REG - MyCelx Tech. Corp. MyCelx Tech. Cp-MYXR - Saudi Arabia Business Operation Sale Completion

Mycelx TechnologiesAnnouncement

04/03/2024 07:00

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RNS Number : 3641F  MyCelx Technologies Corporation  04 March 2024

4 March 2024

 

MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)

 

Saudi Arabia Business Operation Sale Completion

 

Further to the announcement on 22 February 2024, MYCELX Technologies
Corporation ("MYCELX" or the "Company"), the clean water and clean air
technology company transforming the environmental impact of industry, reports
that all conditions of the sale of the Company's Saudi Arabia Business to
Twarid Water Treatment LLC ("Twarid"), which is owned by Magellan SPV Water
Holdings Limited, have been satisfied and consequently the transaction has
completed and the Company has received the Initial Consideration. Proceeds
from the sale will strengthen the Company's balance sheet and provide the
runway it needs to accelerate growth in its core markets while continuing its
sales of MYCELX media products through the distributorship in Saudi Arabia.

 

The awareness and regulation of PFAS continues to grow in the US. The Company
expects the paid pilot trials completed in H1 will convert to contracts in H2
of this year. In the EOR market, two pilots will be operating in H1 along with
active proposals with several EOR producers that could convert by year end
with potential revenue impact in 2024 and 2025 depending on delivery.

 

Connie Mixon, CEO, commented:

 

"I am happy to announce the completion of the sale of MYCELX's Saudi Arabia
operations to Twarid. The Company can now focus on the large and lucrative
PFAS and EOR markets with the ability to strategically use working capital to
secure contracts. Both markets are very active and we intend to maintain focus
on the opportunities before us that require our differentiated technology and
will deliver long term value for all our stakeholders."

 

 

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

 Ana Ercegovic

 Celicourt Communications (Financial PR)

 Mark Antelme                                       Tel: +44 20 7770 6424

 Jimmy Lea

 Charlie Denley-Myerson

 

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