13th Feb 2023 10:05
(Alliance News) - Mycelx Technologies Corp on Monday touted its continued development in the Middle East, following another sale to a national oil company in the region.
The Georgia, US-based clean water and clean air technology company told investors that it has secured its second REGEN sale to another national oil company in the Middle East for water treatment during enhanced oil recovery production, though it didn't specify to whom it had sold the product.
The REGEN is an advanced back washable media filter used as a secondary filtration system to remove oil droplets and suspended solids without using water treatment chemicals.
Mycelx also told investors that it has continued to generate momentum in Saudi Arabia, following the conversion of an emergency response project into a longer-term deployment and a new project win to treat some of the most contaminated industrial wastewater in the country.
It added that these latest project wins were noteworthy because they possess a shorter cash conversion cycle and longer project durations, which ensure cash flows to support Mycelx's working capital requirements.
These projects are expected to contribute USD2.3 million in revenue this year, underpinning its 2023 revenue forecast. The firm said it remains on track to meet its current financial guidance for 2023, with cash flows anticipated to remain stable throughout the year.
"We are very pleased to be announcing today's operating update, which demonstrates the continued commercial advancements we are making as a business. Our pipeline of opportunities has returned to pre pandemic levels with higher quality and more diversity across our three operating segments. We look forward to updating the market on the company's progress throughout the year," said Chief Executive Officer Connie Mixon.
Mycelx shares were trading 9.4% higher at 29.00 pence each.
By Holly Beveridge; Alliance News reporter
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