Trading Update

RNS Number : 0649C

MyCelx Technologies Corporation

17 January 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.

17 January 2018

MYCELX TECHNOLOGIES CORPORATION

("MYCELX" or the "Company")

Trading Update

Significant commercial progress achieved in H2 2017

MYCELX Technologies Corporation, the clean water technology company providing patented solutions for the Oil and Gas market and commercial industrial markets worldwide, is pleased to provide an update on recent progress.  

In late Q4 2017 the Company secured two purchase orders from SABIC, the Saudi Arabian diversified chemicals company.  These orders, for the deployment of water treatment systems on an expedited basis, generated greater revenue than anticipated.  As such the Company now expects to exceed market revenue estimates in the range of 20%-30% and to have reduced its expected net loss within a similar range.  The Company also expects to be EBITDA and cash flow positive.

MYCELX does not expect 2018 revenue to fall below 2017 turnover but the oil and gas market which is the Company's core market remains difficult to predict.

Commenting on these results, Connie Mixon, CEO, said:

"The Company was able to generate momentum in the second half of 2017 with the award of two contracts and we are pleased to have exceeded our revenue guidance for the period.  We have made a positive start to 2018 and whilst the oil and gas market, which is core to the business, remains difficult to predict, there is cause for optimism about the potential for new opportunities in this area for the remainder of the year 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 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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