Company to Host Teleconference Monday, November 19, 2007 at 11:00
AM ET LIVINGSTON, N.J., Nov. 14 /PRNewswire-FirstCall/ -- Milestone
Scientific, Inc. (OTC:MLSS) (BULLETIN BOARD: MLSS) , the recognized
leader in advanced injection technologies, today reported results
for the three and nine months ended September 30, 2007. Financial
Highlights for the Three Months Ended September 30, 2007 Compared
to the Three Months Ended September 30, 2006: -- Total revenues
declined 4.7% to $1.16 million from $1.22 million, due largely to
the Company's decision to reduce its focus on marketing its legacy
products (CompuDent(R) and CompuMed(R)) in anticipation of the
acceleration in the worldwide launch of the new STA(TM) System
beginning in October. -- Net loss increased 57.6% to approximately
$981,000, or $0.08 loss per basic and diluted share, compared to
$621,000, or $0.05 loss per basic and diluted share. Financial
Highlights for the Nine Months Ended September 30, 2007 Compared to
the Nine Months Ended September 30, 2006: -- Revenues totaled $5.28
million, climbing 20.1% over $4.39 million. -- Net loss rose 14.3%
to $2.58 million, or $0.21 loss per basic and diluted share, from
$2.26 million, or $0.19 loss per basic and diluted share. Leonard
Osser, Chairman and CEO of Milestone, noted, "I am pleased with the
progress we are making on preparing to accelerate the worldwide
launch of the STA System. Moreover, our ongoing negotiations with
various third party players in the medical/healthcare arena have
also been proving productive in identifying compelling product
development opportunities for our patented CompuFlo(R) technology.
As a consequence, we believe Milestone will end 2007 ideally poised
to achieve a number of ambitious growth objectives in the coming
year. The Company will host a teleconference Monday, November 19,
2007, beginning at 11:00 AM Eastern Time, and invites all
interested parties to join management in a discussion regarding the
Company's financial performance, corporate progression and other
meaningful developments. The conference call can be accessed by
dialing toll-free 1-800-218-0204. For those unable to participate
at that time, a replay of the teleconference can be accessed
domestically by dialing 1-800-405-2236 and enter the passcode
11102398#. The replay will be available for 90 days. 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(R) technology for the
improved and painless delivery of local anesthetic. Specifically,
CompuFlo is a computer-controlled, pressure sensitive infusion,
perfusion, suffusion and aspiration 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(TM)) 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
site found at http://www.milesci.com/. CHARTS TO FOLLOW MILESTONE
SCIENTIFIC INC. CONDENSED BALANCE SHEETS September 30, 2007
December 31, (Unaudited) 2006 ASSETS Current Assets: Cash and cash
equivalents $ 44,783 $ 1,160,116 Accounts receivable, net of
allowance for doubtful accounts of $5,000 in 2007 and $16,519 in
2006 594,779 346,619 Royalty receivable 28,976 60,107 Inventories
1,657,256 1,323,338 Advances to contract manufacturer 1,020,480
1,077,871 Prepaid expenses 72,278 97,073 Total current assets
3,418,552 4,065,124 Investment in distributor, at cost 76,319
76,319 Equipment, net of accumulated depreciation of $297,891 in
2007 and $402,914 in 2006 234,632 459,259 Patents, net of
accumulated amortization of $59,075 in 2007 and $41,938 in 2006
598,510 526,753 Other assets 27,442 14,153 Total assets $ 4,355,455
$ 5,141,608 LIABILITIES AND STOCKHOLDERS' EQUITY Current
Liabilities: Accounts payable $ 2,122,600 $ 1,196,107 Accrued
expenses 98,407 232,076 Deferred compensation payable to officers
130,000 - Total current liabilities 2,351,007 1,428,183 Long-term
Liabilities: Line of credit - net of discount of $24,072 375,928 -
Total Long-term liabilities 375,928 - Stockholders' Equity Common
stock, par value $.001; authorized 50,000,000 shares; 11,777,849
shares issued, 337,036 reserved for issuance, and 11,744,516 shares
outstanding in 2007; 11,692,636 shares issued, 337,036 reserved for
issuance, and 11,659,303 shares outstanding in 2006 12,116 12,031
Additional paid-in capital 58,220,962 57,720,129 Accumulated
deficit (55,693,042) (53,107,219) Treasury stock, at cost, 33,333
shares (911,516) (911,516) Total stockholders' equity 1,628,520
3,713,425 Total liabilities and stockholders' equity $ 4,355,455 $
5,141,608 MILESTONE SCIENTIFIC INC. CONDENSED STATEMENTS OF
OPERATIONS (Unaudited) Three Months Ended Nine Months Ended
September 30, September 30, September 30, September 30, 2007 2006
2007 2006 Product sales, net $ 1,134,468 $ 1,189,988 $ 5,166,832 $
4,176,728 Royalty income 28,977 31,335 112,747 217,645 Total
revenue 1,163,445 1,221,323 5,279,579 4,394,373 Cost of products
sold 631,584 519,284 2,418,068 1,958,571 Royalty expense (1,675)
3,760 (3,261) 25,818 Total cost of revenue 629,909 523,044
2,414,807 1,984,389 Gross profit 533,536 698,279 2,864,772
2,409,984 Selling, general and administrative expenses 1,233,234
1,132,776 4,879,676 3,981,988 Research and development expenses
45,574 206,057 345,538 760,239 Total operating expenses 1,278,808
1,338,833 5,225,214 4,742,227 Loss from operations (745,272)
(640,554) (2,360,442) (2,332,243) Gain/Loss on Disposal of Assets
(232,259) (232,259) Interest expense (5,599) - (5,599) - Interest
income 1,342 19,497 12,477 71,591 Net loss $ (981,788) $ (621,057)
$ (2,585,823) $ (2,260,652) Loss per share - basic and diluted $
(0.08) $ (0.05) $ (0.21) $ (0.19) Weighted average shares
outstanding and to be issued - basic and diluted 12,096,518
11,790,251 12,077,642 11,767,101 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 DATASOURCE: Milestone
Scientific, Inc. CONTACT: Dodi Handy, President and CEO, or Daniel
Conway, Chief Strategist, +1-407-585-1080, , both of Elite
Financial Communications Group, LLC for Milestone Scientific, Inc.
Web site: http://www.milesci.com/
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