Extension of Contract and New Project

RNS Number : 9817D

MyCelx Technologies Corporation

06 February 2018

 

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.

6 February 2018

MYCELX TECHNOLOGIES CORPORATION

("MYCELX" or the "Company")

Extension of Successful Quenchwater System Contract and New Project

MYCELX Technologies Corporation, the clean water technology company providing patented solutions for the Oil and Gas industry and commercial markets worldwide, is pleased to announce that its successful Quenchwater System has been renewed by SABIC, the diversified chemicals company. The contract is on the same commercial terms for a further two years and valued at $5 million. This renewal is due to the consistent, successful performance of the unit since its installation in 2013. In addition, the Company is pleased to announce that a new purchase order has been secured from SABIC for a rapid response water treatment system that will commence operations in February 2018.

Commenting on the market update, Connie Mixon, CEO said: 

"The renewal of our showcase Quenchwater system together with the continued momentum that our Saudi team is generating with new purchase orders has resulted in a strong start to 2018. The new purchase order is a testament to the strength of MYCELX's offering and follows the superior performance achieved by the projects secured at the end of FY2017."

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 Jimmy Lea	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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