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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950123-07-009770.txt : 20070710
<SEC-HEADER>0000950123-07-009770.hdr.sgml : 20070710
<ACCEPTANCE-DATETIME>20070710170153
ACCESSION NUMBER:		0000950123-07-009770
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070709
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070710
DATE AS OF CHANGE:		20070710

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MILESTONE SCIENTIFIC INC/NJ
		CENTRAL INDEX KEY:			0000855683
		STANDARD INDUSTRIAL CLASSIFICATION:	ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
		IRS NUMBER:				133545623
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14053
		FILM NUMBER:		07972598

	BUSINESS ADDRESS:	
		STREET 1:		220 S ORANGE AVE
		STREET 2:		LIVINGSTON CORPORATE PARK
		CITY:			LIVINGSTON
		STATE:			NJ
		ZIP:			07039
		BUSINESS PHONE:		2013793171

	MAIL ADDRESS:	
		STREET 1:		44 KEAN ROAD
		STREET 2:		220 SOUTH ORANGE AVE
		CITY:			LIVINGSTON
		STATE:			NJ
		ZIP:			07039

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	U S OPPORTUNITY SEARCH INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y36961e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B>Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported) </B><U><B>July&nbsp;9, 2007</B></U></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><FONT style="border-bottom: 1px solid #000000">MILESTONE SCIENTIFIC INC.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Exact name of Registrant as specified in its charter)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>0-26284</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>13-3545623</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(State or other jurisdiction <BR>
of incorporation)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(Commission<BR>
File Number)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(IRS Employer<BR>
Identification No.)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><FONT style="border-bottom: 1px solid #000000"><B>220 South Orange Avenue, Livingston Corporate Park, Livingston, New Jersey 07034 </B></FONT><BR>
<B>(Address of principal executive office) (Zip Code)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Registrant&#146;s telephone number, including area code </B><U><B>(973)&nbsp;535-2717</B></U></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>N/A</B><BR>
<DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000"><B>(Former name or former address, if changed since last report)</B></FONT></DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.01: Other Matters.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;9, 2007, Milestone issued a press release announcing a line of credit with the
following terms:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate amount of the revolving credit facility is $1&nbsp;million. Borrowings under the
line will bear interest at 6% per annum, compounded quarterly in arrears, with one year&#146;s interest
at 1% payable in advance on each draw down, and will be evidenced by a promissory &#147;grid&#148; note in
usual form. Monies may be drawn by Milestone under the line in multiples of $100,000 upon five
days written notice to the Lender from either Milestone&#146;s Chief Executive Officer or Chief
Financial Officer. Borrowings may be prepaid at any time in multiples of $100,000, without
penalty. The line will expire on December&nbsp;31, 2008, and all borrowings under the line and interest
thereon will be payable in cash, or in Milestone&#146;s Common Stock, as provided below, on June&nbsp;30,
2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly after each draw down of funds under the line, Milestone will issue the Lender
three-year warrants exercisable at $5.00 per share in an amount determined by dividing 50% of the
amount borrowed by $5.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After December&nbsp;31, 2008 and before June&nbsp;30, 2010, (i)&nbsp;Milestone, at its option, may pay the
outstanding balance of the loan, including interest thereon, by issuing shares of Common Stock to
the Lender valued at the lower of $2.00 per share or 80% of the average closing price of its shares
during the 20&nbsp;days ending with December&nbsp;31, 2008, and (ii)&nbsp;the Lender may convert all or any part
of the then outstanding balance owed, including interest thereon, into shares of Common Stock at
$4.00 per share by written notice to Milestone.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the Press Release is furnished as Exhibit&nbsp;99.1 hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01: </B><U><B>Financial Statements and Exhibits</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">(d)&nbsp;Exhibits:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">99.1 Press Release dated July&nbsp;9, 2007.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>MILESTONE SCIENTIFIC INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Leonard Osser
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Leonard Osser&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chairman and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: July&nbsp;10, 2007
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>y36961exv99w1.htm
<DESCRIPTION>EX-99.1: PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MILESTONE SCIENTIFIC SECURES $1 MILLION<BR>
REVOLVING LINE OF CREDIT</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>LIVINGSTON, N.J. &#150; (PR NEWSWIRE) &#150; July&nbsp;9, 2007 </I></B>&#150; Milestone Scientific,
Inc. (OTCBB:MLSS), the recognized leader in advanced injection technologies,
today announced that it has secured a $1&nbsp;million revolving line of credit
expiring December&nbsp;31, 2008 from a major shareholder to enhance the Company&#146;s
available cash resources. Borrowings will bear interest at 6% per annum,
compounded quarterly in arrears, and borrowings and repayments under the line
may be made from time to time until the expiration date of the line. All
borrowings and interest thereon must be repaid by June&nbsp;30, 2010, and after the
expiration date of the line, may be repaid by Milestone, at its option, in
shares of Common Stock. After December&nbsp;31, 2008, the lender may convert all or
any part of the then outstanding balance and interest thereon into shares of
common stock at $4.00 per share. Three-year warrants, exercisable at $5.00 per
share in an amount determined by dividing 50% of the amount borrowed by $5.00,
will be issued on each drawdown. There is no facility fee on the line.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Leonard Osser, Chairman and CEO of Milestone, stated, &#147;We are pleased that we
have successfully secured a source of capital at terms favorable to the Company
and its near term growth objectives, and are highly appreciative of our
shareholder&#146;s generous vote of confidence in and economic support of
Milestone&#146;s business plan. It is our intention to partially tap these funds,
if necessary, to support the formal U.S. market launch of our <I>Single Tooth
Anesthesia (STA</I><SUP style="font-size: 85%; vertical-align: text-top"><I>&#153;</I></SUP>) system, planned for the fourth quarter of this
year. This important initiative remains firmly on track, as our marketing and
sales partners at Henry Schein and CoreStrength work with us to refine our
final retail pricing and market penetration strategies.&#148;</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;In addition, although we hope to model all future product development
collaborations related to medical applications of our patented
<I>CompuFlo</I><SUP style="font-size: 85%; vertical-align: text-top"><I>&#153;</I></SUP> technology on our recent agreement with Carticept Medical,
(which provides for Carticept to fund all regulatory and product
commercialization costs), we realize that partnering opportunities may present
themselves that would require our financial participation. With access to this
revolving facility, we are now empowered to pursue without hesitation those
compelling situations that may mandate our immediate consideration,&#148; continued
Osser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In closing, Osser added, &#147;In light of Milestone&#146;s management team&#146;s current
discussions with companies in the medical arena, coupled with this line of
credit and our current cash on hand, we believe there will be no need to direct
management&#146;s attention to raising additional capital during the next 12&nbsp;months.
Notwithstanding that any extraordinary opportunities emerge that would require
our board of directors and management team to revisit our capital needs, we
believe we are now ideally positioned to move forward with confidence and
purpose.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Milestone Scientific, Inc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Headquartered in Livingston, New Jersey, Milestone Scientific is engaged in
pioneering proprietary, highly innovative technological solutions for the
medical and dental markets. Central to the Company&#146;s IP platform and product
development strategy is its
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">patented <I>CompuFlo</I><SUP style="font-size: 85%; vertical-align: text-top">&#153;</SUP> technology for the
improved and painless delivery of local anesthetic. Specifically, <I>CompuFlo </I>is
a computer-controlled, pressure sensitive technology, which provides real-time
readouts of pressures, fluid densities and flow rates, enabling the advanced
delivery and removal of a wide array of fluids. The <I>Single Tooth Anesthesia</I>
(<I>STA</I><SUP style="font-size: 85%; vertical-align: text-top">&#153;</SUP>) computer-controlled local anesthesia delivery system which
uses this technology provides dentists with audible and visual signals as to
in-tissue pressure. Milestone&#146;s existing painless injection systems are
currently sold in 25 countries. For more information on these and other
innovative Milestone products, please visit the Company&#146;s web
site found at
www.milesci.com.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Safe Harbor Statement</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This press release contains forward-looking statements regarding the timing and
financial impact of the Milestone&#146;s ability to implement its business plan,
expected revenues 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 and future
business decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond Milestone&#146;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&#146;s
periodic filings with the Securities and Exchange Commission, including without
limitation, Milestone&#146;s Annual Report on Form 10-KSB for the year ended
December&nbsp;31, 2006. The forward looking-statements in this press release are
based upon management&#146;s reasonable belief as of the date hereof. Milestone
undertakes no obligation to revise or update publicly any forward-looking
statements for any reason.</I>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FOR MORE INFORMATION, PLEASE CONTACT:<BR>
Elite Financial Communications Group, LLC<BR>
Dodi Handy, President and CEO, or<BR>
Daniel Conway, Chief Strategist<BR>
407-585-1080 or via email at mlss@efcg.net</B>

</DIV>


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