Middle East Contract Win

RNS Number : 8994P

MyCelx Technologies Corporation

26 August 2014

 



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THE COMPANY'S COMMON SHARES HAVE NOT BEEN REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE "US SECURITIES ACT") OR ANY STATE SECURITIES LAWS (THE "STATE ACTS") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS THE SECURITIES ARE REGISTERED UNDER THE US SECURITIES ACT AND ANY APPLICABLE STATE ACTS, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE US SECURITIES ACT AND ANY APPLICABLE STATE ACTS IS AVAILABLE.

MYCELX Technologies Corporation

("MYCELX" or the "Company") (AIM: MYX)

26 August 2014

Middle East Contract Win

MYCELX Technologies Corporation (AIM: MYX), the clean water technology company providing patented solutions for commercial industrial markets worldwide, is pleased to announce a new contract win in the Middle East.

The Company has been awarded a water treatment contract from a Kuwaiti petrochemical company for a project that will take place in Q4 2014. This follows the Company's successful market entry into Kuwait earlier this year, the installation of one of the Company's systems and an initial six month contract with the same petrochemical company.

Whilst the Company's focus is on securing long term contracts with all the benefits of recurring revenue generation, this win demonstrates how the MYCELX systems are designed to manage difficult and fluctuating influent conditions and volume, and is therefore ideally suited for turnaround projects and emergency response given the reliability, mobility and small physical footprint.

Connie Mixon, CEO of MYCELX, commented:

"The Middle East region remains an area of specific opportunity for MYCELX and we are delighted to build upon our market entry into Kuwait earlier this year with this new contract award. We faced tough competition to secure this contract, which is further evidence that our technology and treatment systems offer leading edge performance in extremely challenging conditions.

The nature of this contract will generate significant revenue most of which will be recognised in this year and is a demonstration of how our investment in personnel and infrastructure for new business development in the region continues to yield significant dividends. "

For further information please contact:

MYCELX Technologies Corporation

Connie Mixon, CEO

Mark Clark, CFO                                                                 Tel: [phone]

Numis Securities Limited

Corporate Finance

Stuart Skinner / Jamie Loughborough

Corporate Broking

James Black / Ben Stoop                                                Tel: [phone]

Bell Pottinger

Mark Antelme / Nick Lambert / Henry Lerwill      Tel: [phone]

Notes for Editors

·     MYCELX Technologies Corporation is a clean water technology company that provides novel water
 treatment solutions to the oil and gas, power, marine and manufacturing sectors

·     MYCELX invented and is the owner of the MYCELX polymer which is infused in the consumable media
 contained in equipment supplied by the Company

·     The technology produces treatment results that compare favourably to existing competition in
 effectiveness, cost and footprint. The MYCELX polymer and its use are protected by patents and other
 intellectual property rights

·     The defining difference of the MYCELX polymer as compared with alternative technologies currently
 available is that it is capable of permanently and reliably removing free, emulsified and dissolved
 hydrocarbons from water upon contact to levels between 0-10 parts per million (ppm) at any flow rate

·     MYCELX equipment has been installed successfully at the facilities of leading industry operators around
 the globe. The focus of the Company is now directed at the commercial application of MYCELX solutions
 in both upstream and downstream markets in the oil and gas industry

·     Over the last three years, the Company has sold its products primarily in the Middle East, North
 America, Asia, Australia, and Europe. Customers include global oil and gas and petrochemical
 companies such as Chevron, BP, SABIC, Anadarko Petroleum, engineering, procurement and
 construction companies and global water treatment companies

·     Further information on MYCELX Technologies Corporation can be found at www.MYCELX.com

 

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