PISCATAWAY, N.J., Nov. 2 /PRNewswire-FirstCall/ -- Milestone Scientific Inc. (OTC Bulletin Board: MLSS), the recognized leader in computer-controlled injection technologies, today announced that it has received a blanket purchase order from China National Medicines Corporation Ltd. for 12,000 STA Single Tooth Anesthesia Systems(TM) (STA Systems), deliverable over the next 36 months.
Leonard Osser, Chief Executive Officer of Milestone, noted, "This order serves both as validation of our award-winning technology and the growing market acceptance of the STA System. Milestone has invested significant effort over the last few months in the international arena, and we are delighted to see our efforts begin to bear fruit."
Traded on the Shanghai Stock Exchange (SHA:600511), China National Medicines Corporation, d/b/a Sinopharm, is China's largest domestic manufacturer, distributor and marketer of pharmaceuticals and importer of medical devices, and the country's largest domestic distributor of local anesthetic dental carpules to the dental profession in China today. In April of this year, Milestone granted Sinopharm exclusive distribution and marketing rights to the STA System in China. Prior to issuing this blanket purchase order, Sinopharm's orders to date have provided for the shipment of 500 STA Systems and 500,000 related disposable hand pieces to China.
According to a report published by the U.S. Department of Commerce, titled "China's Emerging Markets: Opportunities in the Dental and Dental Lab Industry," China's dental market lags behind other healthcare services and has largely been neglected in the past. In fact, CS Market Research reports that "of China's 1.3 billion plus population, 50% of the adults and 70% of the children are estimated to have decayed tooth problems, and over 90% have periodontal disease." However, with increasing affluence of the Chinese population, as well as increasing attention towards personal care, demand for dental services has been growing. Market research firm Freedonia agrees, noting that demand for dental products in China is expected to climb to 21.5 billion RMB (US$3.15 billion) by 2012, due primarily to escalating personal income levels and government programs promoting awareness of the benefits of good oral care.
Continuing, Osser said, "In view of the prevailing size and scope of the market opportunity in China, being driven by a growing emphasis on proactive dental care for China's citizens, Sinopharm should prove to be well placed geographically in Milestone's global market penetration strategy."
The patented, award-winning STA System is a computer-controlled, pressure-sensitive injection system, which provides dentists with audible and visual signals as to in-tissue pressure and needle location. Milestone's latest achievement in computer-controlled local anesthesia delivery makes the injection process more comfortable for both dentists and patients and allows for the painless delivery of local anesthetic. In addition to its general use for all dental injections, the STA System is uniquely capable of predictably and more comfortably administering "Single Tooth Anesthesia" into the Periodontal Intraligamentary (PDL) space, something never before possible using conventional techniques. This injection results in the patient having no collateral numbness and no pain along with instant, predictable anesthesia. The benefit of this injection with the STA instrument is significant for the patient, the dentist and the business of dentistry.
"This major order from Sinopharm, coupled with anticipated recurring hand piece sales to its customers, unequivocally strengthens Milestone's growth prospects in the Asian market and supports one of our key long term objectives - establishing the STA System as the universal standard of care for dental injections," stated Leslie Bernhard, Milestone's Chairman. "Moreover, we are confident that this continued success for our STA System will have a resounding impact on our Company's global industry standing."
About Milestone Scientific Inc.
Headquartered in Piscataway, New Jersey, Milestone Scientific is engaged in pioneering advanced computer-controlled injection technologies for the medical and dental markets; and currently sells its award-winning products through a global distribution network serving North America, Asia, Africa and Europe. For more information on the STA System and other innovative Milestone products, please visit the Company's web sites found at www.milestonescientific.com and www.STAis4U.com.
Safe Harbor Statement
This press release contains forward-looking statements regarding the timing and financial impact of 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 for the year ended December 31, 2008. 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.
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SOURCE Milestone Scientific Inc.
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