MedClean Technologies, Inc. Extends Private Offer to Exchange Warrants
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BETHEL, Conn., June 16 /PRNewswire-FirstCall/ -- MedClean Technologies, Inc.
(OTC Bulletin Board: MCLN) announced today that it has extended its previously
announced private offer to exchange all of the Company's existing Common Stock
Purchase Warrants with Initial Exercise Dates between July 11, 2008 and August
29, 2008 ("Existing Warrants") for newly issued Common Stock Purchase
Warrants, with a new lower exercise price, exercisable for a lesser number
shares of our common stock, par value $0.0001 per share ("Common Stock"), and
without a "cashless exercise" right (the "New Warrants").
The offer to exchange previously scheduled to expire at 5:00 p.m., Eastern
Standard Time, on June 16, 2009 (the "Initial Expiration Date"), will now
expire at 5:00 p.m., Eastern Standard Time, on June 30, 2009 (the "Extended
Expiration Date"), unless extended by the Company.
The exercise price of the New Warrants will be determined as of the Extended
Expiration Date and will equal the greater of (1) the volume weighted average
price (VWAP) of the Common Stock for the five consecutive trading days prior
to and including the Extended Expiration Date as reported on the over the
counter bulletin board, multiplied by 2, and (2) $0.0075. For example, if the
five day VWAP on the Extended Expiration Date was $0.002, then the exercise
price of the New Warrants would be $0.0075 per share.
Other than the Extended Expiration Date and a new exercise price determined as
of the Extended Expiration Date as described above, the terms of the Offer to
Exchange have not changed and are as set forth in the previously distributed
Confidential Offering Memorandum, dated May 19, 2009, and the related Letter
of Transmittal.
Holders of Existing Warrants are asked to use the previously distributed
Letter of Transmittal to tender their Existing Warrants to the Company if they
decide to participate in the Offer to Exchange. However, holders are asked to
take note that the correct address of the Company is as follows:
MEDCLEAN TECHNOLOGIES, INC.
3 TROWBRIDGE DRIVE
BETHEL, CT 06801
Holders who validly tender their Existing Warrants to the Company by the
Initial Expiration Date pursuant to the Offer to Exchange will be able to lock
in a new exercise price of $0.0075 per share, even if the new exercise price
determined as of the Extended Expiration Date is higher than $0.0075 per
share.
Tenders may be withdrawn prior to 5:00 p.m., Eastern Standard Time, on the
Extended Expiration Date unless extended by the Company.
Holders who desire additional information regarding the offer to exchange or
additional copies of the confidential offering memorandum or letter of
transmittal should contact Hayden IR, the information agent for the offer,
(651) 653-1854 or cameron@haydenir.com.
This press release is for informational purposes only and is neither an offer
to purchase nor a solicitation of an offer to sell the New Warrants. The offer
to exchange Existing Warrants of the Company is only being made pursuant to
the offering memorandum and the related letter of transmittal that the Company
is distributing to holders in connection with the offer. The offer is not
being made to persons in any jurisdiction in which the making or acceptance
thereof would not be in compliance with the securities, blue sky or other laws
of such jurisdiction.
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(R) 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 are
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:
MedClean Technologies, Inc. Investor Contact:
Sean Macpherson Cameron Donahue
Corporate Secretary Hayden IR
(203) 798-1080 (651) 653-1854
SOURCE MedClean Technologies, Inc.
Sean Macpherson, Corporate Secretary of MedClean Technologies, Inc.,
+1-203-798-1080; or Investors, Cameron Donahue of Hayden IR, +1-651-653-1854,
for MedClean Technologies, Inc.
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