Agreement Provides for Provider Services, Inc. to fund $600,000 for Product Development Associated with the Ready-To-Drink Product to be Developed by
Millennium pursuant to the terms of the $20,000,000 5-year Purchase
BASKING RIDGE, N.J., Jan. 16 /PRNewswire/ -- Millennium Biotechnologies Inc., wholly owned subsidiary of Millennium Biotechnologies Group, Inc. (OTC Bulletin Board: MBTG) today announced that it will receive $600,000 in funding pursuant to the terms of a one year Product Development Agreement with Provider Services, Inc. of Cleveland, Ohio (PSI). As Ohio's second largest services provider for the Long Term Care channel, with sales in excess of 300 million dollars, PSI will provide services to over 12,000 residents in 2008.
"Our agreement will allow us to use Millennium's extensive clinical experience and success in the cancer and HIV channels and apply that experience to the nutritional challenges in the Long Term Care channel," stated Mark Mirken, President and Chief Operating Officer of Millennium Biotechnologies.
"Expanding our relationship with MBI and MBTG by funding the product development and providing PSI a one year lead to market on products they provide will give us a significant cost savings and market advantage," Brian Colleran, CEO of PSI stated. Mr. Colleran added, "This will continue to allow us enhance the quality of life for our residents and new tenants."
Millennium's three proprietary, marketed products, which form the Company's Resurgex(R) Continuum of Care, include Resurgex Select(R), Resurgex(R), and Resurgex Plus(R). Resurgex Select(R) is a whole foods-based, calorically dense, high-protein nutritional formula developed for cancer patients undergoing chemotherapy or radiation treatments. Resurgex(R) and Resurgex Plus(R) are specialized, anabolic nutritional supplements rich in antioxidants that provide nutritional support post-treatment. Millennium is also recently developed a Surgex(R) sports nutrition formula, clinically proven to address the nutritional concerns of both professional and amateur elite athletes. These athletes often experience similar symptoms post-workout to those battling immunocompromised conditions, such as fatigue, loss of lean muscle, oxidative stress, and reduced immune function.
Statements in this news release regarding future financial and operating results, future growth in R&D programs, potential applications of the Company's technology, opportunities for the Company, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward- looking statements including: limited operating history, need for future capital, risks inherent in the development and commercialization of potential products, protection of the Company's intellectual property, and economic conditions generally. Additional information on potential factors that could affect results and other risks and uncertainties are detailed from time to time in the Company's periodic reports, including Forms 10-KSB, 10-QSB, 8-K, and other forms filed with the Securities and Exchange Commission ("SEC").
|SOURCE Millennium Biotechnologies Inc.|
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