Re Contract

31 May 2012

MYCELX TECHNOLOGIES CORPORATION

("MyCelx" or the "Company")

(AIM: MYX)

Contract extension and purchase order received for US$2.75 million

MyCelx Technologies, Inc (AIM: MYX), the clean water technology company providing patented solutions for the oil and gas industry and industrial markets worldwide, is pleased to announce a significant contract extension and receipt of a new purchase order.

Saudi Basic Industries Corporation has agreed to a US$2.5 million contract extension for MyCelx's work at Al-Jubail Industrial City, Kingdom of Saudi Arabia. This represents a significant operational milestone as it is MyCelx's first lease contract extension. This demonstrates that when MyCelx technology is integrated into a client's process it can prove itself both in terms of reliable performance and also cost savings for the client.

Additionally, the Company has secured a new purchase order with an existing customer, a global exploration and production company, for its operations offshore Australia. The contract, which is worth US$250,000, is for the provision of offshore water treatment equipment. This is the Company's first offshore project in Australia, and demonstrates MyCelx's ability to cross-sell to different geographic divisions of existing customers.

The contract extension and new purchase order show the Company's progress in executing its stated strategy. Management remains confident in its expectations for the financial year.

Commenting on today's announcement Connie Mixon, CEO of MyCelx, said:

"Today's announcements are very good news for MyCelx. Not only do they enhance our visibility of revenue but also show that when the Company's patented technology is given the opportunity to perform, it delivers. There is no greater endorsement than repeat business."

For further information please contact:

MyCelx Technologies Corporation

Connie Mixon, CEO

Tel: +1 888 306 6843

Numis Securities Limited

Corporate Finance

Alastair Stratton / Stuart Skinner / Jamie Loughborough

Tel: +44 20 7260 1000

Corporate Broking

James Black / Ben Stoop

Tel: +44 20 7260 1000

Pelham Bell Pottinger

Nick Lambert / Mark Antelme / Henry Lerwill

Tel: +44 20 7861 3232

Notes for Editors

·; MyCelx Technologies Corporation is a clean water technology company that provides novel water treatment solutions to the oil and gas, power, marine and heavy manufacturing sectors

·; MyCelx invented and is the owner of the MyCelx polymer which is infused in the consumable media contained in equipment supplied by the Company

·; The technology produces treatment results that compare favourably to existing competition in effectiveness, cost and footprint. The MyCelx polymer and its use are protected by patents and other intellectual property rights

·; The defining difference of the MyCelx polymer as compared with alternative technologies currently available is that it is capable of permanently and reliably removing free, emulsified and dissolved hydrocarbons from water upon contact to levels between 0-10 parts per million (ppm) at any flow rate

·; MyCelx equipment has been installed successfully at the facilities of leading industry operators around the globe. The focus of the Company is now directed at the commercial application of MyCelx solutions in both upstream and downstream markets in the oil and gas industry

·; Over the last three years, the Company has sold its products primarily in North America, Asia, Australia, Middle East and Europe. Customers include such oil and gas companies as Chevron, BP, Anadarko Petroleum Corporation, SABIC, engineering, procurement and construction companies such as Mustang Engineering and global water treatment companies

·; Further information on MyCelx Technologies Corporation can be found at www.mycelx.com