Amended Master Purchase Contract Provides for the Sale of Ready to Drink
Suite of Nutritional Supplements to Provider Services, Inc. to be Increased
Annually by $3.4M or 142%
BASKING RIDGE, N.J., June 5 /PRNewswire/ -- Millennium Biotechnologies
Inc., wholly owned subsidiary of Millennium Biotechnologies Group, Inc.
(OTC Bulletin Board: MBTG) announced today that it has entered into an
amendment of it's November 9th 2007 Master Purchase Contract with Provider
Services, Inc. ("PSI") to increase their quarterly purchase commitment from
Six Hundred Thousand Dollars ($600,000) to One Million Four Hundred and
Fifty Thousand Dollars ($1,450,000) effective July 1 2008. This quarterly
increase currently translates into an annualized commitment of Five Million
Eight Hundred Thousand Dollars ($5,800,000). Before year end, Millennium
intends to expand its Long Term Care product line by launching additional
products, including a tube feeding product as well as products designed and
developed for the diabetic population.
"I am extremely proud of our team and our ability to design, develop,
test and bring to market our ready to drink Resurgex Essential and Resurgex
Essential Plus products which have been so well received by PSI. These
strictly kosher products made under the most stringent rabbinical
supervision will be marketed to a rapidly expanding global population in
Long Term Care. As a billion dollar marketing opportunity, we believe that
these products and their tube feeding and diabetic line extensions will
provide an exceptional revenue growth opportunity for Millennium," stated
Mark C. Mirken, President and COO of Millennium.
"The availability of the Resurgex Essential and the Essential Plus
product line in a ready to drink format in three incredible flavor profiles
has drastically increased the utilization of all nutritional products
throughout our facilities which service 5,000 beds. Our residents are, for
the first time, requesting the Essential product for two very obvious
reasons; the first because of its taste profile and the second, because of
the significant impact it has on their overall well being. We have replaced
all nutritional products manufactured by major international nutritional
manufacturing companies with this suite of superior ready to drink
nutritional supplements," stated Brian Colleran, CEO of PSI.
The increase is attributable to the overall usage of Millennium's ready
to drink products Resurgex Essential and Resurgex Essential Plus at PSI,
which is Ohio's second largest provider with 5,000 beds. "The widespread
acceptance of Resurgex Essential and Resurgex Essential Plus in this
patient population reflects the superior taste profile as compared to the
competitive products in this marketplace. Now that the patients finally
have a choice, our products provide for greater compliance and a healthier
nutritional profile then the current standard of nutritional products in
this sector," stated Carl Germano, RD, CNS, CDN, clinical nutritionist and
Vice President of Research and Product Development of Millennium.
About Millennium:
Millennium's six marketed products form its advanced line of
nutritional formulas. Resurgex Select(R) is a whole foods-based,
calorically dense, high- protein nutritional formula developed for cancer
patients undergoing chemotherapy or radiation treatments. Resurgex(R) and
Resurgex Plus(R) are specialized, anabolic nutritional supplements rich in
antioxidants that provide nutritional support post-treatment. Millennium
also created Surgex(TM) sports nutrition formula to address the nutritional
concerns of professional, Olympic, and amateur elite athletes. These
athletes often experience similar symptoms post-workout to those battling
immuno-compromised conditions, such as fatigue, loss of lean muscle,
oxidative stress, and reduced immune function. Resurgex Essential(TM) and
Resurgex Essential Plus(TM) are comprehensive, calorically dense formulas
that meet and succeed the nutritional requirements of the assisted living
community.
Statements in this news release regarding future financial and
operating results, future growth in R&D programs, potential applications of
the Millennium's technology, opportunities for the Millennium, and any
other statements about the future expectations, beliefs, goals, plans, or
prospects expressed constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Any
statements that are not statements of historical fact (including statements
containing the words "will," "believes," "plans," "anticipates," "expects,"
"estimates," and similar expressions) should also be considered to be
forward-looking statements. There are a number of important factors that
could cause actual results or events to differ materially from those
indicated by such forward- looking statements including: limited operating
history, need for future capital, risks inherent in the development and
commercialization of potential products, protection of Millennium's
intellectual property, and economic conditions generally. Additional
information on potential factors that could affect results and other risks
and uncertainties are detailed from time to time in Millennium's periodic
reports, including Forms 10-KSB, 10-QSB, 8-K, and other forms filed with
the Securities and Exchange Commission ("SEC"). Millennium Biotechnologies,
Inc.
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[Via Healthcare]
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