7 Jul 2014 07:00
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This press release does not constitute or form a part of, and should not be construed as, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in MyCelx Technologies Corporation ("MyCelx" or the "Company").
THE COMPANY'S COMMON SHARES HAVE NOT BEEN REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE "US SECURITIES ACT") OR ANY STATE SECURITIES LAWS (THE "STATE ACTS") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS THE SECURITIES ARE REGISTERED UNDER THE US SECURITIES ACT AND ANY APPLICABLE STATE ACTS, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE US SECURITIES ACT AND ANY APPLICABLE STATE ACTS IS AVAILABLE.
MyCelx Technologies Corporation
("MyCelx" or the "Company") (AIM: MYX)
7 July 2014
Half Year Trading Update & Contract Wins
MyCelx Technologies, Inc (AIM: MYX), the clean water technology company providing patented solutions for commercial industrial markets worldwide, announces a trading update ahead of its 2014 Half Year Results, which will be announced on 12 September, 2014.
The first half of 2014 has seen continued progress for MyCelx. During the period we sold an offshore water treatment system to a global integrated oil company which marks our fourth product sale to this customer. In addition MyCelx sold a system for process water treatment to a major oil and gas producer in India whilst also extending and renewing rental contracts with two major petrochemical customers in Saudi Arabia. New trials of MyCelx's equipment are also underway with two new customers, both significant oil producers, in the North Sea and Oman and another will take place in India within the third quarter.
We anticipate that revenue for the first half will be below the same period last year due to customer related delays which has resulted in less lease and media revenue than initially anticipated. As such we expect our revenue for the full year to be significantly second half weighted.
We continue to have a very strong pipeline of opportunities as we move into the second half of the financial year and currently anticipate that our 2014 expectations will be met. However a number of the individual projects are of a large size and should any significant delays occur with those projects, the associated revenue will likely move into 2015.
Given the strength of our pipeline, which involves opportunities with some of the oil industry's largest companies, the Company has continued to invest in its personnel with several significant hires having been completed in the US and the Middle East, concentrating on business development, technical solutions, field services and general management. This investment has also extended to infrastructure with a new warehouse completed in Texas to accommodate lease equipment for the Americas. The Company's lease fleet has been expanded with the addition of 12 further skids.
Connie Mixon, CEO, commented:
"MyCelx continues to see an increasing number of opportunities in the oil and gas and petrochemical sectors; our technology is a cost effective solution giving operational control to the end user for sustainable water management.
"We are pleased to have achieved further contract wins and renewals in the first half and our confidence in the market opportunities available to MyCelx has underpinned our continued investment in personnel and infrastructure. The strength of our pipeline demonstrates that we remain very well positioned to exploit the demand for our products."
For further information please contact:
MyCelx Technologies Corporation
Connie Mixon, CEO
Mark Clark, CFO Tel: +1 888 306 6843
Numis Securities Limited
Corporate Finance
Stuart Skinner / Jamie Loughborough
Corporate Broking
James Black / Ben Stoop Tel: +44 20 7260 1000
Bell Pottinger
Mark Antelme / Nick Lambert / Henry Lerwill Tel: +44 20 7861 3232
Notes for Editors
· MyCelx Technologies Corporation is a clean water technology company that provides novel water treatment solutions to the oil and gas, power, marine and heavy manufacturing sectors
· MyCelx invented and is the owner of the MyCelx polymer which is infused in the consumable media contained in equipment supplied by the Company
· The technology produces treatment results that compare favourably to existing competition in effectiveness, cost and footprint. The MyCelx polymer and its use are protected by patents and other intellectual property rights
· The defining difference of the MyCelx polymer as compared with alternative technologies currently available is that it is capable of permanently and reliably removing free, emulsified and dissolved hydrocarbons from water upon contact to levels between 0-10 parts per million (ppm) at any flow rate
· MyCelx equipment has been installed successfully at the facilities of leading industry operators around the globe. The focus of the Company is now directed at the commercial application of MyCelx solutions in both upstream and downstream markets in the oil and gas industry
· Over the last three years, the Company has sold its products primarily in North America, Asia, Australia, Middle East and Europe. Customers include such oil and gas companies as Chevron, BP, Anadarko Petroleum Corporation, SABIC, engineering, procurement and construction companies such as Mustang Engineering and global water treatment companies
· Further information on MyCelx Technologies Corporation can be found at www.mycelx.com