MyCelx Technologies Corporation Contract Award & Notification of Full Year Results (3957E)

TIDMMYX TIDMMYXR

RNS Number : 3957E

MyCelx Technologies Corporation

08 May 2017

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.

8 May 2017

MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)

("MYCELX" or the "Company")

Contract Award & Notification of Full Year Results

MYCELX awarded its first Nigerian contract

MYCELX Technologies Corporation (AIM: MYX), the clean water technology company providing patented solutions for commercial industrial markets worldwide, is pleased to announce that it has been awarded its first contract in the Nigerian Oil and Gas market.

MYCELX will provide an onshore water treatment solution to a leading independent oil and gas producer focused on the development of its current reserves in the Niger Delta. MYCELX's complete water system will be deployed to cost effectively solve the current and future water challenges as the operator progresses to use water injection and enhanced oil recovery techniques to further increase production and reserves.

The sale of this complete system is important not only because it opens up an exciting new geographical frontier for MYCELX and supports our internal 2017 growth projections, but it also marks the first contract award from our concerted efforts in 2016 of working directly with clients to explore how our technology can best support their goals through many months of trials and collaboration. The on-going sale of filter media will further add to MYCELX's recurring revenue base.

MYCELX will be providing a further update at the time of its results for the year ended 31 December 2016, expected to be announced on 11 May 2017.

Commenting on today's announcement, Connie Mixon, CEO, said:

"We are delighted to have made a new country entry into Nigeria, where we hope to now build our presence upon this first contract award. This success is testament to the increasing effectiveness of our international sales and marketing effort and further endorses the MYCELX offering as a cost effective and performance enhancing solution for our customers."

For further information please contact:

 
MYCELX Technologies Corporation 
 Connie Mixon, CEO                             Tel: [phone] 
 Kim Slayton, CFO 
Cantor Fitzgerald Europe - NOMAD and Broker 
 Andrew Craig                                  Tel: [phone] 
 Richard Salmond 
Celicourt Communications 
 Mark Antelme                                  Tel: [phone] 
 Joanna Boon 
 

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

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May 08, 2017 02:00 ET (06:00 GMT)