Cyanotech Corporation (Nasdaq Capital Market: CYAN), a world leader in microalgae-based, high-value nutrition and health products, has named Jim Lundeen Vice President and General Manager–Mainland with responsibility for all consumer marketing and sales activity in the continental United States for the Nutrex Hawaii brand of nutritional supplements. “Nutrex Hawaii has built a very strong base in both Hawaii and on the mainland. On a national basis, BioAstin and Spirulina Pacifica are the #1 brands of Astaxanthin and Spirulina, respectively, in the natural products channel. Nutrex Hawaii generated $1.19 of net sales per capita in Hawaii last fiscal year, which we believe suggests significant growth potential on the mainland,” commented President and CEO Brent Bailey. “Our success to date has largely been driven by our great products and an excellent sales effort. To realize our full potential we need to build a stronger domestic consumer marketing capability,” Bailey continued. “Jim has a 30-year track record of business building success at Shulton, General Mills, Colgate, Dial and Pharmavite. He was instrumental in building the Purex liquid detergent business to $200 million and the Nature Made supplement brand from $250 million to $750 million in retail sales. “We began to build our domestic consumer marketing capability last fall with the addition of Sheryl Biesman as Director of Marketing for our direct-to-consumer business. Sheryl has 17 years of experience in digital marketing with a strong focus in recent years on social media. She was a key player in the development of the NatureMade.com website while at Pharmavite. In addition, Jamie Brewster was appointed last fall as Director of Logistics. Jamie has 14 years of logistics and distribution experience, most recently with Beachbody, a rapidly growing direct-to-consumer company. “We are delighted to add Jim, Sheryl and Jamie, who are based in Southern California, to our dedicated and passionate Cyanotech team. Together with our veteran team members based in Hawaii, they are each critical building blocks for our long-term growth strategy.”
Shares of Cyanotech Corporation (Nasdaq:CYAN) have taken a tremendous swing upward. The stock is trading at $8.25 as of 9:30 a.m. ET, 26.7% above Wednesday's closing price of $6.51. Volume is at 16,422, 0.3 times the daily average of 53,500.