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Press Releases
Milestone Scientific announces resignation of CEO
Chairman to Serve as Interim CEO until Executive
Search for Replacement is Completed
Planned Investor Conference Call Rescheduled to Thursday, March
26, 2009 at 4:15 PM ET
LIVINGSTON, N.J. – (PR NEWSWIRE) – March 18,
2008 – Milestone Scientific
Inc. (OTCBB:MLSS), the recognized leader in advanced injection technologies,
today announced that Leonard Osser, Chairman of the Board, will temporarily
assume the post of Interim Chief Executive Officer upon the resignation
of Joe Martin, effective March 27, 2009, as CEO and Director of the
Company. Martin is leaving to pursue new career opportunities.
Yesterday, Milestone filed its Form 10K with the U.S. Securities & Exchange
Commission for the year ended December 31, 2008.
Key financial highlights of the 2008 results compared to 2007 reflected:
- Year-over-year revenue growth of 5%
- Rise in gross profit margins, which increased to 60% from 55%
- 19% decline in operating expenses
- 13% reduction in sales, general and administrative costs
- 58% decrease in research and development expenses
- 60% reduction in net losses for the year
- 56% decrease in product inventories
- 55% decline in accounts payable
- 70% reduction in net cash used in operating activities
The teleconference originally scheduled to begin tomorrow morning, March
19, 2009, at 11:00 AM ET has been rescheduled to Thursday, March 26,
2009, beginning at 4:15 PM ET. At that time, investors are encouraged
to join management in a discussion regarding the financial results, changes
in executive management and developments relating to its business and
growth strategy. The rescheduled conference call can be accessed
by dialing toll-free 1-800-366-7640. For those unable to participate
at that time, a replay of the teleconference can be accessed domestically
by dialing 1-800-405-2236 and enter the passcode 11127369#. The
replay will be available for 90 days.
About Milestone
Scientific Inc.
Headquartered in Livingston, New Jersey, Milestone Scientific is engaged
in pioneering proprietary, highly innovative technological solutions
for the medical and dental markets. Central to the Company’s
IP platform and product development strategy is its patented CompuFlo® technology
for the improved and painless delivery of local anesthetic. Specifically, CompuFlo is
a computer-controlled, pressure sensitive infusion, perfusion, suffusion
and aspiration technology, which provides real-time readouts of pressures,
fluid densities and flow rates, enabling the advanced delivery and removal
of a wide array of fluids. The STA Single Tooth Anesthesia
System™, a computer-controlled local anesthesia delivery system,
uses this technology to provide dentists with audible and visual signals
as to in-tissue pressure. Milestone’s existing painless injection
systems are currently sold in 25 countries. For more information
on these and other innovative Milestone products, please visit the Company’s
web site found at www.milesci.com and www.STAis4U.com .
Safe Harbor Statement
This press release contains forward-looking statements regarding
the timing and financial impact of the Milestone's ability to implement
its business plan, expected revenues and future success. These statements
involve a number of risks and uncertainties and are based on assumptions
involving judgments with respect to future economic, competitive and market
conditions and future business decisions, all of which are difficult or
impossible to predict accurately and many of which are beyond Milestone's
control. Some of the important factors that could cause actual results
to differ materially from those indicated by the forward-looking statements
are general economic conditions, failure to achieve expected revenue growth,
changes in our operating expenses, adverse patent rulings, FDA or legal
developments, competitive pressures, changes in customer and market requirements
and standards, and the risk factors detailed from time to time in Milestone's
periodic filings with the Securities and Exchange Commission, including
without limitation, Milestone's Annual Report on Form 10-KSB for the year
ended December 31, 2007. The forward looking-statements in this press release
are based upon management's reasonable belief as of the date hereof. Milestone
undertakes no obligation to revise or update publicly any forward-looking
statements for any reason.
FOR MORE INFORMATION, PLEASE CONTACT:
Elite Financial Communications Group
Dodi Handy, President and CEO
For Media Inquiries: Tiffany Korkis or Kathy Addison, Directors, Elite
Media Group
407-585-1080 or via email at mlss@efcg.net
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