MyCelx Technologies Corporation Trading Update (0572F)
05 March 2020 - 6:00PM
UK Regulatory
TIDMMYX TIDMMYXR
RNS Number : 0572F
MyCelx Technologies Corporation
05 March 2020
5 March 2020
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.
MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)
Trading Update
MYCELX Technologies Corporation ("MYCELX" or the "Company"), the
clean water technology company providing patented solutions for the
Oil and Gas market and commercial industrial markets worldwide,
provides a trading update ahead of announcing its final audited
results for the year to 31 December 2019 in May 2020.
As per the announcement on 4 November 2019, events in the Middle
East and slower than expected bidding activity in the Rapid
Response deployment market in H2 2019, meant that guidance for the
year was adjusted to ca. $12.5 million. MYCELX can confirm that it
achieved revenue of $11.9 million in 2019, with EBITDA and a net
loss of negative $1.2 million and negative $3.0 million,
respectively, in line with the Company's previous guidance. The
unrestricted cash balance at 31 December 2019 is $3.6 million.
Following a continued push into the Middle East and Nigeria,
MYCELX is pleased to announce that three new purchase orders have
been signed so far during 2020, marking a strong first quarter
performance. These include 6 month and 12 month lease agreements in
the Middle East, with a combined value of ca. $2.4 million. The
Company also signed an equipment sale, valued at $721,000, in
Nigeria. Due to a delay in project timing, a Nigerian equipment
sale, which was announced to the market in September 2019 and due
to be completed by YE 2019, will now be recognized in 2020. This
contract will generate income of $582,000.
In line with 2019, the Company has chosen to take a prudent and
conservative view of its forecast guidance for 2020 and expects to
achieve financial revenues that are no less than 2019.
Commenting on the market update, Connie Mixon, CEO, said:
"We are pleased with the strong start to the year we have made.
Whilst we encountered a very challenging year in our core market in
2019, the three contracts we have won in Q1 2020 indicate better
momentum and underpin our revenue guidance for the year. We also
remain upbeat about our industry leading position and our ability
to respond to opportunities in our core market. We are
well-positioned to capture business as we continue to expand our
footprint in other markets, such as the commercial and industrial
sector, which we expect will lead to new contract wins during the
year."
For further information please contact:
MYCELX Technologies Corporation
Connie Mixon, CEO Tel: +1 888 306 6843
Kim Slayton, CFO
Numis Securities Limited
John Prior Tel: +44 20 7260 1000
James Black, Emily Morris, Alamgir Ahmed
Celicourt
Mark Antelme Tel: +44 20 8434 2754
Jimmy Lea
Forward Looking Statements
This release contains certain statements that are or may be
"forward-looking statements". These statements typically contain
words such as "intends", "expects", "anticipates", "estimates" and
words of similar importance. All the statements other than
statements of historical facts included in this announcement,
including, without limitation, those regarding the Company's
financial position, business strategy, plans and objectives of
management for future operations (including development plans and
objectives relating to the Company's products and services) are
forward-looking statements. By their nature, forward-looking
statements involve risk and uncertainty because they relate to
events and depend on circumstances that will occur in the future
and therefore undue reliance should not be placed on such
forward-looking statements. There are a number of factors that
could cause the actual results, performance or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements. Such forward-looking statements are based on numerous
assumptions regarding the Company's present and future business
strategies and the environment in which the Company will operate in
the future and such assumptions may or may not prove to be correct.
Forward-looking statements speak only as at the date they are made.
Neither the Company nor any other person undertakes any obligation
(other than, in the case of the Company, pursuant to the AIM Rules
for Companies) to update publicly any of the information contained
in this announcement, including any forward-looking statements, in
the light of new information, change in circumstances or future
events.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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