REG - MyCelx Tech. Corp. MyCelx Tech. Corp.. - Trading Update

Mycelx TechnologiesAnnouncement

11/02/2022 07:00

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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

 

 

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