Milestone Scientific Forms New Medical Division and Appoints Former Bayer Senior Executive as Its CEO
LIVINGSTON, N.J., May 21 /PRNewswire-FirstCall/ -- Milestone Scientific, Inc. (OTC Bulletin Board: MLSS), the recognized leader in advanced injection technologies, today announced the formation of a new medical division, Milestone Medical, which will focus strictly on leveraging Milestone Scientific's patented CompuFlo(TM) technology to pursue the development, commercialization and marketing of innovative technological solutions for the medical industry. Joe W. Martin, former senior executive from Bayer AG, has been appointed to serve as the Chief Executive Officer of the business unit and will report directly to Milestone Scientific's Chairman and CEO, Leonard Osser.
Commenting on Martin's appointment, Osser noted, "Based on Joe's proven industry experience and 26-year track record of success in the areas of strategic planning, product launch, sales and marketing, business development and manufacturing/supply chain management, and having built worldwide teams for one of the largest players in the healthcare arena, he is ideally suited to assume the helm of Milestone Medical. We are very pleased to welcome him to Milestone and fully expect that he will prove to be a highly valuable addition to our senior leadership team in fast order."
Prior to joining Milestone, Martin served as President of the Diabetes Care Division (DCD) at Bayer HealthCare. While in this position, he held worldwide P&L responsibility for the Company's Blood Glucose Monitoring (BGM) business with sales of over 700 Million Euro and more than 1,500 employees. He also served as a member of the Bayer HealthCare Executive Committee. During his tenure as President, DCD was one of the fastest growing BGM businesses in the world. From 1992 through 2004, Martin rose through the ranks at Bayer in managerial posts that included Senior Vice President and General Manager, Self-Testing Business Segment at Bayer AG - Diagnostics Division; Senior Vice President and General Manager, Point of Care Business Segment; Country Manager - United Kingdom and Ireland; and Vice President, Marketing - Immunodiagnostic Business Unit. From 1980 through 1992, Martin held various sales, marketing and general management roles of increasing responsibility, both domestically and internationally, at Abbott Laboratories - Diagnostic Division. A graduate of the University of Houston, where he earned a Bachelors of Business Administration degree in Marketing and Accounting, Martin is the Past President of the Biomedical Marketing Association and served on the Board of Directors of Life Treatment Centers in South Bend, Indiana for the past six years.
"I'm very excited to be joining Milestone, particularly at a point in its history when it is uniquely positioned to drive true advancement in the medical field with its innovative injection technology. I am impressed with the entire Milestone team and by their shared level of enthusiasm and commitment to success. With over 700 potential medical applications for CompuFlo already identified, we have a broad range of compelling opportunities to address so I am eager to get things moving forward quickly," stated Martin.
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(TM) 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 Single Tooth Anesthesia (STA(TM)) computer-controlled local anesthesia delivery system which uses this technology provides 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.
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, 2006. 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, LLC Dodi Handy, President and CEO, or Daniel Conway, Chief Strategist 407-585-1080 or via email at firstname.lastname@example.org
SOURCE Milestone Scientific, Inc.
Released May 21, 2007