Milestone Scientific Acquires Additional Patent Rights for Painless Injections and Resolves Related Litigations
LIVINGSTON, N.J. – Milestone Scientific Inc.(OTC:MLSS)(BULLETIN BOARD: MLSS) , the recognized leader in advanced injection technologies, today announced that it has acquired additional patent rights with respect to painless anesthetic injections -- specifically rights related to controlling the flow rate or pressures used in providing these injections -- through issuance of 260,000 shares of restricted common stock. In connection with this acquisition, Milestone also agreed to terminate its Declaratory Judgment action against Dr. Milton Hodosh related to claimed infringements of his patent rights and Dr. Hodosh agreed to terminate his existing infringement action against the Company. Each party is responsible for their own attorney fees.
Joe Martin, Chief Executive Officer of Milestone, stated, "We are pleased to have acquired these additional patent rights, which strengthens our position as the dominant leader of advanced technology for administering painless anesthetic injections without expending any of our cash resources. Also, the related settlement of our Declaratory Judgment action against Dr. Hodosh and his infringement action against us eliminates further legal expense."
Safe Harbor Statement
This press release may contain forward-looking statements regarding the timing and financial impact of the 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 on Form 10-KSB for the year ended December 31, 2007. 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.