MyCelx Technologies Corporation New Project Award and Trading Update (1734D)
October 08 2018 - 1:00AM
UK Regulatory
TIDMMYX TIDMTTM
RNS Number : 1734D
MyCelx Technologies Corporation
08 October 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU No. 596/2014) ("MAR"). This inside
information is now considered to be in the public domain.
8 October 2018
MYCELX TECHNOLOGIES CORPORATION
("MYCELX" or the "Company")
New Project Award and Trading Update
MYCELX Technologies Corporation (AIM: MYX), the clean water
technology company providing patented solutions for the Oil and Gas
market and commercial industrial markets worldwide, is pleased to
announce that it is increasing its 2018 year-end revenue and net
profit forecast based on the award of a new purchase order from a
SABIC affiliate in Saudi Arabia alongside stronger than expected
media sales globally since the end of H1 2018. The new purchase
order is for the operation and rental of a MYCELX Rapid Response
system in support of the customer's immediate water treatment
needs. The combination of this project win and strong media sales
has led the Company to revise its 2018 revenue forecast for the
year to a range of $21.5 million to $22.5 million and increase its
net profit forecast to a range of $1.8 million to $2.3 million.
This revised forecast assumes no new contract wins between now and
the end of the financial year.
The Company continues to pursue further opportunities and looks
forward to leveraging its success to expand its installation base
in Saudi Arabia and other regions of the world where it
operates.
Commenting on the market update, Connie Mixon, CEO said:
"We are delighted to announce another Saudi purchase order and
strong media sales globally. These developments indicate good
progress year to date and illustrate that the Company is
benefitting from the improved oil price environment. These positive
developments also demonstrate MYCELX's continuing momentum, that is
underpinned by the combination of our client-focussed approach and
the superior performance of our technology, which allows us to
efficiently solve the toughest water treatment challenges faced by
our clients."
For further information please contact:
MYCELX Technologies Corporation
Connie Mixon, CEO Tel: +1 888 306 6843
Kim Slayton, CFO
Cantor Fitzgerald Europe - NOMAD and Broker
David Porter Tel: +44 20 7894 7000
Richard Salmond
Celicourt Communications
Mark Antelme Tel: +44 20 7520 9266
Jimmy Lea
Notes to Editors
MYCELX is a revolutionary oil-free water technology company
solving the world's toughest oil removal problems in the oil and
gas industry. The systems are based upon scientific breakthrough
for a completely different approach to permanent oil removal. The
Company created the patented MYCELX polymer using innovative
molecular cohesion for removing oil from water far beyond what
conventional systems have ever achieved. MYCELX systems remove oil
to critically low levels in a much smaller physical footprint than
conventional systems and in a virtually fail-safe process.
www.mycelx.com
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END
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