-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HkLvcEZcZ4dkFAhAn2xOYpzVzh3Mt6woXJTzkDnRE/2yfL1N2Aoot4NLfIqIHuv7 YxYWNJadbOUVpJ4xWSZQtQ== 0000950144-97-010922.txt : 19971016 0000950144-97-010922.hdr.sgml : 19971016 ACCESSION NUMBER: 0000950144-97-010922 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19971015 SROS: NONE GROUP MEMBERS: BENNETT S. LEBOW GROUP MEMBERS: BGLS, INC. GROUP MEMBERS: BROOKE GROUP LTD. GROUP MEMBERS: NEW VALLEY CORP GROUP MEMBERS: NEW VALLEY HOLDINGS, INC. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MILESTONE SCIENTIFIC INC/NJ CENTRAL INDEX KEY: 0000855683 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 133545623 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-51555 FILM NUMBER: 97695891 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 CITY: SHORT HILLS STATE: NJ ZIP: 07078 FORMER COMPANY: FORMER CONFORMED NAME: U S OPPORTUNITY SEARCH INC DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: NEW VALLEY CORP CENTRAL INDEX KEY: 0000106374 STANDARD INDUSTRIAL CLASSIFICATION: [9995] IRS NUMBER: 135482050 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: INTERNATIONAL PLACE STREET 2: 100 SOUTHEAST SECOND STREET CITY: MIAMI STATE: FL ZIP: 33131 BUSINESS PHONE: 3055798000 MAIL ADDRESS: STREET 1: INTERNATIONAL PLACE STREET 2: 100 SE SECOND STREET CITY: MIAMI STATE: FL ZIP: 33131 FORMER COMPANY: FORMER CONFORMED NAME: WESTERN UNION CORP/NY/ DATE OF NAME CHANGE: 19910516 FORMER COMPANY: FORMER CONFORMED NAME: WESTERN UNION TELEGRAPH CO /NY/ DATE OF NAME CHANGE: 19880121 SC 13D/A 1 MILESTONE SCIENTIFIC/NEW VALLEY CORP. SC 13D/A #2 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 2)* MILESTONE SCIENTIFIC INC. ------------------------- (NAME OF ISSUER) COMMON STOCK, $.001 PAR VALUE ------------------------------ (TITLE OF CLASS OF SECURITIES) 59935P100 -------------- (CUSIP NUMBER) RICHARD J. LAMPEN EXECUTIVE VICE PRESIDENT & GENERAL COUNSEL NEW VALLEY CORPORATION 100 S.E. SECOND STREET, 32ND FLOOR MIAMI, FL 33131 (305) 579-8000 --------------------------------------------------- (NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS) OCTOBER 10, 1997 ------------------------------------------------------ (DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box. [ ] NOTE: Six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 11 Pages 2 CUSIP No. 59935P100 SCHEDULE 13D Page 2 of 11 Pages (1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of Above Persons NEW VALLEY CORPORATION --------------------------------------------------------------------- (2) Check the Appropriate Box if a Member of a Group (a) [ ] (b) [X] --------------------------------------------------------------------- (3) SEC Use Only --------------------------------------------------------------------- (4) SOURCE OF FUNDS (See Instructions) WC --------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] --------------------------------------------------------------------- (6) Citizenship or Place of Organization Delaware --------------------------------------------------------------------- (7) Sole Voting Power 550,400 (including 380,000 acquirable within Number of 60 days upon exercise of Warrants) Shares -------------------------------------------------------- Beneficially (8) Shared Voting Power Owned by -0- Each -------------------------------------------------------- Reporting (9) Sole Dispositive Power Person With 550,400 (including 380,000 acquirable within 60 days upon exercise of Warrants) -------------------------------------------------------- (10) Shared Dispositive Power -0- -------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 550,400 (including 380,000 acquirable within 60 days upon exercise of Warrants) --------------------------------------------------------------------- (12) Check Box if Aggregate Amount in Row (11) Excludes Certain Shares [ ] --------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 7.12% --------------------------------------------------------------------- (14) Type of Reporting Person CO --------------------------------------------------------------------- 3 CUSIP No. 59935P100 SCHEDULE 13D Page 3 of 11 Pages (1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of Above Persons NEW VALLEY HOLDINGS, INC. --------------------------------------------------------------------- (2) Check the Appropriate Box if a Member of a Group (a) [ ] (b) [X] --------------------------------------------------------------------- (3) SEC Use Only --------------------------------------------------------------------- (4) SOURCE OF FUNDS (See Instructions) N/A --------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] --------------------------------------------------------------------- (6) Citizenship or Place of Organization Delaware --------------------------------------------------------------------- (7) Sole Voting Power Number of -0- Shares -------------------------------------------------------- Beneficially (8) Shared Voting Power Owned by -0- Each -------------------------------------------------------- Reporting (9) Sole Dispositive Power Person With -0- -------------------------------------------------------- (10) Shared Dispositive Power -0- -------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person -0- --------------------------------------------------------------------- (12) Check Box if Aggregate Amount in Row (11) Excludes Certain Shares [X] --------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 0% --------------------------------------------------------------------- (14) Type of Reporting Person CO; HC --------------------------------------------------------------------- 4 CUSIP No. 59935P100 SCHEDULE 13D Page 4 of 11 Pages (1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of Above Persons BGLS INC. --------------------------------------------------------------------- (2) Check the Appropriate Box if a Member of a Group (a) [ ] (b) [X] --------------------------------------------------------------------- (3) SEC Use Only --------------------------------------------------------------------- (4) SOURCE OF FUNDS (See Instructions) N/A --------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] --------------------------------------------------------------------- (6) Citizenship or Place of Organization Delaware --------------------------------------------------------------------- (7) Sole Voting Power Number of -0- Shares -------------------------------------------------------- Beneficially (8) Shared Voting Power Owned by -0- Each -------------------------------------------------------- Reporting (9) Sole Dispositive Power Person With -0- -------------------------------------------------------- (10) Shared Dispositive Power -0- -------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person -0- --------------------------------------------------------------------- (12) Check Box if Aggregate Amount in Row (11) Excludes Certain Shares [X] --------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 0% --------------------------------------------------------------------- (14) Type of Reporting Person CO; HC --------------------------------------------------------------------- 5 CUSIP No. 59935P100 SCHEDULE 13D Page 5 of 11 Pages (1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of Above Persons BROOKE GROUP LTD. --------------------------------------------------------------------- (2) Check the Appropriate Box if a Member of a Group (a) [ ] (b) [X] --------------------------------------------------------------------- (3) SEC Use Only --------------------------------------------------------------------- (4) SOURCE OF FUNDS (See Instructions) N/A --------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] --------------------------------------------------------------------- (6) Citizenship or Place of Organization Delaware --------------------------------------------------------------------- (7) Sole Voting Power Number of -0- Shares -------------------------------------------------------- Beneficially (8) Shared Voting Power Owned by -0- Each -------------------------------------------------------- Reporting (9) Sole Dispositive Power Person With -0- -------------------------------------------------------- (10) Shared Dispositive Power -0- -------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person -0- --------------------------------------------------------------------- (12) Check Box if Aggregate Amount in Row (11) Excludes Certain Shares [X] --------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 0% --------------------------------------------------------------------- (14) Type of Reporting Person CO; HC --------------------------------------------------------------------- 6 CUSIP No. 59935P100 SCHEDULE 13D Page 6 of 11 Pages (1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of Above Persons BENNETT S. LEBOW --------------------------------------------------------------------- (2) Check the Appropriate Box if a Member of a Group (a) [ ] (b) [X] --------------------------------------------------------------------- (3) SEC Use Only --------------------------------------------------------------------- (4) SOURCE OF FUNDS (See Instructions) N/A --------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] --------------------------------------------------------------------- (6) Citizenship or Place of Organization United States --------------------------------------------------------------------- (7) Sole Voting Power Number of -0- Shares -------------------------------------------------------- Beneficially (8) Shared Voting Power Owned by -0- Each -------------------------------------------------------- Reporting (9) Sole Dispositive Power Person With -0- -------------------------------------------------------- (10) Shared Dispositive Power -0- -------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person -0- --------------------------------------------------------------------- (12) Check Box if Aggregate Amount in Row (11) Excludes Certain Shares [X] --------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 0% --------------------------------------------------------------------- (14) Type of Reporting Person IN --------------------------------------------------------------------- 7 This Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on September 15, 1997 (the "Schedule 13D"), as amended by Amendment No. 1 filed with the SEC, on behalf of New Valley Corporation ("New Valley"), N.V. Holdings, Inc., BGLS Inc., Brooke Group Ltd. and Bennett S. LeBow, in connection with the common stock, $.001 par value (the "Common Stock"), of Milestone Scientific Inc., a Delaware corporation (the "Company"), is hereby further amended as follows (unless otherwise defined, all capitalized terms used herein shall have the meanings set forth in the Schedule 13D): ITEM 2. IDENTITY AND BACKGROUND. The second sentence of the second paragraph in Item 2 of the Schedule 13D is hereby deleted and replaced in its entirety by the following: "The Reporting Persons collectively may be deemed to be a group beneficially owning, in the aggregate, 550,400 shares (including 170,400 shares acquired by New Valley and 380,000 shares acquirable by New Valley within 60 days upon the exercise of warrants) of Common Stock (such shares and warrants, together with the Contingent Warrant (as defined below), collectively, the "Securities") or approximately 7.12% of the outstanding shares of the Common Stock within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Act")." ITEM 3. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION. The first sentence of Item 3 of the Schedule 13D is hereby deleted and replaced in its entirety by the following: "The aggregate purchase price for the Securities acquired, including the 120,000 shares of Common Stock acquired upon exercise of warrants (see Item 5(c)), was $4,080,000." ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (1) Clause (a) of Item 5 of the Schedule 13D is hereby deleted and replaced in its entirety by the following: "As of the date hereof, the Reporting Persons may be deemed to be acting as a group, within the meaning of Section 13(d)(3) of the Act, beneficially owning, in the aggregate, 550,400 shares (including 380,000 shares acquirable within 60 days upon the exercise of warrants) of Common Stock of the Company, which constituted approximately 7.12% of the 5,568,152 shares of Common Stock outstanding as of July 31, 1997 (as reported in the Company's Quarterly Report on Form 10-QSB for the quarter ended June 30, 1997) plus (i) the 500,000 shares of Common Stock acquired by New Valley, or acquirable by New Valley within 60 days, upon the exercise of warrants and (ii) the 1,666,666 shares of Common Page 7 of 11 Pages 8 Stock which the Company announced on September 11, 1997 had been issued in a private placement." (2) Clause (c) of Item 5 of the Schedule 13D is hereby deleted and replaced in its entirety by the following: "(c) On September 9, 1997, New Valley purchased the Securities from the Company for $3,000,000. See Item 6. On October 14, 1997, New Valley exercised warrants to purchase 120,000 shares of Common Stock at $9.00 per share. From October 1 to October 14, 1997, New Valley sold in the open market on NASDAQ 449,600 shares of Common Stock as described in Exhibit G, which is attached hereto and incorporated herein by reference. None of the Reporting Persons has effected any other transactions in the Common Stock in the past 60 days." ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. Exhibit G of Item 7 of the Schedule 13D is hereby deleted and replaced in its entirety by the following: Exhibit G: Transactions in the Common Stock in the past 60 days. Page 8 of 11 Pages 9 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: October 15, 1997 NEW VALLEY CORPORATION By: /s/ RICHARD J. LAMPEN ---------------------------------- Name: Richard J. Lampen Title: Executive Vice President NEW VALLEY HOLDINGS, INC. By: /s/ RICHARD J. LAMPEN ---------------------------------- Name: Richard J. Lampen Title: Executive Vice President BGLS INC. By: /s/ RICHARD J. LAMPEN ---------------------------------- Name: Richard J. Lampen Title: Executive Vice President BROOKE GROUP LTD. By: /s/ RICHARD J. LAMPEN ---------------------------------- Name: Richard J. Lampen Title: Executive Vice President BENNETT S. LEBOW By: New Valley Corporation By: /s/ RICHARD J. LAMPEN ---------------------------------- Name: Richard J. Lampen Title: Executive Vice President Page 9 of 11 Pages 10 EXHIBIT G TRANSACTIONS IN THE COMMON STOCK IN THE PAST 60 DAYS:
NO. OF SHARES PRICE PER NAME DATE SOLD SHARE(1) - ---- ---- -------------- --------- New Valley 10/1/97 1,000 23.7500 1,400 25.5625 45,500 25.6250 71,400 25.7500 1,000 25.8125 10,000 25.8750 1,000 25.9375 29,500 26.0000 1,000 26.0625 2,500 26.2500 1,400 26.6250 4,600 26.7500 2,000 26.8750 1,000 26.9375 700 27.0000 300 27.0625 2,000 27.1250 8,000 27.2500 1,500 27.5000 4,000 27.6250 500 28.7500 3,000 29.1250 4,000 29.2500 --------- 197,300 New Valley 10/2/97 8,500 19.2500 1,300 19.3750 5,000 19.5000 5,600 19.6250 1,000 19.6875 7,100 19.7500 600 19.8125 3,000 19.8750 4,400 20.0000 1,000 20.2500 2,000 20.3750 3,000 20.5000 3,000 20.7500 12,000 21.0000 37,000 21.0625 500 21.1250 -------- 95,000 New Valley 10/3/97 3,000 22.0000 3,600 22.2500 900 22.3750 ------- 7,500
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