19 May 2015 07:00
MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)
Annual Meeting Statement
MYCELX Technologies Corporation (AIM: MYX), the clean water technology company providing patented solutions for commercial industrial markets worldwide, is holding its 2015 Annual Meeting at 11 a.m. (BST) today.
Tim Eggar, Chairman, will deliver the following statement to shareholders at the meeting.
"MYCELX is focused on its core commercial applications in regions where effective water treatment is critical to customers' ongoing operations. The Company continues to progress two major projects mentioned previously with trials now completed. The Directors anticipate that these projects will move into contract discussions. In addition, we have identified further turnaround projects in the Middle East that have approved budgets and new US onshore applications as targets for 2015 that will provide diversification to the advanced pipeline.
MYCELX is well positioned for turnaround projects which are short term, maintenance-driven and provide opportunity for quick media usage. These projects will support lease revenue streams as they are best addressed with modular, readily available equipment. MYCELX is ideally suited for these projects because of the flexible and effective way in which our media is deployed as well as the small footprint of our equipment and its ease of operation. Our successful completion of two turnaround projects this year highlights the continuing opportunities for the type of service required for reliable performance at our customers' operations.
However, we are operating in a sustained period of oil price volatility and this has resulted in slower deployment and less predictable expenditure of capital across the sector. As a result, predicting the timing of capital sales and revenue recognition continues to be difficult. Our current revenue projection is broadly in line with expectations but, as always, remains very dependent on the timing and successful completion of commercial negotiations.
Overall, MYCELX continues to see growing industry adoption of our technology. Wherever oil and gas production and petrochemical processing occurs, water is present and must be effectively treated. This is what MYCELX does best and where we will continue to move forward."
For further information please contact:
MYCELX Technologies Corporation
Connie Mixon, CEO Tel: +1 888 306 6843
Mark Clark, CFO
Numis Securities Limited Tel: +44 20 7260 1000
Corporate Finance
John Prior
Paul Gillam
Corporate Broking
James Black
Ben Stoop
Bell Pottinger Tel: +44 20 3772 2500
Nick Lambert
Henry Lerwill