Half Year Trading Update

RNS Number : 3843K

MyCelx Technologies Corporation

07 July 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.

7 July 2017

MYCELX TECHNOLOGIES CORPORATION

("MYCELX" or the "Company")

Half Year Trading Update

Notification of Half Year Results

MYCELX Technologies Corporation (AIM: MYX), the clean water technology company providing patented solutions for the Oil and Gas market and commercial industrial markets worldwide, is today providing a brief trading update ahead of its half year results, which will be announced on 13 September 2017.

MYCELX is pleased to confirm that H1 2017 revenues were in line with the Board's expectations. This follows an active first half of the year which, as previously announced, included the first contract award in the Nigerian Oil and Gas market, as well as a contract with a new SABIC affiliate customer. The Nigerian win represents the first conversion of several opportunities that MYCELX actively nurtured with customers last year with extended onsite trials alongside the operators. The addition of another SABIC affiliate customer builds on the strong footprint that we have developed in Saudi Arabia over the last seven years and reflects our focused business development efforts in the Middle East. The Board is also pleased with the progress of the global product launch of MYCELX RE-GEN currently underway with Schlumberger. The Company remains on track to meet current guidance of being operationally cash neutral for the full year ending 31 December 2017 and we look forward to providing further updates in relation to MYCELX's progress in due course.

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

"The Oil and Gas and petrochemical sectors have reset their cost structures and are cautiously investing in technology upgrades that support their future operational and business goals. Our contract wins in H1 illustrate the Company's successful initiatives to reach markets that greatly benefit from MYCELX's cost effective, advanced technology such as opening the market in Nigeria as well as further penetration in Saudi Arabia, a market we have operated in for over seven years. The Company remains committed to tight cost controls and will continue to allocate resources to sales and engineering in support of achieving our revenue goals in 2017 and beyond."

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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