Millennium Biotechnologies, Inc. Signs Five Year $20,000,000 Purchase Agreement with Provider Services Inc.
BASKING RIDGE, N.J., Nov. 13 /PRNewswire-FirstCall/ -- Millennium Biotechnologies Inc., wholly-owned subsidiary of Millennium Biotechnologies Group, Inc. , today announced that it had entered into a five-year $20,000,000 contract to be the exclusive provider of nutritional products to Provider Services Inc. (PSI) of Cleveland, Ohio. The contract will commence immediately with PSI purchasing Millennium's Resurgex Select(TM) line of products.
PSI is Ohio's second largest services provider for the Long Term Care community with over 5,000 beds. It will care for over 12,000 residents in the upcoming year with revenues exceeding $300 Million.
Brian Colleran, CEO of PSI, stated, "Millennium Biotechnologies has developed an economically viable nutritional product that, in our judgment, is superior to other nutritional products on the market today. Resurgex Select(TM) will help our clients maintain proper nutrition and avoid development of clinical problems. Our focus is to provide our clients with the best products on the market and we believe Millennium's lines fit this criteria. My favorable review of the Millennium product line recently motivated me to make a substantial personal investment in the Company's common stock."
Kevin Daubenmire MSA/RDLD/LNHA, Corporate Dietician for PSI, added: "The Millennium products are clearly nutritionally superior with strong client acceptance, and they are cost efficient. I have been particularly impressed with the diverse flavor profiling which is a distinct advantage over all other products on the market. I believe that these products, in both powdered and RTD formats, will become a new nutritional standard in the rapidly growing Long Term Care industry. As a former corporate clinical services Dietician for the largest LTC Provider in the US, I managed dieticians at a divisional level. My experience has shown that the choice of supplement intervention translates directly to improving a patient's quality of life."
Mark Mirken, President and Chief Operating Officer of Millennium, stated: "Our prior experience in the onocological and immunocompromised arenas enables us to deliver a substantially similar benefits profile in the Long Term Care channel. Resurgex Select(TM), in both a powdered and liquid format, creates a new and compelling revenue proposition for our Company. It allows us to leverage the extensive research and development dollars previously expended by us into new products in one of the fastest growing market segments."
"Millennium's product is both calorically dense while simultaneously delivering an array of neutraceutical ingredients to support the long term care population. This product's launch is a paradigm shift in the way nutrition is perceived and prescribed in the overall treatment of the elderly, the fastest growing segment of our population."
He added: "Our competition in this multi-billion dollar business does not sufficiently address the full nutritional needs of the Elderly patient. We are truly excited about our first incursion into this channel and hope to develop a much larger footprint worldwide."
About Millennium:
Millennium's three proprietary, marketed products, which form the Company's Resurgex(R) Continuum of Care, include Resurgex Select(R), Resurgex(R), and Resurgex Plus(R). 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 is also recently developed a Surgex(R) sports nutrition formula, clinically proven to address the nutritional concerns of both professional and amateur elite athletes. These athletes often experience similar symptoms post-workout to those battling immunocompromised conditions, such as fatigue, loss of lean muscle, oxidative stress, and reduced immune function.
Statements in this news release regarding future financial and operating results, future growth in R&D programs, potential applications of the Company's technology, opportunities for the Company, 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 the Company'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 the Company's periodic reports, including Forms 10-KSB, 10-QSB, 8-K, and other forms filed with the Securities and Exchange Commission ("SEC").
CONTACT: Mark Mirken, President and Chief Operating Officer of Millennium
Biotechnologies Inc., +1-908-604-2500, mmirken@milbiotech.com
Web site: http://www.milbiotech.com/