MyCelx Technologies Corporation Trading Update (3696V)
January 30 2017 - 2:00AM
UK Regulatory
TIDMMYX TIDMMYXR
RNS Number : 3696V
MyCelx Technologies Corporation
30 January 2017
30 January 2017
MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)
("MYCELX" or the "Company")
Trading Update
MYCELX Technologies Corporation (AIM: MYX), the provider of
patented water treatment solutions for the oil and gas and
commercial industrial markets worldwide, is pleased to provide a
Trading Update.
Throughout 2016, MYCELX continued to demonstrate good
operational progress with a recent contract award for a fifth
installation of offshore water treatment equipment for a current
customer. Additionally, MYCELX commissioned its fourth water
treatment system servicing terminals on the Houston Ship Channel
and expects the subsequent media sales to begin in 2017.
The Board is confident that it will be able to report results
for the full year ended 31 December 2016 which are in line with
market expectations, and show MYCELX having successfully achieved
an operationally cash flow neutral position, in line with its
stated target.
Since announcing its exclusive marketing and distribution
agreement with Schlumberger in June 2016, both companies have
collaborated to organize the global marketing initiative that was
launched in 4Q 2016 and has been presented in six countries to
date. This targeted engagement with industry decision makers is
expected to lead to the deployment of MYCELX proprietary water
treatment systems, in particular MYCELX's RE-GEN product for the
upstream market. Whilst it is too early to forecast the likely 2017
revenue contribution, the pipeline is growing and joint proposal
activity is increasing.
Overall, the MYCELX contracted order book is stronger than this
time last year and the Company therefore envisages a year-on-year
revenue increase for 2017 in the range of 30%, with the aim of
being EBITDA neutral, and with no material change in cash balance.
MYCELX's revenue is already being generated from a broader
geographic base than previously. The Company fully expects this
positive trend, which is a result of our deliberate efforts to
broaden our geographic exposure, to continue.
As is widely reported, the investment climate remains uncertain
and, consequently, forecasting with any degree of accuracy remains
challenging. As such, we will continue to adopt a prudent approach
to expenditure, whilst continuing the encouraging international
sales and marketing efforts.
MYCELX will be providing further guidance at the time of its
results for the year ended 31 December 2016, expected to be
announced in May 2017.
Commenting on today's Trading Update, Connie Mixon, CEO,
said:
"MYCELX's world leading clean water technology solutions
continue to gain traction into its core market of the oil & gas
sector, and increasingly beyond. Our partnership with Schlumberger
is progressing well with the global marketing initiative currently
underway. We are also pleased to update on other important
operational milestones, such as our further work with a repeat
global oil and gas customer. Our progress as a business is firmly
underpinned by industry's requirement for innovative technologies
to manage their water requirements. We are providing a service that
not only significantly enhances the economics of our clients'
projects, but that also ensures improved operational efficiencies
and performance."
"We are pleased to confirm that we will meet guidance for 2016.
Looking ahead, this year is expected to continue to show an
improved financial performance. However, market uncertainty remains
the reality and accurate 2017 full year guidance remains difficult
at this stage. That said, we are encouraged by the levels of
interest and that the order book is currently ahead of where it was
at the same time last year."
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
Andrew Craig Tel: +44 20 7894 7000
Richard Salmond
Celicourt Communications
Mark Antelme Tel: +44 20 7520 9266
Joanna Boon
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) prior to its release as part of this
announcement.
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
This information is provided by RNS
The company news service from the London Stock Exchange
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