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Biotech / Medical : WAND (Milestone Scientific) -- Ignore unavailable to you. Want to Upgrade?

To: Peter Sherman who wrote (687)	2/14/2000 4:20:00 PM
From: Ram Seetharaman	Respond to of 717

MS got a kick in the rump today! Cleared $ 3. Light at the end of the tunnel, perhaps?

To: Peter Sherman who wrote (687)	2/14/2000 8:00:00 PM
From: Ram Seetharaman	Read Replies (1) \| Respond to of 717

Monday February 14, 8:36 am Eastern Time Company Press Release Milestone Scientific, Inc. Announces Resolution of Dispute With Dr. Ronald Spinello LIVINGSTON, N.J.--(BUSINESS WIRE)--Feb. 14, 2000--Milestone Scientific, Inc. (AMEX:MS - news) today announced that it had entered into an agreement with Dr. Ronald Spinello and Glenn Spinello, formerly Director of Research and Vice President of Operations, respectively of Milestone's Spintech subsidiary, resolving all disputes between the parties. Under the agreement, Dr. Spinello has assigned to Milestone any rights which he has to technology relating to ''The Wand'' handpiece or technology developed while he was employed at Spintech and has agreed to cooperate in filing and to assign to Milestone any future patent applications covering that technology. Dr. Spinello and Glenn Spinello each also agreed to convey to Milestone all of his equity interests in Spintech. In return for the assignment of technology, the conveyance of Spintech equity and the resolution of all disputes between the parties, including the discontinuance with prejudice of pending legal actions, Milestone has paid $25,000 to Dr. Spinello and has agreed to issue to him a number of shares of Common Stock equal to the greater of 80,000 shares or shares with a market value of $80,000 and to issue to Glenn Spinello 8,000 shares. Mitch Kuhn, President and Chief Operating Officer of Milestone stated, ''I am pleased that Milestone has obtained clear title to all technology relating to 'The Wand' and has further reduced the minority interests in Spintech. I believe that the agreements reached vindicate Milestone's prior position that the resolution of the dispute with Dr. Spinello would not result in material liability to Milestone or impair its ability to produce and sell 'The Wand'. The cash and stock payments to Dr. Spinello and his son are less than the estimated cost of continuing the pending litigations to final resolution. Further, the current market price of the Milestone shares to be issued to Dr. Spinello and Glenn Spinello is significantly less than the $858,270 then current market price of the shares which they would have received had they accepted Milestone's October 1997 exchange offer to all Spintech stockholders.'' Milestone Scientific Inc. is the developer, manufacturer and marketer of The Wand(tm), a computer controlled injection system. This precision metered, local anesthetic injection enables virtually painless injections to be administered consistently. This releases 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. -------------------------------------------------------------------------------- Contact: Wolfe Axelrod Weinberger Assoc. LLC Stephen D. Axelrod, CFA Tel: 212/370-4500 Fax: 212/370-4505 e-mail: steve@wolfeaxelrod.com Web site: www.wolfeaxelrod.com or Milestone Scientific Inc. Mitchell G. Kuhn, President & COO Tel: 973/535-2717 Fax: 973/535-2829 Web site: www.milesci.com