Annual Financial Report

Not for release, publication or distribution directly or indirectly, in whole or in part, in or into or from the United States of America (including its territories and possessions, any state of the United States, and the District of Columbia), Canada, Australia, the Republic of South Africa, the Republic of Ireland or Japan, or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

This press release does not constitute or form a part of, and should not be construed as, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in MyCelx Technologies Corporation ("MyCelx" or the "Company").

THE COMPANY'S COMMON SHARES HAVE NOT BEEN REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE "US SECURITIES ACT") OR ANY STATE SECURITIES LAWS (THE "STATE ACTS") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS THE SECURITIES ARE REGISTERED UNDER THE US SECURITIES ACT AND ANY APPLICABLE STATE ACTS, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE US SECURITIES ACT AND ANY APPLICABLE STATE ACTS IS AVAILABLE.

MyCelx Technologies Corporation

("MyCelx" or the "Company") (AIM: MYX)

17 April 2012

Mailing of 2011 Annual Report, Notice of 2012 Annual Meeting and Proxy Form

MyCelx announces that the Annual Report of the Company for the year ended 31 December 2011 (the "Annual Report"), the Notice of 2012 Annual Meeting (the "Notice of AM") and Proxy Form have been mailed to shareholders.

Copies have been placed on the Company's website at www.mycelx.com. Copies will also be available free of charge from the Company's Registered Office at 470-B Woods Mill Road, Gainesville, GA 30501, USA for a period of at least one month.

The Company's 2012 Annual Meeting will be held at 12 noon (BST) on Wednesday 9 May 2012 at the offices of Addleshaw Goddard LLP, Milton Gate, 60 Chiswell Street, London EC1Y 4AG.

For further information please contact:

MyCelx Technologies Corporation

Connie Mixon, CEO

David Pattillo, CFO

Tel: +1 888 306 6843

Numis Securities Limited

Corporate Finance

Alastair Stratton

Stuart Skinner

Jamie Loughborough

Corporate Broking

James Black

Ben Stoop

Tel: +44 20 7260 1000

Pelham Bell Pottinger

Mark Antelme

Nick Lambert

Henry Lerwill

Tel: +44 20 7861 3232