The
information contained within this Announcement is deemed by MYCELX
Technologies Corporation to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014 as
it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR").
22 February 2024
MYCELX TECHNOLOGIES
CORPORATION (AIM: MYX)
Trading
Update
MYCELX Technologies Corporation
("MYCELX" or the "Company"), the clean water and clean air
technology company transforming the environmental impact of
industry, is pleased to announce a Trading Update, which includes
select financial extracts from its unaudited FY2023 results. The
Company expects to release its final audited results for FY2023 in
May 2024.
MYCELX has made a very encouraging
start to 2024, having sold its Saudi Arabia business operations for
an acquisition price of up to $7.125 million (split $3.125 million
on closing with the remainder deferred on an earn-out over the
following 24-month period), as noted in a separate announcement.
The proceeds of the sale will enable the Company to accelerate its
marketing and sales plan for its unique technologies in the
burgeoning Perfluoroalkyl and Polyfluoroalkyl Substances ("PFAS")
remediation and Enhanced Oil Recovery ("EOR") markets. These
markets are large and lucrative and the Board believes they will
deliver long term value and sustainable growth by leveraging
MYCELX's differentiated and environmentally effective
solutions.
MYCELX recorded 2023 revenue of
ca.$10.9 million, EBITDA of approximately negative $2.5 million and
a net loss of ca.$3.7 million. As of 31 December 2023, the Company
had cash and cash equivalents of $383K. MYCELX continues to
manage its working capital to support its future growth ambitions.
The Company will net approximately $2.75 million from the initial
consideration of the sale of its Saudi Arabian business operations
after closing costs and payments associated with transferring
employee contracts.
When taking into account the sale of
the Saudi Arabian business, MYCELX is revising its forecasted
revenue for 2024, which is now expected to be in the range of $9.0
million - $10.0 million. The Company continues to focus on a number
of other potential opportunities which could influence 2024 revenue
and the final outturn is dependent on projects meeting delivery
timelines.
Connie Mixon, CEO, commented:
"Our financial results in 2023 reflect unforeseen challenges
in operations and project timing. We have taken decisive action to
improve financial performance and we continue to make consistent
progress in our core markets.
We
have made a strong start to 2024 and, following the sale of our
Saudi Arabia business operations, our focus is on accelerating the
marketing and sales plan for our unique technologies in the PFAS
remediation and EOR markets. We believe that these core areas best
showcase MYCELX's differentiated and environmentally effective
solutions and will ensure that the Company can obtain strong levels
of profitability and deliver long term value for all our
stakeholders going forward."
The financial information presented
has been extracted from the unaudited results and could be subject
to possible change following the completion of the Company's
year-end audit process.
For
further information, please contact:
|
MYCELX Technologies Corporation
Connie Mixon, CEO
Kim Slayton, CFO
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Tel: +1 888 306 6843
|
|
Canaccord Genuity Limited (Nomad and Sole
Broker)
Henry Fitzgerald-O'Connor
Ana Ercegovic
|
Tel: +44 20 7523 8000
|
|
Celicourt Communications (Financial PR)
Mark Antelme
Jimmy Lea
Charlie Denley-Myerson
|
Tel: +44 20 7770 6424
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