Class Action Filed Against Milestone Scientific Inc. and Others

Business Wire, July 15, 1998

NEW YORK--(BUSINESS WIRE)--July 15, 1998--Notice is hereby given that a class action lawsuit was filed on June 19, 1998 in the United States District Court for the District of New Jersey on behalf of all persons who purchased the common stock of Milestone Scientific Inc. (AMEX:MS) ("Milestone" or the "Company"), between September 4, 1997 and June 5, 1998, inclusive (the "Class Period").

The complaint charges Milestone and certain officers and directors of the Company during the relevant time period with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that defendants issued a series of materially false and misleading statements concerning the Company's business, technologies, products and sales. Because of the issuance of a series of false and misleading statements, the price of Milestone common stock was artificially inflated during the Class Period. Prior to the disclosure of the adverse facts described above, certain officers and directors of Milestone sold significant amounts of Milestone common stock to the unsuspecting investing public. These sales generated proceeds in excess of $5.0 million. In addition to these profitable insider sales, Milestone was able to complete a private placement of its securities garnering $10 million in much-needed capital.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firms of Milberg Weiss Bershad Hynes & Lerach LLP ("Milberg Weiss") and Goldstein, Lite & DePalma. Milberg Weiss maintains offices in New York City, San Diego, Los Angeles and San Francisco and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in numerous important actions on behalf of defrauded investors, and is responsible for a number of outstanding recoveries which, in the aggregate, total approximately $2 billion. For more information about Milberg Weiss, please visit our website at www.milberg.com.

If you are a member of the class described above, you may, not later than sixty days from June 17, 1998, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Milberg Weiss (Steven G. Schulman or Samuel H. Rudman) at One Pennsylvania Plaza, 49th Floor, New York, New York 10119-0165.

    CONTACT:  Milberg Weiss Bershad Hynes & Lerach LLP
               Steven G. Schulman
               Samuel H. Rudman
               E-Mail: classact@microweb.com
               1-800-320-5081