Millennium Biotechnologies Group, Inc. (MBTG.OB) announced yesterday that it entered into a $600,000 product development agreement to fund product development for its $20,000,000 purchase agreement with Provider Services Inc. and its volume of 534,600 was nearly triple the average daily volume of 182,342 shares. The agreement calls for Provider Services to fund $600,000 for the production development associated with the Ready-to-Drink product that will be developed by Millennium pursuant to the terms of the $20,000,000 5-year purchase agreement.
Provider Services is based out of Cleveland and is Ohio’s second largest service provider for the Long Term Care channel. With sales exceeding $300 million, Provider Services will provide services to over 12,000 residents in 2008.
“Our agreement will allow us to use Millennium’s extensive clinical experience and success in the cancer and HIV channels and apply that experience to the nutritional challenges in the Long Term Care channel,” said Mark Mirken, President and COO of Millennium Biotechnologies.
Millennium’s three proprietary, marketed products, which form the Company’s Resurgex® Continuum of Care, include Resurgex Select®, Resurgex® and Resurgex Plus®. Resurgex Select® is a whole foods-based, calorie rich, high-protein nutritional formula developed for cancer patients undergoing chemotherapy or radiation treatments. Resurgex® and Resurgex Plus® are specialized, anabolic nutritional supplements rich in antioxidants that provide nutritional support post-treatment.
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