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MedClean Technologies Enters Into Preferred Stock Agreement of Up to $7.5 Million
Date:12/4/2009

BETHEL, Conn., Dec. 4 /PRNewswire-FirstCall/ -- MedClean Technologies, Inc. (OTC Bulletin Board: 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 a
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SOURCE MedClean Technologies, Inc.
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