3 July 2023

MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)

Contract Award & PFAS Update

MYCELX Technologies Corporation ("MYCELX" or the "Company"), the clean water and clean air technology company, is pleased to announce a contract award with a new client in the Middle East.

The client required an efficient, reliable system that could treat complex wastewater. MYCELX was selected specifically for its capability to treat the toughest water challenges successfully and cost-effectively and for its longstanding reputation in the region. The Company expects ca.$1 million in revenue in 2023 which underpins the current forecast for 2023. 

The Company continues to move forward with its PFAS pilot trials in several different applications. In July, a landfill leachate trial will commence and operate for up to two months utilizing MYCELX's proprietary P-Fluormer™ media technology. A drinking water trial will begin later in July testing P-Fluormer™ media to demonstrate compliance with the latest proposed EPA National Primary Drinking Water Regulation standards ("NPDWR") for PFOA and PFOS, along with four additional PFAS components. The next trial will be a landfill leachate application and will operate for up to six weeks, and will utilize multiple proprietary technologies from MYCELX, including REGEN, PFAS cartridges and P-Fluormer™ media. These trials will result in important data for numerous PFAS applications, which will accelerate adoption of our unique and cost-effective solution. We continue to focus on teaming and trialling with strategic partners in our key markets as well as effective marketing through webinars, conferences, social media and an upgraded website, which will be rolled out in the coming months. 

Connie Mixon, CEO, commented:

"We are thrilled to be expanding our customer base and application offering in Saudi Arabia. Our patented technology together with our extensive local experience have ensured MYCELX is recognised by waste management companies as a leading technology solution provider for industrial water treatment. 

In the burgeoning PFAS market, we continue to get traction with targeted strategic partners and direct customers as we pilot our technology in a series of trials. Specific data collection in different PFAS applications is key to accelerating our solution in this large and lucrative market."

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