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Milestone Scientific Announces Resignation of CEO
Date:3/18/2009

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 1-800-3
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SOURCE Milestone Scientific Inc.
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