REG - MyCelx Tech. Corp. MyCelx Tech. Corp.. - Trading Statement <Origin Href="QuoteRef">MYXR.L</Origin>

Mycelx TechnologiesAnnouncement

19/11/2014 08:02

RNS Number : 3893X
MyCelx Technologies Corporation
19 November 2014
19 November 2014
MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)
 
Trading update
MYCELX Technologies Corporation ("MYCELX" or the "Company"), the clean water technology and engineering company providing patented solutions to the Oil and Gas industry and other commercial industrial markets worldwide, announces an update on current trading.
The Company's technology is being increasingly used in projects of larger scale and its pipeline comprises opportunities with some of the oil and gas industry's largest names. However, as previously flagged, given the scale of the individual projects in the short term pipeline, forecasting period revenue remains a challenge, especially as the year end approaches.
The Company believes project award notifications in regard to three projects are forthcoming in the near term. The total value of these projects exceeds $20 million. However, the award process is specific to each customer and project resulting in unpredictable timing. Should no revenue from these three projects be recognised in the 2014 financial year, the Company would expect the revenue to be no less than $16 million.
The Company remains confident about future prospects in spite of short-term forecasting challenges. Given these prospects, the increased project sizes and the working capital requirements that flow from these, the Company is exploring possible funding options to finance continued future growth.
For further information please contact:
MYCELX Technologies Corporation   
Connie Mixon, CEO
Mark Clark, CFO 
Tel: +1 888 306 6843
Numis Securities Limited  
Corporate Finance 
Stuart Skinner
Tel: +44 20 7260 1000
Corporate Broking
James Black
Ben Stoop

Bell Pottinger  
Nick Lambert
Henry Lerwill
Tel: +44 20 3772 2500

This information is provided by RNS
The company news service from the London Stock Exchange
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