Contract extension with SABIC

22 June 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)

Contract extension with SABIC

Award is valued at $1.8 million to MYCELX

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 extension of a purchase order from SABIC (Saudi Basic Industries Corporation).

The contract extension with SABIC is for a leased water treatment system in the Middle East.  The value of the contract extension is $1.8m. The Company continues to pursue advanced opportunities in the Middle East and to that end has agreed to run a trial at another SABIC affiliate which, if successful, has the potential to generate further incremental revenues for the Company this year. 

Commenting on the market update, Connie Mixon, CEO, said:

"Despite the challenging macro backdrop, we are very pleased to have been awarded this contract extension with SABIC. Such an extension demonstrates the value that our robust systems offer our clients in terms of performance optimisation and cost efficiency. We are also pleased to be running a trial for another SABIC affiliate which we hope will further expand our footprint in the Kingdom of Saudi Arabia. Both developments demonstrate the uptick in activity that we are starting to see in the Middle East, one of our core regional markets.

As a business, we remain busy operationally and continue to actively engage with our customers and vendors around currently active projects.  We firmly believe that our focus on converting upcoming bidding opportunities will reap rewards in the near to medium term."

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