours that will help us meet or exceed the President’s NEI goals. Your firm provides an example we hope more American companies will follow,” Locke added. Only 27 U.S. companies were presented with the “E” Award at the May 16, 2011 World Trade Week ceremonies in Washington, D.C.
Criteria for the award are based on four years of successive export growth, usually accompanied by a rising percentage of export sales within total sales. An applicant’s demonstration of an innovative international marketing plan that led to the increase in exports is a significant factor in making the award.