Last checked at 17 Aug 2015 07:00
MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)
Progress Report on Trials and Cost Reduction Initiatives
MYCELX Technologies Corporation (AIM: MYX), the clean water technology company providing patented solutions for commercial industrial markets worldwide, announces a progress report on trials in its key geographies and an update on cost cutting measures that are currently being implemented.
MYCELX is pleased to report progress in its three key geographies with regards to new installations and trials. The Company has recently completed its first installation for full water recycle and reuse for hydraulic fracturing in West Texas on a lease to purchase basis. Post successful trials, the system was installed to reduce operational costs through the production of high quality recycled water necessary for the fracturing process. In Saudi Arabia, MYCELX has commenced a trial with a SABIC affiliate to treat wastewater from a petrochemical maintenance operation which it believes will further bolster its prior successes in the turnaround market and accelerate project awards. As previously reported, the Company continues to progress applications of its technology in the Enhanced Oil Recovery segment of the market with a successfully completed third trial at a major producer's site in India.
The Company also reports that it has updated its cost reduction initiative and implemented additional expense control measures which include its Board of Directors and Key Management participating in a reduction in cash compensation until further notice. The impact of these efforts will be a reduction of the Company's cost base to below $9m for FY2016. These measures will enable the Company to be cash neutral from operations in H2 2015 and supports MYCELX's target to be operationally cash generative in 2016. The Company will continue to actively monitor costs in order to respond to changing market conditions. All cost reduction initiatives have been carefully targeted to preserve the Company's cash position whilst not impinging on MYCELX's ability to successfully convert its existing pipeline.
For further information please contact:
MYCELX Technologies Corporation
Connie Mixon, CEO Tel: +1 888 306 6843
Mark Clark, CFO
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