Some more credit for MS! I hope they sell more and turn better profits!
Tuesday September 5, 4:30 pm Eastern Time
Press Release
Milestone Scientific Inc. Announces Additional Financing
LIVINGSTON, N.J.--(BUSINESS WIRE)--Sept. 5, 2000--Milestone Scientific Inc. (AMEX:MS - news) today announced that it had closed on a new $1.0 million secured debt financing with two accredited investment partnerships managed by Cumberland Associates.
The loan is due on October 1, 2002 and bears interest at 20% per annum. At Milestone's option, interest may be paid through the issuance of interest payment notes payable at maturity. The notes are prepayable in cash at any time, without penalty. At Milestone's option, the notes may also be prepaid, after March 31, 2001, without penalty, in shares of Milestone Common Stock valued at a 15% discount from then market values. No equity securities were issued to the investors.
Mitchell Kuhn, President and Chief Operating Officer of Milestone, said, ``This additional financing, together with the recently announced $1.2 million of debt financing arrangements, puts Milestone on the financial footing to continue its expansion in dentistry.''
Milestone Scientific Inc. is the developer, manufacturer and marketer of The Wand®, a computer controlled injection system. This precision metered, local anesthetic injection enables virtually painless injections to be administered consistently.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the Company's control, which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission.
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Contact:
Milestone Scientific Inc.
Mitchell Kuhn, President and Chief Operating Officer
Tel: 973/535-2717; Fax: 973/535-2829
Web site: www.milesci.com
or
Wolfe Axelrod Weinberger Associates LLC
Stephen D. Axelrod, CFA
Denise Ford (media)
Tel: 212/370-4500; Fax: 370-4505
e-mail: steve@wolfeaxelrod.com |
