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.
10 April 2018
MYCELX TECHNOLOGIES CORPORATION
("MYCELX" or the "Company")
New Purchase Order Award and Appointment of General Manager
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 SABIC, the diversified Saudi Arabian petrochemical company, has awarded a new purchase order for a twelve-month extension for one of the Company's rapid response systems that was deployed in Q4 2017. The contract has been secured in collaboration with one of the Company's waste management partners in The Kingdom.
With this new purchase order, the Company currently has visibility over $13-14m of revenues from both annual recurring sales and the contracted order book; this is the equivalent of the Company's full year 2017 unaudited revenue. In addition to this new purchase order, the Company is continuing to pursue further opportunities and looks forward to leveraging its success to further increase its installation base in Saudi Arabia.
The Company is also pleased to announce that it has appointed Dr Alexander Millar to the position of General Manager for its MENA operations.
Commenting on the market update, Connie Mixon, CEO said:
"The twelve-month extension for our rapid response system is due to the reliable and superior results that our system has delivered to the customer since it was installed in December 2017. We are pleased to now have forward visibility over revenues which already equate to our 2017 full year unaudited revenue. This has been possible due to the continuing momentum that our team in Saudi Arabia generates and we are hopeful this will lead to additional contracts in 2018."
For further information please contact:
MYCELX Technologies Corporation
Connie Mixon, CEO
Kim Slayton, CFO
Tel: +1 888 306 6843
Cantor Fitzgerald Europe - NOMAD and Broker
Tel: +44 20 7894 7000
Tel: +44 20 7520 9266
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.
This information is provided by RNS