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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., March 18 /PRNewswire-FirstCall/ -- Milestone Scientific Inc. (OTC Bulletin Board: 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(R) 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(TM), 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 and

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.

    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

SOURCE Milestone Scientific Inc.
Copyright©2009 PR Newswire.
All rights reserved

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