Milestone Scientific, Inc. Derivative Action

Business Wire, Feb 12, 1999

LIVINGSTON, N.J.--(BUSINESS WIRE)--Feb. 12, 1999--Milestone Scientific Inc. (AMEX: MS) today announced that, on February 11, 1999, Anatoli Iseytlin, who purports to be an owner of Milestone stock, had commenced a derivative action on behalf of the Company, in the Court of Chancery of the State of Delaware in Newcastle County, against certain present and former executive officers and directors.

In the action, plaintiff alleges that the defendants engaged in violations of the securities laws, committed fraud and securities fraud, wasted corporate assets and damaged the Company's reputation. As a derivative action, even if the plaintiff is successful, any award, after deduction of plaintiff's costs and disbursements, would be payable to the Company. Nevertheless, Milestone believes that the material allegations of the complaint lack merit and intends to provide a legal defense for its present and former officers and directors in accordance with the indemnification provisions of its Certificate of Incorporation.

Milestone Scientific Inc. is the developer, manufacturer and marketer of The Wand(tm), the computer controlled injection system. This precision metered, local anesthetic injection system 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.