Trading Statement

RNS Number : 3893X

MyCelx Technologies Corporation

19 November 2014

 



19 November 2014

MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)

Trading update

MYCELX Technologies Corporation ("MYCELX" or the "Company"), the clean water technology and engineering company providing patented solutions to the Oil and Gas industry and other commercial industrial markets worldwide, announces an update on current trading.

The Company's technology is being increasingly used in projects of larger scale and its pipeline comprises opportunities with some of the oil and gas industry's largest names. However, as previously flagged, given the scale of the individual projects in the short term pipeline, forecasting period revenue remains a challenge, especially as the year end approaches.

The Company believes project award notifications in regard to three projects are forthcoming in the near term. The total value of these projects exceeds $20 million. However, the award process is specific to each customer and project resulting in unpredictable timing. Should no revenue from these three projects be recognised in the 2014 financial year, the Company would expect the revenue to be no less than $16 million.

The Company remains confident about future prospects in spite of short-term forecasting challenges. Given these prospects, the increased project sizes and the working capital requirements that flow from these, the Company is exploring possible funding options to finance continued future growth.

For further information please contact:

MYCELX Technologies Corporation                          Connie Mixon, CEO Mark Clark, CFO	Tel: [phone]
Numis Securities Limited                                             Corporate Finance Stuart Skinner	Tel: [phone]
Corporate Broking James Black Ben Stoop
Bell Pottinger                                                                    Nick Lambert Henry Lerwill	Tel: [phone]

 

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