Milestone Scientific, Inc. AnnouncesShare Repurchase; Schedules Conference Call for June 5 at 8:15 AM -ET-
June 4, 1998 03:36 PM
LIVINGSTON, N.J.--(BUSINESS WIRE)--June 4, 1998--Milestone Scientific Inc. MS believes that the recent turbulence in the price of its shares is unwarranted. The Milestone Scientific Board of Directors has therefore authorized a repurchase of up to 500,000 shares of common stock during the next year.
Commenting on a report by NationsBanc Montgomery Securities regarding an anticipated sales shortfall of at least $1 million, Daniel R. Martin, President of Milestone Scientific noted, "Sullivan-Schein, Patterson Dental, Meer Dental and the American Dental Cooperative are promoting The Wand to their customers and have been publicly very positive about the product. In fact additional distributors have asked to distribute The Wand. We believe any delays are short term and are not indicative of the eventual success of The Wand.
"Milestone is now in the position of providing The Wand to distributors in a just-in-time fashion. This is the result of our success in ramping up the supply of Wand system kits and disposable components towards the end of the first quarter. Having product readily accessible from the Company allows distributors to maintain small stocks of product, while using Milestone's warehouse instead of their own."
Milestone intends to hold a conference call on Friday, June 5, 1998 at 8:15 AM Eastern Time to discuss recent developments in the Company. The toll free number for this call is 1-800-857-9648. The passcode is WAND.
Milestone Scientific Inc. is the developer, manufacturer and marketer of The Wand(tm), a computer activated, precision metered, local anesthetic injection system that enables virtually painless injections to be administered consistently. |
