Source - SMW
Clean water technology company Mycelx Technologies said market conditions had deteriorated further following a slide in oil prices and the Covid-19 crisis.

The company said it nevertheless remained operational and continued to function in shipping, production and operations across all of its active sites.

Mycelx had implemented cost saving measures, including a 15% pay cut across the business, except for hourly rate employees.

It had applied, with the support of its bank, for the US Small Business Administration's Payroll Protection Program.

Mycelx said its cash position remained strong with current unrestricted cash of $7, including a $1.8m draw on its line of credit.

'Whilst these are the most challenging conditions we have faced, I am pleased with how we are performing as a business,' chief executive Connie Mixon said.

'The safety of our employees is of paramount importance to us, so we have installed a number of measures which safeguard their welfare.'

'The cost cutting measures we have in place will ensure the company maintains its financial footing and we are well placed to capitalize on bidding activity and projects as and when the market recovers.'

At 2:36pm: (LON:MYX) MyCelx Technologies Corporation share price was 0p at 47.5p

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