LIVINGSTON, NJ--(Marketwired - December 02, 2015) - Milestone Scientific Inc. (NYSE MKT: MLSS), a medical R&D company that designs, patents, incubates and commercializes a growing portfolio of innovative injection technologies, today announced it has received a purchase order for one thousand dental instruments and over seven thousand disposable handpieces from Milestone China, a joint venture distribution company between Milestone Scientific and a team of senior healthcare executives from China. The purchase order is valued at approximately $1.4 million with delivery expected in the first quarter of 2016. Milestone China is forty percent owned by Milestone Scientific.
Leonard Osser, Chief Executive Officer of Milestone Scientific, stated, "We are pleased to have received this first large purchase order from our Chinese distributor, Milestone China. This order reflects the positive feedback Milestone China has received since initiating its strategy to place the instrument in the private clinic market throughout China. This market represents over 50,000 private dental clinics throughout China. While we expect continued sales of new instruments as demand grows in China, the key benefit is that it will help drive recurring sales of our disposable handpieces."
Mr. Osser concluded, "Mr. Zhang has assembled a strong team with extensive healthcare industry and distribution experience throughout 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. With the recent approval by the China Food and Drug Administration of The Wand® instrument and handpiece, we are now implementing our distribution strategy in China."
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS) is a medical R&D company that designs, patents, incubates and commercializes a growing portfolio of innovative injection technologies. Milestone's computer-controlled systems make injections precise, efficient, and virtually painless. For more information please visit our website: www.milestonescientific.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, 2014. 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.