26 Aug 2014 07:00
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MYCELX Technologies Corporation
("MYCELX" or the "Company") (AIM: MYX)
26 August 2014
Middle East Contract Win
MYCELX Technologies Corporation (AIM: MYX), the clean water technology company providing patented solutions for commercial industrial markets worldwide, is pleased to announce a new contract win in the Middle East.
The Company has been awarded a water treatment contract from a Kuwaiti petrochemical company for a project that will take place in Q4 2014. This follows the Company's successful market entry into Kuwait earlier this year, the installation of one of the Company's systems and an initial six month contract with the same petrochemical company.
Whilst the Company's focus is on securing long term contracts with all the benefits of recurring revenue generation, this win demonstrates how the MYCELX systems are designed to manage difficult and fluctuating influent conditions and volume, and is therefore ideally suited for turnaround projects and emergency response given the reliability, mobility and small physical footprint.
Connie Mixon, CEO of MYCELX, commented:
"The Middle East region remains an area of specific opportunity for MYCELX and we are delighted to build upon our market entry into Kuwait earlier this year with this new contract award. We faced tough competition to secure this contract, which is further evidence that our technology and treatment systems offer leading edge performance in extremely challenging conditions.
The nature of this contract will generate significant revenue most of which will be recognised in this year and is a demonstration of how our investment in personnel and infrastructure for new business development in the region continues to yield significant dividends. "
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 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 the Middle East, North America, Asia, Australia, and Europe. Customers include global oil and gas and petrochemical companies such as Chevron, BP, SABIC, Anadarko Petroleum, engineering, procurement and construction companies and global water treatment companies
· Further information on MYCELX Technologies Corporation can be found at www.MYCELX.com