Milestone Scientific Announces Promotion of Arjan Haverhals to CEO

Rhea-AI Summary

Milestone Scientific (NYSE: MLSS) announced significant leadership changes effective May 19, 2021. Jan Adriaan (Arjan) Haverhals was promoted to CEO, replacing Leonard Osser, who will serve as Vice Chairman of the Board. Scott Kahn was appointed as CFO, succeeding Joseph D’Agostino. Haverhals has been pivotal in sales and marketing strategies, while Kahn brings over 40 years of financial expertise from various sectors. The company aims to strengthen its position in the medical technology market, particularly in pain-free injection systems.

Positive

• Arjan Haverhals' promotion to CEO expected to enhance leadership stability and market strategies.
• Scott Kahn's appointment brings extensive financial expertise, potentially benefiting growth and operational efficiency.

Negative

• Transition may create initial disruption as Haverhals steps into the CEO role.
• Concerns over continuity with significant leadership changes may impact investor confidence.

Finance veteran Scott Kahn appointed CFO

Leonard Osser elected Vice Chairman of the Board of Directors

ROSELAND, N.J., May 13, 2021 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE: MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today announced that in connection with the Company’s previously disclosed succession plan: Leonard Osser announced his intention to resign as Interim Chief Executive Officer; the Board of Directors has promoted Jan Adriaan (Arjan) Haverhals, President of the Company, to also serve as Chief Executive Officer of Milestone Scientific; and Leonard Osser has been elected Vice Chairman of the Board of Directors of the Company - each effective May 19, 2021. The Company is also pleased to announce that it has appointed Scott Kahn as Chief Financial Officer, effective May 24, 2021. Mr. Kahn will succeed Joseph D’Agostino who retired from Milestone Scientific last month.

Leonard Osser, Interim CEO of Milestone Scientific, stated, "I am very pleased to announce Arjan’s promotion to CEO of Milestone Scientific. It is well deserved as Arjan has been instrumental in implementing successful sales and marketing activities around the dental instrument and accelerating the commercialization of CompuFlo® and CathCheck™. Arjan’s strong leadership will be invaluable as we work towards our goal of establishing our technology as standard of care in epidural procedures during labor and delivery, around the world. Additionally, we are pleased to welcome Scott Kahn to the management team. Scott brings more than 40 years of leadership with a proven track record in corporate and finance and operations. His deep experience and strong track record as a CFO of several pharmaceutical and medical device companies will be important as we grow our company and expand our global footprint. I look forward to playing an active role in the growth and success of the Company going forward.”

“The Company and Board of Directors would like to express our sincere gratitude to Leonard Osser for his significant contributions and outstanding leadership he provided Milestone over the years,” stated Leslie Bernhard, Chairman of the Board of Milestone Scientific. “Len has executed on a focused vision of advancing and delivering Milestone’s computerized drug delivery instruments to market and we look forward to continuing to benefit from his thoughtful counsel and active involvement in the Company as the Vice Chairman of the Board. In addition, Leonard Osser will continue as Managing Director of China Operations. We have been preparing this transition for some time and look forward to Arjan’s participation in his new role as CEO as we prepare for the next phase of our growth.”

About Arjan Haverhals

Mr. Haverhals has served as Milestone Scientific's President since September 2020 and as President and Chief Executive Officer of Milestone Scientific’s Dental Division, Wand Dental Inc., since June 2020. He brings more than 30 years of sales, marketing, product development, and international expansion experience within the medical device, pharmaceutical, and other industries. Prior to joining the Company, Mr. Haverhals was Senior Vice President of Sales at Xcentric Mold & Engineering, where he was instrumental in increasing sales productivity and efficiency for the company's prototype injection molding services, which included leading healthcare company clients. Previously, at Straumann, LLC, a global leader in manufacturing medical and dental devices with over $1 billion in sales, he held a series of senior sales and marketing roles including Vice President of customer marketing & education, where he oversaw all product franchises and led the launch of more than 30 products in the North American market, resulting in double-digit growth. He also served as Senior Vice President for the Nordic Region at Straumann AB, Senior Vice President of Global Sales Digital Solutions, which included oversight of the strategic acquisition of Etkon; and served as Vice President of the Prosthetics Business Unit, where he introduced a new implant and prosthetics product line within a new market segment. He also served as Vice President of Global Marketing & Sales at Elkem AS, one of Norway's largest industrial companies. Previously, Mr. Haverhals served as Executive Vice President of Marketing & Sales at Cresco Ti Systems Sàrl, a global dental implant company, where he was responsible for turning around and managing global sales, marketing, and international business, where he achieved over 100% return on investment for shareholders. Mr. Haverhals holds an MS in Pharmacy from the University of Leyden in the Netherlands.

About Scott Kahn

Scott Kahn is a seasoned financial leader with over four decades of experience in diverse organizations from Fortune 500 companies to start-ups. Prior to joining Milestone Scientific, Mr. Kahn served as CFO and Vice President at Diopsys since July 2006 where he was responsible for all accounting, finance, human resources and investor relations. Prior to joining Diopsys, Mr. Kahn served as CFO at Diamond Chemical Co., Inc., a privately held chemical manufacturer. Prior to becoming CFO at Diamond Chemical Co. Inc., Mr. Kahn was a Corporate Controller of Pharmaceutical Formulations, Inc., a publicly traded pharmaceutical manufacturer. Previously, Mr. Kahn held various finance, strategy and operational leadership roles. Mr. Kahn received a B.A. in Accounting from Franklin and Marshall College and an M.B.A. in International Business from Rutgers University. He is a Certified Public Accountant licensed in the State of New York.

About Milestone Scientific Inc.

Milestone Scientific Inc. (MLSS) is a biomedical technology research and development company that patents, designs and develops innovative diagnostic and therapeutic injection technologies and instruments for medical, dental, cosmetic and veterinary applications. Milestone's computer-controlled systems are designed to make injections precise, efficient, and virtually painless. Milestone’s proprietary DPS Dynamic Pressure Sensing technology® is our technology platform that advances the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, with specific applications for cosmetic botulinum toxin injections, epidural space identification in regional anesthesia procedures and intra-articular joint injections. For more information please visit our website: www.milestonescientific.com.

Safe Harbor Statement

This press release contains forward-looking statements regarding the timing and financial impact of Milestone's ability to implement its business plan, expected revenues, timing of regulatory approvals 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, future business decisions and regulatory developments, 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 for the year ended December 31, 2020. 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.

Contact:
David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: mlss@crescendo-ir.com
Tel: 212-671-1020

FAQ

What leadership changes were announced by Milestone Scientific on May 13, 2021?

Milestone Scientific announced that Arjan Haverhals was promoted to CEO, Leonard Osser became Vice Chairman, and Scott Kahn was appointed CFO.

Why was Leonard Osser replaced as CEO of Milestone Scientific?

Leonard Osser was replaced as CEO as part of a succession plan; he will remain involved as Vice Chairman of the Board.

What experience does Arjan Haverhals bring to his new role as CEO of MLSS?

Arjan Haverhals brings over 30 years of experience in sales, marketing, and product development in the medical device industry.

What is Scott Kahn's background prior to joining Milestone Scientific?

Scott Kahn has over 40 years of financial leadership experience, including roles as CFO in various pharmaceutical and medical device companies.

How might the leadership changes impact Milestone Scientific's stock (MLSS)?

The leadership changes could influence investor confidence and strategic direction, potentially affecting stock performance.