<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
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 1, 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 [GRAPHIC
OMITTED] .
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).
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<TABLE>
<CAPTION>
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CUSIP NO. 59935P100 PAGE 2 OF 11 PAGES
- --------------------------------------------------- -------------------------------------------
===================================================================================================================================
<S> <C> <C>
Name of Reporting Person
1 S.S. or I.R.S. Identification No. of Above Person
NEW VALLEY CORPORATION
===================================================================================================================================
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(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
670,200 (including 500,000 acquirable within 60 days upon exercise of Warrants)
========================================================================================================
8 Shared Voting Power
- 0 -
========================================================================================================
Number of Shares 9 Sole Dispositive Power
Beneficially Owned by 670,200 (including 500,000 acquirable within 60 days upon exercise of Warrants)
Each Reporting Person
With
========================================================================================================
10 Shared Dispositive Power
- 0 -
===================================================================================================================================
11 Aggregate Amount Beneficially Owned by Each Reporting Person
670,200 (including 500,000 acquirable within 60 days upon exercise of Warrants)
===================================================================================================================================
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
[ ]
===================================================================================================================================
13 Percent of Class Represented by Amount in Row (11)
8.66%
===================================================================================================================================
14 Type of Reporting Person (See Instructions) CO
===================================================================================================================================
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
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CUSIP NO. 59935P100 PAGE 3 OF 11 PAGES
- --------------------------------------------------- -------------------------------------------
===================================================================================================================================
<S> <C> <C>
Name of Reporting Person
1 S.S. or I.R.S. Identification No. of Above Person
NEW VALLEY HOLDINGS, INC.
===================================================================================================================================
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(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
- 0 -
========================================================================================================
8 Shared Voting Power
- 0 -
========================================================================================================
Number of Shares 9 Sole Dispositive Power
Beneficially Owned by - 0 -
Each Reporting Person
With
========================================================================================================
10 Shared Dispositive Power
- 0 -
===================================================================================================================================
11 Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
===================================================================================================================================
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
[X]
===================================================================================================================================
13 Percent of Class Represented by Amount in Row (11)
0%
===================================================================================================================================
14 Type of Reporting Person (See Instructions) CO; HC
===================================================================================================================================
</TABLE>
<PAGE> 4
<TABLE>
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CUSIP NO. 59935P100 PAGE 4 OF 11 PAGES
- --------------------------------------------------- -------------------------------------------
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<S> <C> <C>
Name of Reporting Person
1 S.S. or I.R.S. Identification No. of Above Person
BGLS INC.
===================================================================================================================================
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(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
- 0 -
========================================================================================================
8 Shared Voting Power
- 0 -
========================================================================================================
Number of Shares 9 Sole Dispositive Power
Beneficially Owned by
Each Reporting Person - 0 -
With
========================================================================================================
10 Shared Dispositive Power
- 0 -
===================================================================================================================================
11 Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
===================================================================================================================================
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
[X]
====================================================================================================================================
13 Percent of Class Represented by Amount in Row (11)
0%
====================================================================================================================================
14 Type of Reporting Person (See Instructions) CO; HC
====================================================================================================================================
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
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CUSIP NO. 59935P100 PAGE 5 OF 11 PAGES
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===================================================================================================================================
<S> <C> <C>
Name of Reporting Person
1 S.S. or I.R.S. Identification No. of Above Person
BROOKE GROUP LTD.
===================================================================================================================================
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(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
- 0 -
========================================================================================================
8 Shared Voting Power
- 0 -
========================================================================================================
Number of Shares 9 Sole Dispositive Power
Beneficially Owned by - 0 -
Each Reporting Person
With
========================================================================================================
10 Shared Dispositive Power
- 0 -
===================================================================================================================================
11 Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
===================================================================================================================================
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
[X]
===================================================================================================================================
13 Percent of Class Represented by Amount in Row (11)
0%
===================================================================================================================================
14 Type of Reporting Person (See Instructions) CO; HC
===================================================================================================================================
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
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CUSIP NO. 59935P100 PAGE 6 OF 11 PAGES
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====================================================================================================================================
<S> <C> <C>
Name of Reporting Person
1 S.S. or I.R.S. Identification No. of Above Person
BENNETT S. LEBOW
===================================================================================================================================
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(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
- 0 -
========================================================================================================
8 Shared Voting Power
- 0 -
========================================================================================================
Number of Shares 9 Sole Dispositive Power
Beneficially Owned by
Each Reporting Person - 0 -
With
========================================================================================================
10 Shared Dispositive Power
- 0 -
===================================================================================================================================
11 Aggregate Amount Beneficially Owned by Each Reporting Person
- 0 -
===================================================================================================================================
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
[X]
===================================================================================================================================
13 Percent of Class Represented by Amount in Row (11)
0%
===================================================================================================================================
14 Type of Reporting Person (See Instructions) IN
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</TABLE>
<PAGE> 7
This Schedule 13D filed with the Securities and Exchange Commission on
September 15, 1997 (the "Schedule 13D") 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 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, 670,200 shares (including
170,200 shares acquired by New Valley and 500,000 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
8.66% 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 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, 670,200 shares (including
500,000 shares acquirable within 60 days upon the exercise of warrants)
of Common Stock of the Company, which constituted approximately 8.66%
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 acquirable by New Valley within 60 days upon the exercise of
warrants and (ii) the 1,666,666 shares of Common 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. From October 1 to October
6, 1997, New Valley sold in the open market on NASDAQ 329,800 shares of
Common Stock as described in Exhibit G, which is attached hereto and
incorporated herein by reference. None of the
Page 7 of 11 Pages
<PAGE> 8
Reporting Persons has effected any other transactions in the Common
Stock in the past 60 days."
ITEM 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
Item 6 of the Schedule 13D is hereby amended by adding at the end
thereof the following:
"From October 1 to October 6, 1997, New Valley sold in the
open market 329,800 shares of Common Stock (see Item 5). As a result
of such sales, commencing December 2, 1997, New Valley will be
entitled to purchase, upon exercise of the Contingent Warrant, all
of the 260,000 shares of Common Stock issuable under the Contingent
Warrant."
ITEM 7. Material to be Filed as Exhibits.
Item 7 of the Schedule 13D is hereby supplemented by adding thereto
the following exhibit:
Exhibit G: Transactions in the Common Stock in the past 60 days.
Page 8 of 11 Pages
<PAGE> 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 7, 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
<PAGE> 10
EXHIBIT G
TRANSACTIONS IN THE COMMON STOCK IN THE PAST 60 DAYS:
<TABLE>
<CAPTION>
No. of Shares Price Per
Name Date Sold Share (1)
---- ---- -------------- ---------
<S> <C> <C> <C>
New Valley Corporation 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 Corporation 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
</TABLE>
Page 10 of 11 Pages
<PAGE> 11
<TABLE>
<S> <C> <C>
500 21.1250
------
95,000
New Valley Corporation 10/3/97 3,000 22.0000
3,600 22.2500
900 22.3750
-----
7,500
New Valley Corporation 10/6/97 12,000 21.7500
18,000 22.0000
------
30,000
</TABLE>
- -----------------------------------------------------------
(1) Excludes brokerage commissions.
See Item 6 of the Schedule 13D regarding the purchase of the Securities
by New Valley on September 9, 1997.
Page 11 of 11 Pages
