REG - MyCelx Tech. Corp. MyCelx Tech. Cp-MYXR - Contract Update

Mycelx TechnologiesAnnouncement

21/11/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231121:nRSU0530Ua&default-theme=true

RNS Number : 0530U  MyCelx Technologies Corporation  21 November 2023

21 November 2023

 

MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)

 

Contract 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 confirm it has now received the formal Purchase Order
for the REGEN contract, which was announced on 16(th) November 2023, valued at
$5.4 million.

 

The Purchase Order has been received for the delivery of a MYCELX produced
water treatment system deploying REGEN media. The system will ensure the
producer is able to reliably discharge clean water overboard in compliance
with strict environmental regulations. MYCELX's proprietary REGEN media was
selected over other solutions because of its ability to cost effectively
outperform the competition and consistently meet the low-level discharge
requirements. This is positive for the environment as well as the producer's
profitability. The Company expects the equipment to be operational in H2 2024.
 

 

This contract award is further evidence of MYCELX's REGEN solution gaining
added traction with both strategic partners and customers of scale. The
Company is currently engaged in two trials deploying REGEN media for produced
water treatment:

 

·    One trial is US onshore, with a US-based oil producer, marking the
Company's second project in the application of the beneficial reuse of
produced water.

·    The second trial is in the Middle East in cooperation with a global
technology company focused on Enhanced Oil Recovery ("EOR") oil production.
Further updates on each of these projects will be made as appropriate.

 

 

Connie Mixon, CEO, commented:

 

"I am pleased to provide an update on this contact award, which is an
important purchase order for the Company, as it underpins our revenue guidance
for 2024 of $17.5 million. The project win is yet further evidence of MYCELX's
REGEN offering gaining traction in the market, and we look forward to updating
our stakeholders once the project is online, which is anticipated to be in H2
2024.

 

Finally, good progress continues to be made with our other REGEN projects in
the Middle East and onshore US. Both of these trials, if successful, have the
potential to convert into material purchase orders for the Company. So we look
forward to updating the market as appropriate in due course."

 

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 7770 6424

 Jimmy Lea

 Charlie Denley-Myerson

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  CNTFEIFUSEDSESF