Annual Meeting Statement

RNS Number : 5727N

MyCelx Technologies Corporation

19 May 2015

 

MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)

Annual Meeting Statement

MYCELX Technologies Corporation (AIM: MYX), the clean water technology company providing patented solutions for commercial industrial markets worldwide, is holding its 2015 Annual Meeting at 11 a.m. (BST) today.

Tim Eggar, Chairman, will deliver the following statement to shareholders at the meeting.

"MYCELX is focused on its core commercial applications in regions where effective water treatment is critical to customers' ongoing operations.  The Company continues to progress two major projects mentioned previously with trials now completed. The Directors anticipate that these projects will move into contract discussions. In addition, we have identified further turnaround projects in the Middle East that have approved budgets and new US onshore applications as targets for 2015 that will provide diversification to the advanced pipeline.

MYCELX is well positioned for turnaround projects which are short term, maintenance-driven and provide opportunity for quick media usage. These projects will support lease revenue streams as they are best addressed with modular, readily available equipment. MYCELX is ideally suited for these projects because of the flexible and effective way in which our media is deployed as well as the small footprint of our equipment and its ease of operation. Our successful completion of two turnaround projects this year highlights the continuing opportunities for the type of service required for reliable performance at our customers' operations.

However, we are operating in a sustained period of oil price volatility and this has resulted in slower deployment and less predictable expenditure of capital across the sector. As a result, predicting the timing of capital sales and revenue recognition continues to be difficult. Our current revenue projection is broadly in line with expectations but, as always, remains very dependent on the timing and successful completion of commercial negotiations.

Overall, MYCELX continues to see growing industry adoption of our technology. Wherever oil and gas production and petrochemical processing occurs, water is present and must be effectively treated. This is what MYCELX does best and where we will continue to move forward." 

For further information please contact:

MYCELX Technologies Corporation

Connie Mixon, CEO                                                                                                           Tel: [phone]

Mark Clark, CFO

Numis Securities Limited                                                                                                 Tel: [phone]

Corporate Finance

John Prior

Paul Gillam

Corporate Broking

James Black

Ben Stoop

Bell Pottinger                                                                                                                       Tel: [phone]

Nick Lambert

Henry Lerwill

 

END

 

 

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