Contract Award and Contract Extension

4 August 2021

MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)

New Contract & Contract Extension

Total Contract values of $2.1 million

MYCELX Technologies Corporation ("MYCELX" or the "Company"), the clean water and clean air technology company is pleased to announce both a significant new contract for the installation of its technology, and a twelve-month extension to an existing contract, both in Saudi Arabia and with a combined value of $2.1 million.

The contract extension is to a project where MYCELX's proprietary technology has been installed for 10 years. The renewal is a clear endorsement of the continuing leading performance of the MYCELX offering, and a tribute to the professionalism and competence of the team.

The new contract is for an initial term of one year and is further evidence of the Company's position as the provider of leading-edge technology in the markets it serves.

The Company continues to pursue other opportunities which, if successful, have the potential to generate further incremental revenues for the Company this year.  

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

"These two contracts are a validation of the recovery taking place within our energy sector market. We are fortunate to have a highly differentiated product offering, underpinned by a reputation for value accretive service to our clients, and helping them achieve their sustainability goals. I look forward to updating shareholders further in September with the release of our interim results"

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Notes to Editors

Through its revolutionary oil-free water technology, MYCELX brings its customers material benefits in terms of performance enhancement, cost savings and significantly improved environmental footprints. Working beyond any ordinary filtration methods, MYCELX's proprietary technology achieves oil removal to less than one part per million.  MYCELX supports leading international customers across the oil & gas value chain, as well as other industrial users.   MYCELX also provides advanced air filtration technology for manufacturing and industrial facilities, effectively removing oil particles and biologicals to maintain continuous and safe air quality levels.

For more information, visit www.MYCELX.com