MyCelx Technologies Corporation Trading Update (2892C)
14 June 2019 - 4:00PM
UK Regulatory
TIDMMYX TIDMMYXR
RNS Number : 2892C
MyCelx Technologies Corporation
14 June 2019
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.
14 June 2019
MYCELX TECHNOLOGIES CORPORATION
("MYCELX" or the "Company")
Trading Update
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 pleased to
announce an update on recent progress.
The Company experienced a strong first quarter in 2019 but is
facing delays in previously anticipated project bids. A significant
number of these have either moved to 2020 or the start date has
been delayed to later this year. Historically, MYCELX has been more
active on project bids in the second half of the year, particularly
in the Middle East, and therefore expects activity to improve in H2
2019.
MYCELX management has taken action and reduced the costs
associated with the delayed project bids. As a consequence of the
delayed bids, the Company is revising its current revenue
expectation for 2019 to ca.$20.0 million, below existing market
expectations. As a result of the revised revenue expectations,
together with the expected effects of the cost reduction measures
taken by management, the Company expects to report EBITDA of
ca.$2.5 million and net profit in 2019 of ca.$500,000. The Company
expects to end the financial year with net cash of ca.$4.5 million.
This revised guidance excludes the impact of any unexpected project
opportunities which may arise before the end of the financial
year.
The measures taken by management, in response to the project
delays, will help ensure the Company is well placed to capitalise
on advanced opportunities in its core market whilst also developing
new applications and opening markets as it broadens its product
portfolio and footprint.
Commenting on the market update, Connie Mixon, CEO said:
"Whilst it is disappointing to have to reduce our financial
guidance for 2019, especially after recording a strong performance
in Q1, we continue to maintain a robust pipeline of opportunities.
Although the timing is difficult to predict, historically MYCELX
has been more active on project bids in the second half of the
year, so we remain well positioned to capitalize on unexpected
project opportunities that are not accounted for in the new
guidance."
For further information please contact:
MYCELX Technologies Corporation
Connie Mixon, CEO Tel: +1 888 306 6843
Kim Slayton, CFO
Cantor Fitzgerald Europe - NOMAD and Broker
David Porter Tel: +44 20 7894 7000
Richard Salmond
Celicourt Communications
Mark Antelme Tel: +44 20 7520 9266
Jimmy Lea
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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END
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