Attached files
| file | filename |
|---|---|
| 8-K - MedClean Technologies, Inc. | v168296_8k.htm |
| EX-4.1 - MedClean Technologies, Inc. | v168296_ex4-1.htm |
| EX-3.1 - MedClean Technologies, Inc. | v168296_ex3-1.htm |
| EX-10.1 - MedClean Technologies, Inc. | v168296_ex10-1.htm |
Exhibit
99.1
MEDCLEAN
TECHNOLOGIES ENTERS INTO PREFERRED STOCK AGREEMENT OF UP TO $7.5
MILLION
Socius
Capital Group Agrees To Purchase Up To $7.5 Million of MedClean Preferred
Stock
BETHEL,
CT, December 4, 2009 /PRNewswire-FirstCall/ — MedClean Technologies, Inc.
(OTC:BB: MCLN) today announced the Company has entered into a preferred stock
purchase agreement with Socius Capital Group, LLC, a Delaware limited liability
company, doing business as Socius Life Sciences Capital Group, LLC.
Pursuant to the Purchase Agreement, MedClean will receive up to $7.5 million in
capital.
The
Company agreed to sell up to 750 shares of its Series C Preferred Stock, in one
or more tranches from time to time. The tranches will be sold at the Company’s
sole discretion, at a purchase price of $10,000 per share, for an aggregate
purchase price of up to $7.5 million. With each tranche, Socius will also
receive five-year warrants to purchase that number of shares of the Company’s
common stock equal to 135% of the value of preferred stock delivered in
such tranche. The exercise price of such warrants will equal the closing bid
price of the Company’s common stock on the date the Company provides notice of
such tranche.
Pursuant
to the Purchase Agreement MedClean will pay a commitment fee to Socius equal to
5% of the total commitment and will use its best efforts to file a registration
statement within 30 days with the Securities and Exchange Commission for the
resale of all shares of common stock issuable pursuant to the Purchase
Agreement.
Scott
Grisanti, the Company’s Chairman, commented, “This transaction provides MedClean
with the capital required to accelerate execution of its growth and expansion
strategy. The Company has claimed the leadership role in industry
through development and delivery of its MedClean On-Demand Container and Mobile
solutions, which are based on significant intellectual property. The
Socius investment vehicle provides the means to expand delivery of MedClean’s
solutions to a broader customer base through a variety of system acquisition
options and additional distribution channels and partners. Also, the
investment will enable MedClean to accelerate development plans for new product
lines that target new market segments, especially the non-hospital small
quantity generator market for regulated medical waste treatment.”
David
Laky, MedClean’s President and CEO commented, “The company’s environmentally
friendly technology for regulated medical waste disposal and confidential
document destruction represents a compelling opportunity for large and small
hospitals and medical centers, particularly in light of the current
administration’s health care cost-cutting focus and escalating concerns by the
justice department indicating the need for alternate solutions for medical waste
disposal.”
About
MedClean Technologies, Inc.
MedClean
Technologies, Inc. is a provider of innovative technology and services for the
onsite treatment and disposal of regulated medical waste. MedClean's flagship
MedClean® Series systems are fully integrated, turnkey technology solutions that
enable hospitals and other healthcare providers to safely, efficiently and
cost-effectively convert bio-hazardous regulated medical waste into sterile,
unrecognizable material suitable for disposal as municipal solid waste. MedClean
was founded in 1997 with corporate headquarters, research and development and
distribution facilities located in Bethel, Connecticut. Further information on
MedClean can be found at http://www.medcleantechnologies.com and in filings with
the Securities and Exchange Commission found at http://www.sec.gov.
Statements
about our future expectations are "forward-looking statements" within the
meaning of applicable Federal Securities Laws, and are not guarantees of future
performance. When used herein, the words "may," "will," "should," "anticipate,"
"believe," "appear," "intend," "plan," "expect," "estimate," "approximate," and
similar expressions are intended to identify such forward-looking statements.
These statements involve risks and uncertainties inherent in our business,
including those set forth in our most recent Annual Report on Form 10-K for the
year ended December 31, 2008, filed with the SEC on March 24, 2009, and other
filings with the SEC, and is subject to change at any time. Our actual results
could differ materially from these forward-looking statements. We undertake no
obligation to update publicly any forward-looking statement.
Contacts:
Investor
Contact:
Cameron
Donahue
Hayden
IR
+1(651)
653-1854
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