MyCelx Technologies Corporation Trading Update (5194Z)
15 September 2022 - 4:00PM
UK Regulatory
TIDMMYX TIDMMYXR
RNS Number : 5194Z
MyCelx Technologies Corporation
15 September 2022
15 September 2022
MYCELX Technologies Corporation
Trading Update
MYCELX Technologies Corporation ("MYCELX" or the "Company"), the
clean water and clean air technology company, today provides a
trading update on the Company's business operations.
MYCELX is currently in the commercial phase of contract
negotiations with a major oil producer based in the Middle East
which, if successful, would see the Company announce its second EOR
installation deploying the patented MYCELX REGEN product. Recent
negotiations have made us aware it is unlikely the Company will be
able to recognize the anticipated revenue for this project in 2022
and, therefore, will defer the revenue to 2023. However, the
Company has other sales opportunities in the pipeline that could
close before year end that could have the potential to reduce the
impact of the delayed revenue. In light of this new information,
the Company is revising its guidance and now expects 10%
year-on-year revenue growth for FY2022 and anticipated
profitability will also be adversely affected.
Connie Mixon, CEO of MYCELX, said:
"While it is disappointing that anticipated project revenue has
been deferred to 2023, as a business we continue to have high level
interaction with key customers and strategic relationships and
operationally we are delivering what our customers require.
Historically, bidding activity has increased during the second half
of the year, and we stand poised to capitalize on the market
opportunities we see in front of us across the application ranges
we are targeting. We will provide a full business update when we
publish our results for the first half of 2022 in two weeks."
For further information please contact:
MYCELX Technologies Corporation
Connie Mixon, CEO Tel: +1 888 306 6843
Kim Slayton, CFO
Canaccord Genuity, Nominated Adviser
Henry Fitzgerald-O'Connor Tel: + 44 20 7523 8000
Gordon Hamilton
Celicourt
Mark Antelme Tel: +44 20 8434 2754
Jimmy Lea
The relevant notifications set out below are provided in
accordance with the requirements of Article 19 of the EU Market
Abuse Regulation (No. 596/2014).
Notes to Editors
Through its revolutionary oil-free water technology, MYCELX
brings its customers material benefits in terms of performance
enhancement, cost savings and significantly improved environmental
footprints. Working beyond any ordinary filtration methods,
MYCELX's proprietary technology achieves oil removal to less than
one part per million. MYCELX supports leading international
customers across the oil & gas value chain, as well as other
industrial users. MYCELX also provides advanced air filtration
technology for manufacturing and industrial facilities, effectively
removing oil particles and biologicals to maintain continuous and
safe air quality levels.
For more information, visit www.MYCELX.com
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END
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