MyCelx Technologies Corporation Operational Update (6459P)
13 February 2023 - 6:00PM
UK Regulatory
TIDMMYX TIDMMYXR
RNS Number : 6459P
MyCelx Technologies Corporation
13 February 2023
13 February 2023
The information contained within this Announcement is deemed by
MYCELX Technologies Corporation to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014 as
it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR").
MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)
Operational Update
MYCELX Technologies Corporation ("MYCELX" or the "Company"), the
clean water and clean air technology company transforming the
environmental impact of industry, is pleased to provide an update
on continued operational momentum, including the award and
extension of contracts in the Middle East.
MYCELX has secured its second REGEN sale to another National Oil
Company in the Middle East for water treatment during Enhanced Oil
Recovery ("EOR") production. REGEN projects place MYCELX at the
forefront of produced water treatment for EOR water and follow
extensive technology evaluations where MYCELX successfully
outperformed other available alternative technologies. As oil
companies seek sustainable solutions for their aging production,
REGEN allows producers to overcome the significant challenge that
EOR produced water presents.
In addition to the sale mentioned above, the Company continues
to generate momentum in Saudi Arabia with the conversion of an
emergency response project into a longer-term deployment and a new
project win to treat some of the most contaminated industrial
wastewater in the country.
These latest project wins are noteworthy because they possess a
shorter cash conversion cycle and longer project durations which
ensure cash flows to support MYCELX's working capital requirements.
These projects are expected to, in aggregate, contribute $2.3
million in revenue this year, underpinning the 2023 revenue
forecast. The Company remains on track to meet its current
financial guidance for 2023 with cash flows anticipated to remain
stable throughout the year.
Connie Mixon, CEO, commented:
"We are very pleased to be announcing today's Operating Update,
which demonstrates the continued commercial advancements we are
making as a business. Our pipeline of opportunities has returned to
pre pandemic levels with higher quality and more diversity across
our three operating segments. We look forward to updating the
market on the Company's progress throughout the year."
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)
Henry Fitzgerald-O'Connor Tel: +44 20 7523 8000
Gordon Hamilton
Celicourt Communications (Financial PR)
Mark Antelme Tel: +44 20 8434 2754
Jimmy Lea
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