MyCelx Technologies Corporation Contract extension with SABIC (5731Q)
June 22 2020 - 1:00AM
UK Regulatory
TIDMMYX TIDMTTM
RNS Number : 5731Q
MyCelx Technologies Corporation
22 June 2020
22 June 2020
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.
MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)
Contract extension with SABIC
Award is valued at $1.8 million to MYCELX
MYCELX Technologies Corporation ("MYCELX" or the "Company"), the
clean water technology company providing patented solutions for the
Oil and Gas market and commercial industrial markets worldwide, is
pleased to announce the extension of a purchase order from SABIC
(Saudi Basic Industries Corporation).
The contract extension with SABIC is for a leased water
treatment system in the Middle East. The value of the contract
extension is $1.8m. The Company continues to pursue advanced
opportunities in the Middle East and to that end has agreed to run
a trial at another SABIC affiliate which, if successful, has the
potential to generate further incremental revenues for the Company
this year.
Commenting on the market update, Connie Mixon, CEO, said:
"Despite the challenging macro backdrop, we are very pleased to
have been awarded this contract extension with SABIC. Such an
extension demonstrates the value that our robust systems offer our
clients in terms of performance optimisation and cost efficiency.
We are also pleased to be running a trial for another SABIC
affiliate which we hope will further expand our footprint in the
Kingdom of Saudi Arabia. Both developments demonstrate the uptick
in activity that we are starting to see in the Middle East, one of
our core regional markets.
As a business, we remain busy operationally and continue to
actively engage with our customers and vendors around currently
active projects. We firmly believe that our focus on converting
upcoming bidding opportunities will reap rewards in the near to
medium term."
For further information please contact:
MYCELX Technologies Corporation
Connie Mixon, CEO Tel: +1 888 306 6843
Kim Slayton, CFO
Numis Securities Limited
John Prior Tel: +44 20 7260 1000
James Black, Emily Morris, Alamgir Ahmed
Celicourt
Mark Antelme Tel: +44 20 8434 2754
Jimmy Lea
Forward Looking Statements
This release contains certain statements that are or may be
"forward-looking statements". These statements typically contain
words such as "intends", "expects", "anticipates", "estimates" and
words of similar importance. All the statements other than
statements of historical facts included in this announcement,
including, without limitation, those regarding the Company's
financial position, business strategy, plans and objectives of
management for future operations (including development plans and
objectives relating to the Company's products and services) are
forward-looking statements. By their nature, forward-looking
statements involve risk and uncertainty because they relate to
events and depend on circumstances that will occur in the future
and therefore undue reliance should not be placed on such
forward-looking statements. There are a number of factors that
could cause the actual results, performance or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements. Such forward-looking statements are based on numerous
assumptions regarding the Company's present and future business
strategies and the environment in which the Company will operate in
the future and such assumptions may or may not prove to be correct.
Forward-looking statements speak only as at the date they are made.
Neither the Company nor any other person undertakes any obligation
(other than, in the case of the Company, pursuant to the AIM Rules
for Companies) to update publicly any of the information contained
in this announcement, including any forward-looking statements, in
the light of new information, change in circumstances or future
events.
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END
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