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

Mycelx TechnologiesAnnouncement

15/09/2022 08:15

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RNS Number : 5194Z  MyCelx Technologies Corporation  15 September 2022

15 September 2022

MYCELX Technologies Corporation

 

Trading Update

 

MYCELX Technologies Corporation ("MYCELX" or the "Company"), the clean water
and clean air technology company, today provides a trading update on the
Company's business operations.

 

MYCELX is currently in the commercial phase of contract negotiations with a
major oil producer based in the Middle East which, if successful, would see
the Company announce its second EOR installation deploying the patented MYCELX
REGEN product. Recent negotiations have made us aware it is unlikely the
Company will be able to recognize the anticipated revenue for this project in
2022 and, therefore, will defer the revenue to 2023. However, the Company has
other sales opportunities in the pipeline that could close before year end
that could have the potential to reduce the impact of the delayed revenue. In
light of this new information, the Company is revising its guidance and now
expects 10% year-on-year revenue growth for FY2022 and anticipated
profitability will also be adversely affected.

 

Connie Mixon, CEO of MYCELX, said:

 

"While it is disappointing that anticipated project revenue has been deferred
to 2023, as a business we continue to have high level interaction with key
customers and strategic relationships and operationally we are delivering what
our customers require. Historically, bidding activity has increased during the
second half of the year, and we stand poised to capitalize on the market
opportunities we see in front of us across the application ranges we are
targeting. We will provide a full business update when we publish our results
for the first half of 2022 in two weeks."

 

 

For further information please contact:

 

 MYCELX Technologies Corporation

 Connie Mixon, CEO                     Tel: +1 888 306 6843

 Kim Slayton, CFO

 Canaccord Genuity, Nominated Adviser

 Henry Fitzgerald-O'Connor             Tel: + 44 20 7523 8000

 Gordon Hamilton

 Celicourt

 Mark Antelme                          Tel: +44 20 8434 2754

 Jimmy Lea

 

 

The relevant notifications set out below are provided in accordance with the
requirements of Article 19 of the EU Market Abuse Regulation (No. 596/2014).

 

Notes to Editors

 

Through its revolutionary oil-free water technology, MYCELX brings its
customers material benefits in terms of performance enhancement, cost savings
and significantly improved environmental footprints. Working beyond any
ordinary filtration methods, MYCELX's proprietary technology achieves oil
removal to less than one part per million. MYCELX supports leading
international customers across the oil & gas value chain, as well as other
industrial users.  MYCELX also provides advanced air filtration technology
for manufacturing and industrial facilities, effectively removing oil
particles and biologicals to maintain continuous and safe air quality levels.

 

For more information, visit www.MYCELX.com (http://www.MYCELX.com)

 

 

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