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A magnesium phthalocyanine substituted with four EDT-TTF units on the non-peripheral sites was synthesized and characterized. The target compound and its intermediates have been identified by NMR, MS, EA, UV-vis and mp. The molecular weight of the target molecule cannot be detected in mass spectra. UV-vis spectra indicate that a dimer forms in chloroform but not in dichloromethane. The redox behavior of the target molecule in the solutions of various concentrations and at different scan rates have been discussed.