MCLN Not LOI, Merger Agreement/Plan of Merger.....
Post# of 98041
Posted On: 09/12/2013 10:58:29 AM
[b]MCLN Not LOI, Merger Agreement/Plan of Merger.....[/b]catch the news soon!!
Effective September 3, 2013, MedClean Technologies, Inc., a Delaware corporation (“MedClean” or the “Company”) (OTC Pink: MCLN) entered into an Agreement and Plan of Merger (“Merger Agreement”), between the Company and BioMedical Technology Solutions Holdings, Inc., a Colorado corporation (the “Company” or “BMTS”) (OTC Pink: BMTL). The Merger Agreement, if consummated, would result in BMTS merging with and into MedClean, with MedClean being the surviving corporation (the “Merger”) and with BMTS’s existing subsidiary, BioMedical Technology Solutions, Inc. (“BMTS Sub) surviving as a wholly owned subsidiary of MedClean. Upon consummation of the Merger, all issued and outstanding shares of BMTS common stock will convert into a number of shares of MedClean common stock which will represent, when issued, and after giving effect to the Debt Conversions described below, 60% of the total issued and outstanding shares of MedClean (the “Exchange Ratio”). The Merger will result in a change in control of MedClean. The Merger is subject to any dissenters’ rights of the BMTS and MedClean shareholders.
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