Full Press Release Details
MILESTONE SCIENTIFIC SECURES $1 MILLION
REVOLVING LINE OF CREDIT
LIVINGSTON, N.J. (PR NEWSWIRE) July 9, 2007 Milestone Scientific,
Inc. (OTCBB:MLSS), the recognized leader in advanced injection technologies,
today announced that it has secured a $1 million revolving line of credit
expiring December 31, 2008 from a major shareholder to enhance the Company s
available cash resources. Borrowings will bear interest at 6% per annum,
compounded quarterly in arrears, and borrowings and repayments under the line
may be made from time to time until the expiration date of the line. All
borrowings and interest thereon must be repaid by June 30, 2010, and after the
expiration date of the line, may be repaid by Milestone, at its option, in
shares of Common Stock. After December 31, 2008, the lender may convert all or
any part of the then outstanding balance and interest thereon into shares of
common stock at $4.00 per share. Three-year warrants, exercisable at $5.00 per
share in an amount determined by dividing 50% of the amount borrowed by $5.00,
will be issued on each drawdown. There is no facility fee on the line.
Leonard Osser, Chairman and CEO of Milestone, stated, We are pleased that we
have successfully secured a source of capital at terms favorable to the Company
and its near term growth objectives, and are highly appreciative of our
shareholder s generous vote of confidence in and economic support of
Milestone s business plan. It is our intention to partially tap these funds,
if necessary, to support the formal U.S. market launch of our Single Tooth
Anesthesia (STA ) system, planned for the fourth quarter of this
year. This important initiative remains firmly on track, as our marketing and
sales partners at Henry Schein and CoreStrength work with us to refine our
final retail pricing and market penetration strategies.
In addition, although we hope to model all future product development
collaborations related to medical applications of our patented
CompuFlo technology on our recent agreement with Carticept Medical,
(which provides for Carticept to fund all regulatory and product
commercialization costs), we realize that partnering opportunities may present
themselves that would require our financial participation. With access to this
revolving facility, we are now empowered to pursue without hesitation those
compelling situations that may mandate our immediate consideration, continued
In closing, Osser added, In light of Milestone s management team s current
discussions with companies in the medical arena, coupled with this line of
credit and our current cash on hand, we believe there will be no need to direct
management s attention to raising additional capital during the next 12 months.
Notwithstanding that any extraordinary opportunities emerge that would require
our board of directors and management team to revisit our capital needs, we
believe we are now ideally positioned to move forward with confidence and
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 technology for the
improved and painless delivery of local anesthetic. Specifically, CompuFlo is
a computer-controlled, pressure sensitive 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 Single Tooth Anesthesia
(STA ) computer-controlled local anesthesia delivery system which
uses this technology provides 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
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, 2006. 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.
FOR MORE INFORMATION, PLEASE CONTACT:
Elite Financial Communications Group, LLC
Dodi Handy, President and CEO, or
Daniel Conway, Chief Strategist
407-585-1080 or via email at mlss@efcg.net