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

Mycelx TechnologiesAnnouncement

31/01/2023 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230131:nRSe3128Oa&default-theme=true

RNS Number : 3128O  MyCelx Technologies Corporation  31 January 2023

31 January 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)

 

Trading 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 announce its preliminary unaudited FY2022 results.

 

The Company exceeded previous guidance by achieving 2022 revenue of ca.$10.0
million, EBITDA of ca. negative $2.5 million and a net loss of ca.$4.0 million
due to an increase in activity in the final month of the year which included
an emergency response deployment in Saudi Arabia, higher than expected year
end media sales and an increased scope for a REGEN project that was completed
in December.

 

As at 31 December 2022, the Company had cash and cash equivalents of $1.65
million, and the Company continues to manage its working capital in support of
future growth.

 

The financial information presented has been extracted from the unaudited
results and could be subject to possible change following the completion of
the Company's year-end audit process. MYCELX's final fully audited results are
expected to be released in May 2023.

 

MYCELX has made an encouraging start to 2023, having secured a purchase order
for a six-month paid trial for a PFAS remediation system for treatment of
landfill leachate, a potentially large market segment for the Company's PFAS
remediation offering. Subject to current market conditions continuing, the
Company expects to meet current guidance for 2023.

 

Connie Mixon, CEO, commented:

 

"The financial results for 2022 show a slightly better than expected sales
figure, as a result of an encouraging increase in activity at the end of the
period. As reflected in our recent PFAS contract award, 2023 has started well
and our growth this year remains focused on the Middle East, PFAS and REGEN.
These are the core areas where we believe our technical expertise and track
record of successful delivery will provide MYCELX with the best platform for
future profitability."

 

 

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

 

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  TSTNKKBDOBKDQDN