Amended Master Purchase Contract Provides for the Sale of Ready to Drink Suite of Nutritional Supplements to Provider Services, Inc. to be Increased
Annually by $3.4M or 142%
BASKING RIDGE, N.J., June 5 /PRNewswire/ -- Millennium Biotechnologies Inc., wholly owned subsidiary of Millennium Biotechnologies Group, Inc. (OTC Bulletin Board: MBTG) announced today that it has entered into an amendment of it's November 9th 2007 Master Purchase Contract with Provider Services, Inc. ("PSI") to increase their quarterly purchase commitment from Six Hundred Thousand Dollars ($600,000) to One Million Four Hundred and Fifty Thousand Dollars ($1,450,000) effective July 1 2008. This quarterly increase currently translates into an annualized commitment of Five Million Eight Hundred Thousand Dollars ($5,800,000). Before year end, Millennium intends to expand its Long Term Care product line by launching additional products, including a tube feeding product as well as products designed and developed for the diabetic population.
"I am extremely proud of our team and our ability to design, develop, test and bring to market our ready to drink Resurgex Essential and Resurgex Essential Plus products which have been so well received by PSI. These strictly kosher products made under the most stringent rabbinical supervision will be marketed to a rapidly expanding global population in Long Term Care. As a billion dollar marketing opportunity, we believe that these products and their tube feeding and diabetic line extensions will provide an exceptional revenue growth opportunity for Millennium," stated Mark C. Mirken, President and COO of Millennium.
"The availability of the Resurgex Essential and the Essential Plus
product line in a ready to drink format in three incredible flavor profiles
has drastically increased the utilization of all nutritional products
throughout our facilities which service 5,000 beds. Our residents are, for
|SOURCE Millennium Biotechnologies, Inc.|
Copyright©2008 PR Newswire.
All rights reserved