<PAGE> 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
<PAGE> 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
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(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
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(3) SEC Use Only
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(4) SOURCE OF FUNDS (See Instructions)
WC
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(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
[ ]
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(6) Citizenship or Place of Organization
Delaware
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(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)
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(12) Check Box if Aggregate Amount in Row (11) Excludes Certain
Shares [ ]
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(13) Percent of Class Represented by Amount in Row (11)
7.12%
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(14) Type of Reporting Person
CO
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<PAGE> 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.
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(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
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(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
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(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
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<PAGE> 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.
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(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
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(3) SEC Use Only
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(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
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<PAGE> 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.
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(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
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(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
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<PAGE> 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
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(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
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<PAGE> 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
<PAGE> 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
<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 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
<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 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
</TABLE>
Page 10 of 11 Pages
