Contract win with new SABIC affiliate customer

RNS Number : 2968G

MyCelx Technologies Corporation

26 May 2017

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). This inside information is now considered to be in the public domain.

26 May 2017

MYCELX TECHNOLOGIES CORPORATION

("MYCELX" or the "Company")

CONTRACT WIN WITH NEW SABIC AFFILIATE CUSTOMER

MYCELX Technologies Corp (AIM: MYX), the clean water technology company providing patented solutions for the oil and gas industry and industrial markets worldwide, is pleased to announce a contract win with a new SABIC affiliate customer.

MYCELX has been awarded a contract for up to $1.1m to deploy in-country rental fleet equipment to manage the oily water treatment needs for a new SABIC-affiliate customer. Our strategically placed rental fleet allows us to respond rapidly to our customers' needs. This latest contract, which follows the recently announced entry into the Nigerian market, further underpins the Company's forecasts for 2017 and it is expected that the project will commence prior to the end of H1.

Commenting on today's announcement Connie Mixon, CEO of MYCELX, said:

"I am pleased to announce another contract win for MYCELX, and we are delighted to add another SABIC affiliate to our customer base. This is the latest win driven by our recently strengthened Middle East team.  In this instance we have leveraged the success of a similar rental fleet application, which provided significant cost savings and operational efficiencies. Today's news highlights further acceptance of our industry leading clean water solutions in Saudi Arabia and will provide continued momentum as we head into the second half of this year and into 2018."

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For further information please contact: 

MYCELX Technologies Corporation Connie Mixon, CEO Kim Slayton, CFO	Tel: [phone]
Cantor Fitzgerald Europe - NOMAD and Broker Andrew Craig Richard Salmond	Tel: [phone]
Celicourt Communications Mark Antelme Joanna Boon	Tel: [phone]

Notes to Editors

MYCELX is a revolutionary oil-free water technology company solving the world's toughest oil removal problems in the oil and gas industry. The systems are based upon scientific breakthrough for a completely different approach to permanent oil removal. The Company created the patented MYCELX polymer using innovative molecular cohesion for removing oil from water far beyond what conventional systems have ever achieved. MYCELX systems remove oil to critically low levels in a much smaller physical footprint than conventional systems and in a virtually fail-safe process.

www.mycelx.com

 

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