Milestone Scientific Inc. (MLSS) Earnings Call Transcript & Summary

Greetings. Welcome to the 2020 Milestone Scientific Virtual Annual Meeting of Stockholders. I will now turn the conference over to your host, Mr. Leonard Osser, Interim Chief Executive Officer of Milestone Scientific. Please go ahead, sir.

Thank you. Good morning, and welcome to the 2020 Annual Shareholders Meeting of Milestone Scientific, Inc. I am Leonard Osser, the Interim Chief Executive Officer and a Director of Milestone Scientific. It is my pleasure to welcome you here today for this meeting, and to introduce Ms. Leslie Bernhard, our Chairman of the Board.

Thank you, Leonard, and welcome, everyone. Thank you for joining us today. We're excited to be hosting our virtual meeting, which allows us to be more inclusive and reach a greater number of our stockholders. We have stockholders attending via the web portal. As is our custom, we will conduct the business portion of our meeting first and answer questions at the end of the meeting. Though we may not be able to answer every question, we will do our best to provide a response to as many as possible and will address any unanswered questions on our corporate website shortly after the meeting. In keeping with the digital approach to this year's meeting, it is now 9:00 a.m. Eastern Time on December 8, 2020, and this meeting is officially called to order. And now I would like to introduce the other members of the Board present today. Leonard Osser, Interim CEO and Director, has served as one of our directors since 1991. Leonard Schiller has served as one of our directors since 1997. Gian Domenico Trombetta has served as one of our directors since 2014. Michael McGeehan has served as one of our directors since 2017. Neal Goldman has served as one of our directors since 2019. And myself, Leslie Bernhard, Chairman of the Board, I've served as one of our directors since 2003. It is now my pleasure to introduce Milestone Scientific's Chief Financial and Chief Operating Officer, Joseph D'Agostino, who will act as secretary of the meeting. I will turn to him with any procedural issues that may arise.

Thank you, Leslie. We are joined today here by our independent auditors, who will be available during the question-and-answer session after the meeting to respond to appropriate questions. Thank you, Leslie.

And finally, the company has appointed Joseph D'Agostino to act as Inspector of Election. Mr. D'Agostino has taken the oath of inspector of elections earlier today. After the formal meeting has been adjourned, we will provide time for general questions. Only validated stockholders may ask questions in the designated field on the web portal. Out of consideration for others, please limit yourself to one question. Please note that this meeting is being recorded. However, no one attending via the webcast or telephone is permitted to use any audio recording device. The Board of Directors fixed October 13, 2020 as the record date for determining stockholders entitled to vote at this meeting. An affidavit has been delivered, attesting to the fact that either a notice of Internet availability of the Notice of Meeting, the proxy statement in the annual report to stockholders or the documents themselves were mailed on or about October 29, 2020 to all stockholders as of the record date and will be incorporated into the minutes of this meeting. The stockholder list shows that as of the record date, there were 63,605,119 shares of common stock outstanding and entitled to vote this meeting. We are informed by the Inspector of Election that there are represented, in person or by proxy, shares of common stock representing 51,155,119 votes or approximately 80.4% of the voting power on the record date. Since this represents more than a majority of the voting power of all issued and outstanding stock entitled to vote on the record date, a quorum is present for purposes of transacting business. Now I will present the matters to be voted upon. Please note that we will give stockholders an opportunity to comment on the proposals after the proposals have been [ read ]. Proposal 1 is the election of directors for elections as directors to hold office until the next Annual Meeting of Shareholders or until their successors are duly elected and qualified. Proposal 2 is an amendment to the Milestone Scientific Inc. Restated Certificate of Incorporation, increasing the number of authorized shares of common stock from 75 million to 85 million. Proposal 3 is approval of the company's 2020 equity incentive plan. Proposal 4 is the ratification of the appointment of Friedman LLP as the company's independent auditors for the fiscal year ending December 31, 2020. If any stockholder would like to make a comment regarding any of the proposals, please submit your comment through the web portal now. David?

There are no questions at this time.

Thank you. The polls are now open. Any stockholder who hasn't yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or Internet and do not want to change their vote do not need to take any further action. [Voting]

Now that everyone has had the opportunity to vote, I now declare the polls for the 2020 Annual Stockholders Meeting closed. We have been informed by the Inspector or Election that the preliminary vote report shows that the nominees for election to the Board have been duly elected, the amendment to the Restated Certificate of Incorporation has been approved, the company's 2020 equity incentive plan has been approved, and the appointment of Friedman LLP as auditors of the company for the year ended December 31, 2020 has been ratified. We will be reporting the final vote results in a Form 8-K to be filed within 4 business days. There being no further business to come before the meeting, the 2020 Annual Meeting of Stockholders of Milestone Scientific is now adjourned. Now we would like to open things up for stockholder questions and comments. Please note, we will attempt to answer as many questions as time allows, but only questions that are germane to the meeting will be addressed. Any questions that we do not get to will be addressed on our website. Once again, any stockholder that would like to ask a question, please submit your comment at this time through the web portal. David?

There are no questions at this time.

Thanks, David. I'd like to thank all of our investors for your time today. Very excited about the outlook for business, believes 2021 will be another transformative year for Milestone Scientific. I'd encourage you to reach out at any time. Our lines are always open. That concludes our meeting. We thank you for your attendance today and continued support. Thank you, and have a great day.

Ladies and gentlemen, that does conclude our conference for today. We thank you for your participation. You may all disconnect.