MyCelx Technologies Corporation Trading Update (4135B)
11 February 2022 - 6:00PM
UK Regulatory
TIDMMYX TIDMTTM
RNS Number : 4135B
MyCelx Technologies Corporation
11 February 2022
11 February 2022
MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)
Trading Update
MYCELX Technologies Corporation ("MYCELX" or the "Company"), the
clean water and clean air technology company, is pleased to
announce a trading update on the Company's operations.
Highlights
-- Anticipated unaudited 2021 revenue of ca.$8.5 million (2020: $7.1 million)
-- As at 31 December 2021, the Company had cash and cash
equivalents, including restricted cash, of $3.2 million (2021 H1:
$5.5 million), and the Company continues to manage its working
capital and support growth
-- Operations continue to perform in line with expectations,
with minimal to no impact of Covid-19 in MYCELX's day-to-day
business functions
-- In 2022 the Company is targeting a similar level of
year-on-year revenue growth but this remains subject to the timing
of anticipated contract wins and renewals
Commenting on these results, Connie Mixon, CEO, said:
"We are very pleased with how the Company performed in the
second half of 2021 and based on the start of the year, we are
targeting to deliver year-on-year growth to our stakeholders in
2022. Oil prices are at their highest levels since 2014, which we
anticipate will lead to greater levels of production activity
across the regions in which we operate and will likely lead to
heightened demand for our environmental solutions in these
areas.
We were pleased to report a successful outcome at our PFAS trial
in the United States in December, as we believe the PFAS
remediation market has the potential to generate substantial cash
flows for the business for the foreseeable future.
Finally, we continue to successfully navigate the Covid-19
pandemic, with the Company now experiencing little to no impact on
its day-to-day operations. However, we continue to take all
precautions necessary in order to safeguard the welfare of our
workforce."
For further information, please contact:
MYCELX Technologies Corporation
Connie Mixon, CEO Tel: +1 888 306 6843
Kim Slayton, CFO
Canaccord Genuity Limited (Nomad and Sole Broker) Tel: +44 20 7523 8150
Henry Fitzgerald-O'Connor
Gordon Hamilton
Celicourt Communications (Financial PR)
Mark Antelme Tel: +44 20 8434 2754
Jimmy Lea
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTSFDSMFEESEFE
(END) Dow Jones Newswires
February 11, 2022 02:00 ET (07:00 GMT)
Mycelx Technologies (LSE:MYX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mycelx Technologies (LSE:MYX)
Historical Stock Chart
From Jul 2023 to Jul 2024