MyCelx Technologies Corporation Purchase Order Award & General Manager Appointment (3028K)
April 10 2018 - 2:00AM
UK Regulatory
TIDMMYX TIDMTTM
RNS Number : 3028K
MyCelx Technologies Corporation
10 April 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU No. 596/2014) ("MAR"). This inside
information is now considered to be in the public domain.
10 April 2018
MYCELX TECHNOLOGIES CORPORATION
("MYCELX" or the "Company")
New Purchase Order Award and Appointment of General Manager
MYCELX Technologies Corporation (AIM: MYX), the clean water
technology company providing patented solutions for the Oil and Gas
market and commercial industrial markets worldwide, is pleased to
announce that SABIC, the diversified Saudi Arabian petrochemical
company, has awarded a new purchase order for a twelve-month
extension for one of the Company's rapid response systems that was
deployed in Q4 2017. The contract has been secured in collaboration
with one of the Company's waste management partners in The
Kingdom.
With this new purchase order, the Company currently has
visibility over $13-14m of revenues from both annual recurring
sales and the contracted order book; this is the equivalent of the
Company's full year 2017 unaudited revenue. In addition to this new
purchase order, the Company is continuing to pursue further
opportunities and looks forward to leveraging its success to
further increase its installation base in Saudi Arabia.
The Company is also pleased to announce that it has appointed Dr
Alexander Millar to the position of General Manager for its MENA
operations.
Commenting on the market update, Connie Mixon, CEO said:
"The twelve-month extension for our rapid response system is due
to the reliable and superior results that our system has delivered
to the customer since it was installed in December 2017. We are
pleased to now have forward visibility over revenues which already
equate to our 2017 full year unaudited revenue. This has been
possible due to the continuing momentum that our team in Saudi
Arabia generates and we are hopeful this will lead to additional
contracts in 2018."
For further information please contact:
MYCELX Technologies Corporation
Connie Mixon, CEO Tel: +1 888 306 6843
Kim Slayton, CFO
Cantor Fitzgerald Europe - NOMAD and Broker
David Porter Tel: +44 20 7894 7000
Richard Salmond
Celicourt Communications
Mark Antelme Tel: +44 20 7520 9266
Jimmy Lea
Notes to Editors
MYCELX is a revolutionary oil-free water technology company
solving the world's toughest oil removal problems in the oil and
gas industry. The systems are based upon scientific breakthrough
for a completely different approach to permanent oil removal. The
Company created the patented MYCELX polymer using innovative
molecular cohesion for removing oil from water far beyond what
conventional systems have ever achieved. MYCELX systems remove oil
to critically low levels in a much smaller physical footprint than
conventional systems and in a virtually fail-safe process.
www.mycelx.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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