Milestone Scientific, Inc. (NYSE:MLSS)

Headquartered in Piscataway, New Jersey, Milestone Scientific is engaged in pioneering advanced computer-controlled injection technologies for the medical and dental markets; and currently sells its award-winning products through a global distribution network serving North America, Asia, Africa and Europe.

Milestone Scientific Inc., the recognized leader in advanced injection technologies, today announced that it had entered into a joint venture with China National Medicines Corporation Ltd. (d/b/a "Sinopharm") and Yichang Humanwell Pharmaceutical Co. Ltd., both incorporated in the People's Republic of China (the "PRC"), to develop orthopedic and epidural drug delivery instruments. Under an "agreement of Intent," Milestone and its two PRC joint venture partners will establish a new joint venture entity for this purpose in the first quarter of 2010. The required initial funding for the new entity, estimated by the parties at $1.4 million, will be provided by the two PRC companies, although Milestone will determine the proposed uses of their contribution. The joint venture entity will utilize and adapt Milestone's proprietary, patented CompuFlo® technology for use in orthopedic and epidural drug delivery instruments. Milestone will own 50% of the joint venture entity and the PRC parties will together own the remaining 50%.