4th Mar 2016 10:09
LONDON (Alliance News) - Mycelx Technologies Corp said Friday it has agreed a fixed two-year contract for water treatment with an unnamed existing customer in the Middle East, worth USD5.0 million over the two years.
The clean water technology company said that, whilst the contract underpins a proportion of its sales revenue for 2016, it has reviewed the run rate for its installed customer base and currently estimates a conservative base-level recurring revenue for 2016 of USD8.0 million. Mycelx said it has continued with expense control measures and expects to be at least cash neutral from operations in 2016.
Mycelx added large scale trials are ongoing, but budgets and schedules for many of its projects remain uncertain, and the whole oil and gas industry is observing significant delays in capital expenditure.
Shares in Mycelx were untraded on Friday morning, having last traded at 21.00 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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