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Millennium Biotechnologies Reports Strong Third Quarter Revenue and Financial Results
Date:12/15/2008

BASKING RIDGE, N.J., Dec. 15 /PRNewswire-FirstCall/ -- Millennium Biotechnologies Group, Inc. (OTC Bulletin Board: MBTG) a leader in the development of targeted products in the Clinical and Sports Nutrition Market, announces financial results for the third quarter ended September 30, 2008.

Net revenue for the third quarter of 2008 increased 660% to $780,423 compared to $90,339 in the third quarter 2007. The Company reduced its' reported net loss of ($1,342,300), or ($0.01) per share, compared to a net loss of ($2,952,953) or a net loss of ($0.03) per share, during the same period last year. The improved third quarter 2008 financial performance can be attributed to increased revenues generated from the initial sale of the Company's new Ready-to-Drink line of Resurgex(R) products and the Company's pricing power in an otherwise challenging economy.

Revenues increased to $1,317,906 during the nine month period ended September 30, 2008, as compared to $472,318 in the prior year period, representing an increase of 179%. Net loss decreased for nine months ended September 30, 2008 to ($7,681,685) or a loss of $(0.05) per share compared to a net loss of ($9,142,665), or a net loss of ($0.11) per share during the comparable prior period. The decrease in net loss is due to increased revenue and gross profits coupled with a new focus on controlling operational expenses.

According to the recently appointed Chief Executive Officer, Mark Mirken, "We are extremely pleased at the initial reaction to the commercialization of our new Ready-to-Drink Resurgex(R) product lines. We believe that these products and future line extensions will continue to drive our revenues going forward." Mr. Mirken went on to state, "As we prepare for 2009, the Company will focus on cost containment as well as new revenue opportunities by introducing exciting line extensions of the Company's proprietary Resurgex(R) and Surgex
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SOURCE Millennium Biotechnologies Group, Inc.
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