MyCelx Technologies Corporation Half Year Trading Update (3843K)
July 07 2017 - 2:00AM
UK Regulatory
TIDMMYX TIDMMYXR
RNS Number : 3843K
MyCelx Technologies Corporation
07 July 2017
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.
7 July 2017
MYCELX TECHNOLOGIES CORPORATION
("MYCELX" or the "Company")
Half Year Trading Update
Notification of Half Year Results
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 today
providing a brief trading update ahead of its half year results,
which will be announced on 13 September 2017.
MYCELX is pleased to confirm that H1 2017 revenues were in line
with the Board's expectations. This follows an active first half of
the year which, as previously announced, included the first
contract award in the Nigerian Oil and Gas market, as well as a
contract with a new SABIC affiliate customer. The Nigerian win
represents the first conversion of several opportunities that
MYCELX actively nurtured with customers last year with extended
onsite trials alongside the operators. The addition of another
SABIC affiliate customer builds on the strong footprint that we
have developed in Saudi Arabia over the last seven years and
reflects our focused business development efforts in the Middle
East. The Board is also pleased with the progress of the global
product launch of MYCELX RE-GEN currently underway with
Schlumberger. The Company remains on track to meet current guidance
of being operationally cash neutral for the full year ending 31
December 2017 and we look forward to providing further updates in
relation to MYCELX's progress in due course.
Commenting on today's announcement, Connie Mixon, CEO, said:
"The Oil and Gas and petrochemical sectors have reset their cost
structures and are cautiously investing in technology upgrades that
support their future operational and business goals. Our contract
wins in H1 illustrate the Company's successful initiatives to reach
markets that greatly benefit from MYCELX's cost effective, advanced
technology such as opening the market in Nigeria as well as further
penetration in Saudi Arabia, a market we have operated in for over
seven years. The Company remains committed to tight cost controls
and will continue to allocate resources to sales and engineering in
support of achieving our revenue goals in 2017 and beyond."
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
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
END
TSTOKADPABKDDOK
(END) Dow Jones Newswires
July 07, 2017 02:00 ET (06:00 GMT)
Mycelx Technologies (LSE:MYXR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Mycelx Technologies (LSE:MYXR)
Historical Stock Chart
From Apr 2023 to Apr 2024