30 Jan 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)
30 January 2014
Year End Trading Update & Contract Wins
MyCelx Technologies, Inc (AIM: MYX), the clean water technology company providing patented solutions for commercial industrial markets worldwide, is pleased to provide a trading update ahead of its 2013 Preliminary Results which will be announced on 20th March, 2014.
The Company announces that as a result of increased recurring media sales in the second half of 2013, it expects to exceed guidance for the year-ended 31st December 2013.
Encouragingly, MyCelx's strong pipeline has continued to produce contract wins and geographic expansion in the Middle East with two new purchase orders. The Company achieved an additional new country entry with first order from a Kuwaiti state petrochemical company. This milestone contract has a value of $1.3M for an initial six months, with the potential for a further longer term agreement. Installation will occur in the first quarter of this year.
Furthermore, building on the Company's success in Saudi Arabia, MyCelx has also received an order for a sixth installation in Jubail Industrial City. The order is from a new customer and is for the sale of equipment to treat petrochemical process water. The value of the order is US$325,000 with installation set to take place by the third quarter this year.
Connie Mixon, CEO, commented:
"We are delighted to have received our first order from Kuwait and a further order from Saudi Arabia as we look to further expand our presence in the Middle East.
We are also pleased to be able to confirm that we expect to exceed guidance for 2013, with recent contract wins and our strong pipeline underpinning the Board's confidence for delivering further growth in 2014"
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