Milestone Scientific Appoints Fund Manager and Finance Veteran Neal Goldman as Chairman of the Board of Directors

Rhea-AI Summary

Milestone Scientific (NYSE: MLSS) has appointed Neal Goldman as the new Chairman of the Board of Directors, succeeding Leslie Bernhard. Goldman, who has been on the board since 2019, brings over 35 years of financial experience, previously serving in senior positions at various firms. CEO Arjan Haverhals expressed optimism about Goldman’s appointment, indicating it aligns with the company's growth phase. The board acknowledged Bernhard's significant contributions in corporate governance and business strategy, strengthening the company's foundation for future advancements in medical technology.

Positive

• Neal Goldman's extensive experience in capital markets and investment management may strengthen corporate strategy.
• Goldman's previous guidance on financial planning has been beneficial, indicating potential for future growth.

Negative

• Leslie Bernhard's resignation raises concerns about continuity in leadership.

ROSELAND, N.J., Jan. 05, 2023 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE: MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today announced the appointment of Neal Goldman as Chairman of the Board of Directors. Mr. Goldman has served on the Company’s board since 2019 and succeeds Leslie Bernhard, who has resigned following years of dedicated service.

Mr. Goldman is the President and Founder of Goldman Capital Management, Inc., a family office since 2018, which was previously an investment advisory firm founded in 1985. He was First Vice President of Research at Shearson Lehman Hutton. He has also held senior positions as a money manager and research analyst with a variety of firms including Neuberger Berman, Moseley Hallgarten Estabrook and Weeden, Bruns Nordeman, and Russ and Company. Mr. Goldman serves as Chairman of Charles & Colvard, Ltd. since 2016 and served on the board of Imageware Systems, Inc. until November 2020. He also serves on the board of Koil Energy Solutions, Inc. Prior to their acquisition, he served on the boards of Blyth Industries and IPASS Corporation. Mr. Goldman received his B.A. degree in Economics from The City University of New York (City College).

Arjan Haverhals, CEO and President of Milestone Scientific, stated, "I am honored to announce the appointment of Neal Goldman as Chairman of the Board, which is especially timely as we enter the next phase of our growth. He brings an impressive track record as a fund manager and value investor, with more than 35 years of capital markets experience. Since joining the board, he has provided valuable guidance on our corporate strategy and financial planning. We look forward to his expanded role and contributions as we advance the commercial rollout of the CompuFlo^® Epidural and CathCheck^® Verification System, while continuing to grow our dental business in both the U.S. and around the world.”

“On behalf of the board and management, I would like to express our sincere gratitude and appreciation to Leslie Bernhard for her significant contributions and outstanding leadership over the years. Leslie has helped us execute on a focused and cost-effective business strategy, while ensuring the highest levels of corporate governance. As a result of her efforts, we have built a solid foundation that we believe will enable us to execute on our mission of establishing Milestone’s computerized drug delivery instruments as a new standard of care.”

About Milestone Scientific Inc.

Milestone Scientific Inc. (MLSS), a technology focused medical research and development company that patents, designs and develops innovative injection technologies and instruments for medical, dental and cosmetic applications. Milestone Scientific’s computer-controlled systems are designed to make injections precise, efficient and increase the overall patient comfort and safety. Their proprietary DPS Dynamic Pressure Sensing Technology^® instruments is the platform to advance the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions of subcutaneous drug delivery, including local anesthetic. To learn more, view the MLSS brand video or visit 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, 2021. 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 does the appointment of Neal Goldman mean for Milestone Scientific?

Neal Goldman's appointment as Chairman signifies a shift in leadership aimed at advancing Milestone Scientific's growth and strategy.

Who succeeded Leslie Bernhard at Milestone Scientific?

Neal Goldman has succeeded Leslie Bernhard as Chairman of the Board of Milestone Scientific.

What experience does Neal Goldman bring to Milestone Scientific?

Neal Goldman brings over 35 years of experience in capital markets and has held senior positions at various financial firms.

Why did Leslie Bernhard resign from Milestone Scientific?

Leslie Bernhard resigned after years of service, with the board expressing gratitude for her contributions to the company.

What are the expectations for Milestone Scientific following this leadership change?

The leadership change is expected to enhance corporate strategy and financial planning, supporting the commercial rollout of innovative medical devices.