SOURCE: Milestone Scientific, Inc.

Milestone Scientific, Inc.

June 10, 2014 07:30 ET

Milestone Scientific Establishes Joint Venture Medical and Dental Distribution Company in China

LIVINGSTON, NJ--(Marketwired - June 10, 2014) - Milestone Scientific Inc. (OTCQB: MLSS), a leading medical research and development company that designs and patents innovative injection technology, today announced that it has formed a joint venture medical and dental distribution company with senior healthcare executives from China. The new joint venture, Milestone China, will be headquartered in Hong Kong and will be 40 percent owned by Milestone Scientific. The focus of Milestone China will be to supply and distribute medical and dental instruments, disposables and certain medications to China and other Asian markets. Milestone China will initially focus on purchasing and selling Milestone Scientific's STA Wand® Computer Controlled Anesthesia System and related disposables, which were recently approved by the China Food and Drug Administration. 

Lidong Zhang has been appointed as Chief Executive Officer of Milestone China. Prior to joining Milestone China, Mr. Zhang held senior executive positions with leading healthcare distribution companies in China, including President of China National Medicines Corporation, Ltd. (CNMC), President of China National Pharmaceutical Logistics Co. Ltd, and Vice President of China National Bio-tech Group. He also served as Chairman of National Medicines Prospect Dentech (Beijing) Co. Ltd.

Leonard Osser, Chief Executive Officer of Milestone Scientific, commented, "Mr. Zhang and his staff bring extensive healthcare industry and distribution experience throughout China. With the recent approval by the China Food and Drug Administration of STA Wand® instrument and handpiece, we are ready to commence sales in China. Through this joint venture, we now have greater access to dentists, physicians and hospitals across China and other parts of Asia. We look forward to leveraging this distribution network, not only for our dental instruments, but also as we plan to introduce new medical instruments in the future." 

About Milestone Scientific Inc.

Milestone Scientific Inc. is a leading medical research and development company that designs and patents innovative injection technology. Milestone's computer-controlled systems make injections precise, efficient, and virtually painless. For more information please visit our website: www.milestonescientific.com

SafeHarbor 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, 2013. 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.

Contact Information

  • Contact:
    David Waldman or Natalya Rudman
    Crescendo Communications, LLC
    Email: mlss@crescendo-ir.com
    Tel: 212-671-1020