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

Mycelx TechnologiesAnnouncement

13/02/2023 07:00

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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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