New Project Award

11 May 2020

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.

MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)

New Project Award

MYCELX Technologies Corporation ("MYCELX" or the "Company"), the clean water technology company providing patented solutions for the Oil and Gas market and commercial industrial markets worldwide, is pleased to announce the award of a new purchase order with a SABIC affiliate.

The purchase order, which has an estimated value of $800,000 to MYCELX, is an emergency response project, treating process water in order to maintain plant performance to the desired specifications.

Commenting on the new project award, Connie Mixon, CEO, said:

"We are pleased to be expanding our customer footprint in Saudi Arabia by supporting another SABIC affiliate, thereby further strengthening our position in the Middle East.  Given the unprecedented macro-economic backdrop, this purchase order is further testament to the fact that our customers will continue to require MYCELX's superior and reliable solutions to meet their water management needs."

As previously announced, MYCELX is focused on the welfare of its employees during the COVID-19 pandemic, and has also responded swiftly in order to protect the Company's balance sheet with the implementation of a series of company-wide cost saving measures. The Company also applied and received a forgivable $400,000 loan from the Payroll Protection Program administered by the US Small Business Administration.

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Forward Looking Statements

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