BETHEL, Conn., March 31, 2011 /PRNewswire/ -- MedClean Technologies, Inc. (OTC Bulletin Board: MCLN) today announced financial results for the year ended December 31, 2010.
Operating highlights include:
Business infrastructure highlights include:
New Sales Support Programs:
"We continue to broaden our distributor sales network, introduce exciting new financing and partner programs, and develop our backlog," commented David Laky, MedClean's President and CEO. "While the length of the sales cycle continues to challenge us, we believe our distributors are moving forward on a variety of fronts and expect increased traction and sales growth during 2011. During the remainder of 2011 we expect to develop additional regionalized processing centers resulting in recurring service revenue. In addition, we plan to continue our traditional one-time equipment sales. Our network of Certified Service Partners and Certified Distributor Partners will be expanded as required, but we will focus primarily on converting pipeline opportunities into new business and completing product installations in order to convert backlog to revenue. Based upon projects already underway in 2011 we anticipate first quarter revenue to be approximately $550,000."
Mr. Laky concluded, "We have reached the point where the groundwork has been laid, the plans for rollout have been developed, obstacles in the sales cycle have been reduced or eliminated, and the distributor and hauler network has been built. The time is now for our collective organization, including our distributors and hauling partners, to produce tangible results. We expect 2011 to be a productive and exciting year."
Full-Year Financial Results:
The Company reported revenue of $0.9 million, a decrease of 65% compared to $2.5 million for the year ended December 31, 2009. In 2009 the Company was able to deliver systems completing contractual obligations and meeting revenue recognition policies totaling $1.2 million. The Company did not have comparable revenue during 2010. Gross profit for 2010 was $0.5 million, or 52.4%, compared to gross profit of $1.3 million or 50.3% in the prior-year period. Net loss for the full-year was $(4.6) million, or $(0.01) per share, compared to a net loss of $(5.4) million, or $(0.01) per share for the same period in 2009.
Total Operating expense for 2010 was $4.8 million compared with $6.6 million for 2009, a decrease of $1.8 million.
The Company has filed its Form 10-K for the period ended December 31, 2010 with the Securities and Exchange Commission, and investors are encouraged to visit www.sec.gov to review this document, which includes financial tables and additional details for the year ended December 31, 2010.
Board of Directors
The Company also announced the appointment of Jay Bendis, an independent director, as Chairman of the Board of Directors, replacing Scott Grisanti, who announced his resignation as Chairman effective today. Mr. Grisanti will continue to serve as a director of the Company.
Mr. Bendis has been President of Transfer Technology Consultants during the past 15 years, a company that specializes in transferring new biotech product concepts from design to commercialization. From 2005 to 2008, he was President and CEO of Clinical Analysis Corp. He was Managing Partner in the Crystal Corridor Group that worked with Kent State University's Liquid Crystal Institute in facilitating liquid crystal technology from 2000 to 2005. From 1995 to 2000 he served as Executive Vice President of American BioMedica Corp. He was also President and Co-founder of Emerging Technology Systems, a Research and Development Company in the diabetic markets from 1993 to 1999. His prior management positions had been with XANAR Laser Corp, a division of Johnson & Johnson as the National Sales Manager and IVAC Corp, a division of Eli Lilly as Sales and Marketing Manager. He has also served as a member of the Edison BioTechnology Center Advisory Council for the State of Ohio and serves on the Boards of several private companies.
"I believe MedClean is poised for long-term sustainable growth and I am excited to help the management team accelerate sales efforts," commented Mr. Bendis. "The sales cycle has been lengthy, but in 2010 the Company managed to build a robust North American sales network in conjunction with targeted programs for hospitals and waste generation facilities which highlight the ROI of MedClean's offerings while eliminating many of the traditional sales barriers associated with selling into this market."
About MedClean Technologies, Inc.
MedClean Technologies, Inc. is a provider of innovative technology and services for the 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 www.medcleantechnologies.com and in filings with the Securities and Exchange Commission found at 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," "potential" 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, 2009, filed with the SEC on March 3, 2010, 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.
CONTACT: Cameron Donahue of Hayden IR, +1-651-653-1854, for MedClean Technologies, Inc.
|SOURCE MedClean Technologies, Inc.|
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