UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-QSB

(MARK ONE)

|X|         QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
            EXCHANGE ACT OF 1934

                For the quarterly period ended September 30, 2003


|_|         TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
            EXCHANGE ACT OF 1934

              For the transition period from           to

                        Commission file number 000-50348
                                               ---------

                       MILLSTREAM ACQUISITION CORPORATION
        (Exact Name of Small Business Issuer as Specified in Its Charter)

                  Delaware                            06-1688360
          (State of Incorporation)         (I.R.S. Employer Identification No.)

        435 Devon Park Drive, Bldg. 400                    (610) 293-2511
           Wayne, Pennsylvania 19087                (Issuer's Telephone Number,
    (Address of Principal Executive Offices)            Including Area Code)



      Indicate by check mark whether the small business issuer (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
issuer was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. (1) Yes |X| No |_| (2) Yes |_| No |X|

      State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date: 4,775,000 as of October 31,
2003

      Transitional small business disclosure format.   Yes  |_|  No |X|

<PAGE>
<TABLE>
<CAPTION>


                       MILLSTREAM ACQUISITION CORPORATION
                    (a corporation in the development stage)

                                FORM 10-QSB INDEX


<S>                                                                                                                     <C>
                                                                                                                  Page No.
                                                                                                                 -----------
Part I.        FINANCIAL INFORMATION:

               Item 1 - Financial Statements (Unaudited)

                        Balance Sheet at September 30, 2003
                                                                                                                        2

                        Statement of Operations for the Period from April 11, 2003 (inception) to
                        September 30, 2003 and for the Quarter Ended September 30, 2003                                 3

                        Statement of Cash Flows for the Period April 11, 2003 (inception) to September
                        30, 2003                                                                                        4

                        Notes to Unaudited Consolidated Financial Statements                                            5

               Item 2 - Management's Discussion and Analysis or Plan of Operations                                      8

               Item 3 - Controls and Procedures                                                                         9


Part II.       OTHER INFORMATION:

               Item 2 - Change in Securities and Use of Proceeds                                                        9

               Item 6 - Exhibits and Reports on Form 8-K                                                               10

               Signature Page                                                                                          12

</TABLE>

                                       1
<PAGE>

<TABLE>
<CAPTION>


                         PART I - FINANCIAL INFORMATION

                          ITEM 1 - FINANCIAL STATEMENTS

                       MILLSTREAM ACQUISITION CORPORATION
                    (a corporation in the development stage)


                            BALANCE SHEET (UNAUDITED)


                                                                                         September 30,
                                                                                             2003
                                                                                       ------------------
ASSETS
<S>                                                                                          <C>
Cash                                                                                       $     704,235
Cash in trust fund                                                                            20,685,000
Accrued interest receivable, trust fund                                                           10,678
Prepaid expenses                                                                                 124,832
                                                                                       ------------------
     Total assets                                                                          $  21,524,745
                                                                                       ==================

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
   Accounts payable                                                                        $      11,609
   Accrued initial public offering expenses                                                       75,780
                                                                                       ------------------
     Total current liabilities                                                                    87,389
                                                                                       ------------------

Common stock, subject to possible redemption, 804,598 shares at conversion
   value                                                                                       4,103,450

Commitment

Stockholders' Equity:
   Preferred stock, $.0001 par value, authorized 1,000,000 shares; none issued -
   Common stock, $.0001 par value, authorized 20,000,000 shares; issued and
      outstanding 3,970,402 shares, net of 804,598 shares subject to possible
      redemption                                                                                     397
   Additional paid-in capital                                                                 17,353,791
   Accumulated deficit                                                                           (20,282)
                                                                                       ------------------
     Total stockholders' equity                                                               17,333,906
                                                                                       ------------------

     Total liabilities and stockholders' equity                                            $  21,524,745
                                                                                       ==================

</TABLE>

            See accompanying notes to unaudited financial statements.

                                       2
<PAGE>



                       MILLSTREAM ACQUISITION CORPORATION
                    (a corporation in the development stage)



                       STATEMENT OF OPERATIONS (UNAUDITED)


                                                            April 11, 2003
                                                            (inception) to
                                                             September 30,
                                                           2003 and Quarter
                                                            ended September
                                                               30, 2003
                                                           ------------------


 General and administrative expenses                             $    30,960
                                                           ------------------

   Operating loss                                                    (30,960)

Other income:
   Interest income, trust fund                                        10,678
                                                           ------------------


   Net loss                                                      $   (20,282)
                                                           ==================




            See accompanying notes to unaudited financial statements.


                                       3
<PAGE>


<TABLE>
<CAPTION>


<S>                                                                                          <C>
                       MILLSTREAM ACQUISITION CORPORATION
                    (a corporation in the development stage)

                       STATEMENT OF CASH FLOWS (UNAUDITED)


                                                                                        April 11, 2003
                                                                                        (inception) to
                                                                                         September 30,
                                                                                             2003
                                                                                      --------------------
Cash flows from operating activities:
Net loss                                                                                     $    (20,282)
Adjustments to reconcile net loss to net cash used in operating activities:
   Change in operating assets and liabilities:
    Increase in accrued interest receivable                                                       (10,678)
    Increase in prepaid expenses                                                                 (124,832)
    Increase in accounts payable                                                                   11,609
                                                                                      --------------------
      Net cash used in operating activities                                                      (144,183)
                                                                                      --------------------

Cash flows from investing activities:
Cash in trust fund                                                                            (20,685,000)
                                                                                      --------------------
      Net cash used in investing activities                                                   (20,685,000)
                                                                                      --------------------

Cash flows from financing activities:
Proceeds from sale of shares of common stock to founding stockholders                              25,039
Proceeds from note payable, stockholder                                                            35,000
Repayment of note payable, stockholder                                                            (35,000)
Proceeds from public offering of 4,025,000 units, net of underwriting discount
   and offering expenses                                                                       21,508,379
                                                                                      --------------------
      Net cash provided by financing activities                                                21,533,418
                                                                                      --------------------

Net increase in cash                                                                              704,235
Cash at beginning of period                                                                             -
                                                                                      --------------------
Cash at end of period                                                                        $    704,235
                                                                                      ====================


</TABLE>


            See accompanying notes to unaudited financial statements.


                                       4
<PAGE>


                       MILLSTREAM ACQUISITION CORPORATION
                    (a corporation in the development stage)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS

1.  Basis of Presentation

The  financial  statements  are unaudited and include the accounts of Millstream
Acquisition   Corporation  (a  corporation  in  the  development   stage)  ("the
Company").

In the opinion of management,  all adjustments  (consisting of normal  accruals)
have been made that are necessary to present  fairly the  financial  position of
the Company as of September 30, 2003 and the results of its  operations  and its
cash flows for the period from April 11, 2003 (inception)  through September 30,
2003. The Company  commenced  operations  effective  August 29, 2003.  Operating
results for the interim period  presented are not necessarily  indicative of the
results to be expected  for a full year.  All activity  through  August 28, 2003
related  to the  Company's  formation  and  preparation  of its  initial  public
offering ("the  Offering").  The Company has selected  December 31 as its fiscal
year end.

The  statements  and related notes have been prepared  pursuant to the rules and
regulations of the U.S. Securities and Exchange Commission. Accordingly, certain
information and footnote  disclosures  normally included in financial statements
prepared in accordance with generally accepted  accounting  principles have been
omitted pursuant to such rules and regulations.

2. Organization and Business Operations

The  Company  was  incorporated  in  Delaware on April 11, 2003 as a blank check
company whose  objective is to acquire an operating  business in an industry not
yet determined.  The Company's  initial  stockholders  purchased  750,000 common
shares, $.0001 par value, for $25,039 on April 14, 2003.

The  registration  statement for the Offering was declared  effective August 25,
2003.  The Company  consummated  the  Offering on August 28, 2003 and raised net
proceeds of  $21,432,599.  The Company's  management has broad  discretion  with
respect  to the  specific  application  of the  net  proceeds  of the  Offering,
although  substantially  all of the net proceeds of the Offering are intended to
be  generally  applied  toward  consummating  a  business  combination  with  an
operating business in an industry yet to be determined ("Business Combination").
There is no  assurance  that the Company will be able to  successfully  effect a
Business Combination.  $20,685,000 of the net proceeds are being held in a trust
account ("Trust Fund") and invested in government  securities  until the earlier
of (i) the  consummation  of the Company's  first  Business  Combination or (ii)
liquidation of the Company.  The Trust Fund indenture limits investments to U.S.
government  securities  with  maturities  of 180  days or  less.  The  remaining
proceeds may be used to pay for business,  legal and accounting due diligence on
prospective acquisitions and continuing general and administrative expenses.

The Company,  after  signing a definitive  agreement  for the  acquisition  of a
target business,  will submit such transaction for stockholder  approval. In the
event that  stockholders  owning 20% or more of the outstanding stock excluding,
for this  purpose,  those persons who were  stockholders  prior to the Offering,
vote against the Business  Combination,  the  Business  Combination  will not be
consummated.  All of the Company's stockholders prior to the Offering, including
all of the officers and directors of the Company ("Initial Stockholders"),  have
agreed to vote their 750,000 shares of common stock in accordance  with the vote
of the majority of all other stockholders of the Company ("Public Stockholders")
with respect to any Business  Combination.  After  consummation of the Company's
first Business  Combination,  all of these voting  safeguards  will no longer be
applicable.


                                       5
<PAGE>


                       MILLSTREAM ACQUISITION CORPORATION
                    (a corporation in the development stage)

              NOTES TO UNAUDITED FINANCIAL STATEMENTS - (Continued)


2. Organization and Business Operations (continued)

With respect to the first Business Combination that is approved and consummated,
any Public  Stockholder  who voted against the Business  Combination  may demand
that the Company redeem his shares.  The per share  redemption  price will equal
the  amount  in the  Trust  Fund as of the  record  date  for  determination  of
stockholders  entitled to vote on the Business Combination divided by the number
of shares of common stock held by Public Stockholders at the consummation of the
Offering.  Accordingly,  Public  Stockholders  holding  19.99% of the  aggregate
number of shares owned by all Public  Stockholders  may seek redemption of their
shares in the event of a Business  Combination.  Such  Public  Stockholders  are
entitled to receive their per share interest in the Trust Fund computed  without
regard to the shares held by Initial Stockholders. Accordingly, a portion of the
net proceeds from the Offering (19.99% of the amount held in the Trust Fund) has
been  classified as common stock  subject to possible  redemption in the balance
sheet.

The Company's Certificate of Incorporation provides for mandatory liquidation of
the Company,  without stockholder  approval,  in the event that the Company does
not  consummate  a Business  Combination  within 18 months  from the date of the
consummation of the Offering, or 24 months from the consummation of the Offering
if certain extension criteria have been satisfied.  In the event of liquidation,
it is likely that the per share value of the residual assets remaining available
for  distribution  (including  Trust Fund assets) will be less than the offering
price per share in the Offering  due to costs  related to the Offering and since
no value would be  attributed  to the Warrants  contained in the Units sold (see
Note 3).

3. Offering

The Company sold 4,025,000 units  ("Units") in the Offering,  which included all
of the 525,000 Units subject to the underwriters'  over-allotment  option.  Each
Unit consists of one share of the Company's common stock,  $.0001 par value, and
two  Redeemable  Common  Stock  Purchase  Warrants  ("Warrants").  Each  Warrant
entitles the holder to purchase from the Company one share of common stock at an
exercise  price of $5.00  commencing  the later of the  completion of a business
combination  with a target  business or one year from the effective  date of the
Offering and  expiring  four years from the date of the  Offering.  The Warrants
will be  redeemable at a price of $.01 per Warrant upon 30 days notice after the
Warrants become  exercisable,  only in the event that the last sale price of the
common  stock is at least  $8.50 per share for any 20 trading  days  within a 30
trading day period  ending on the third day prior to the date on which notice of
redemption is given.  In connection  with this  Offering,  the Company issued an
option for $100 to the  representative  of the  underwriters to purchase 350,000
Units at an exercise price of $9.90 per Unit. The warrants underlying such Units
are  exercisable  at $6.00 per  share,  but  otherwise  have the same  terms and
conditions  as the Warrants.  Separate  trading of the Common Stock and Warrants
underlying the Company's Units commenced on September 2, 2003.

4. Note Payable, Stockholder

The Company issued a $35,000 unsecured promissory note to a stockholder on April
28, 2003.  The note was  non-interest  bearing and was repaid in September  2003
with proceeds from the Offering.



                                       6
<PAGE>


                       MILLSTREAM ACQUISITION CORPORATION
                    (a corporation in the development stage)

              NOTES TO UNAUDITED FINANCIAL STATEMENTS - (Continued)


5.  Commitment

The Company  presently  occupies  office  space  provided by an  affiliate of an
Initial Stockholder.  Such affiliate has agreed that, until the acquisition of a
target  business  by the  Company,  it will make such office  space,  as well as
certain office and  secretarial  services,  available to the Company,  as may be
required  by the Company  from time to time.  The Company has agreed to pay such
affiliate $7,500 per month for such services commencing September 1, 2003.

6.  Preferred Stock

The Company is  authorized to issue  1,000,000  shares of preferred  stock,  par
value  $.0001 per share,  with such  designations,  voting and other  rights and
preferences as may be determined from time to time by the Board of Directors.

7.  Common Stock

The Company has  9,100,000  shares of common stock  reserved  for issuance  upon
exercise of the Warrants and the underwriters' option.



                                       7
<PAGE>



 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS


               CAUTIONARY STATEMENT FOR FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-QSB includes forward-looking  statements within
the  meaning of Section  27A of the  Securities  Act of 1933,  as  amended,  and
Section 21E of the  Securities  Exchange Act of 1934, as amended.  We have based
these  forward-looking  statements on our current  expectations  and projections
about future events. These  forward-looking  statements are subject to known and
unknown risks,  uncertainties and assumptions about us that may cause our actual
results,  levels of  activity,  performance  or  achievements  to be  materially
different  from  any  future  results,   levels  of  activity,   performance  or
achievements  expressed or implied by such forward-looking  statements.  In some
cases, you can identify forward-looking statements by terminology such as "may,"
"will," "should," "could," "would," "expect," "plan,"  "anticipate,"  "believe,"
"estimate,"  "continue,"  or  the  negative  of  such  terms  or  other  similar
expressions.  Factors  that  might  cause or  contribute  to such a  discrepancy
include,  but are not limited to, those  described in our other  Securities  and
Exchange  Commission  filings.  The  following  discussion  should  be  read  in
conjunction  with our Financial  Statements  and related Notes thereto  included
elsewhere in this report.

We were  formed  on April  11,  2003 to serve as a  vehicle  to effect a merger,
capital stock exchange,  asset acquisition or other similar business combination
with a currently unidentified operating business that we believe has significant
growth  potential.  We intend to utilize  the  proceeds  of our  initial  public
offering,  our capital stock,  debt or a combination of cash,  capital stock and
debt, in effecting a business combination.

We  consummated  our  initial  public  offering on August 28,  2003.  Operations
commenced August 29, 2003. Net loss of $20,282 reported for the quarter consists
primarily  of $11,000  expense for  director  and officer  liability  insurance,
$7,500  expense  for a monthly  administrative  services  agreement,  $9,341 for
professional  fees and $3,119 for other  expenses.  Interest income on the Trust
Fund investment was $10,678.

Gross proceeds from our initial public offering,  including the full exercise of
the  underwriters'  over-allotment  option,  were  $24,150,000.  After deducting
offering expenses of approximately $1,027,500, including $724,500 evidencing the
underwriters' non-accountable expense allowance of 3% of the gross proceeds, and
underwriting   discounts  of   approximately   $1,690,500,   net  proceeds  were
approximately $21,432,000.  Of this amount, $20,685,000 is held in trust and the
remaining  proceeds are available to be used to provide for business,  legal and
accounting due diligence on prospective  acquisitions and continuing general and
administrative  expenses.  We will use  substantially all of the net proceeds of
our initial public offering to acquire a target business,  including identifying
and  evaluating  prospective  acquisition   candidates,   selecting  the  target
business,   and   structuring,   negotiating  and   consummating   the  business
combination. To the extent that our capital stock is used in whole or in part as
consideration to effect a business  combination,  the proceeds held in the trust
fund as well as any other net proceeds not expended  will be used to finance the
operations of the target business.  We believe that we have sufficient available
funds  outside  of the trust  fund to  operate  for at least the next 24 months,
assuming that a business  combination is not consummated  during that time. Over
this time period,  we anticipate  approximately  $177,000 of expenses for legal,
accounting  and other  expenses  attendant to the due diligence  investigations,
structuring  and  negotiating  of  a  business  combination,  $180,000  for  the
administrative fee payable to 400 Building LLC ($7,500 per month for two years),
$50,000  of  expenses  for the  due  diligence  and  investigation  of a  target
business,  $40,000 of expenses in legal and accounting  fees relating to our SEC
reporting obligations and $300,000 for general working capital that will be used
for miscellaneous  expenses and reserves,  including  approximately $264,000 for
director and officer  liability  insurance  premiums (for two years).  We do not
believe we will need to raise additional funds in order to meet the expenditures
required for operating our business.  However,  we may need to raise  additional
funds through a private offering of debt or equity  securities if it is required
to  consummate  a business  combination  that is  presented to us. We would only
consummate  such  a fund  raising  simultaneously  with  the  consummation  of a
business combination.



                                       8
<PAGE>


We are obligated,  commencing  September 1, 2003, to pay to 400 Building LLC, an
affiliate of Arthur Spector,  our chairman of the board, chief executive officer
and president, a monthly fee of $7,500 for general and administrative  services.
In  addition,  on April 28,  2003,  Mr.  Spector  advanced  $35,000  to us, on a
non-interest bearing basis, for payment on our behalf of offering expenses. This
loan  was  repaid  in  September  2003 out of  proceeds  of our  initial  public
offering.


                        ITEM 3 - CONTROLS AND PROCEDURES

Under the supervision and with the  participation  of our management,  including
our chief executive officer and chief financial  officer,  we have evaluated the
effectiveness  of the  design  and  operation  of our  disclosure  controls  and
procedures as of September 30, 2003 (the "Evaluation Date"), and, based on their
evaluation,  our chief  executive  officer  and  chief  financial  officer  have
concluded that these controls and procedures were effective as of the Evaluation
Date.  There were no  significant  changes in our internal  controls or in other
factors  that  could  significantly  affect  these  controls  subsequent  to the
Evaluation Date.

Disclosure  controls  and  procedures  (as  defined  in the  Exchange  Act Rules
13a-15(e) and 15d-15(e)) are controls and other  procedures that are designed to
ensure  that  information  required  to be  disclosed  in our  reports  filed or
submitted  under  the  Exchange  Act are  recorded,  processed,  summarized  and
reported,  within the time  periods  specified  in the  Securities  and Exchange
Commission's  rules.   Disclosure  controls  and  procedures  include,   without
limitation, controls and procedures designed to ensure that information required
to be disclosed in our reports filed under the Exchange Act is  accumulated  and
communicated  to  management  to  allow  timely  decisions   regarding  required
disclosures.


                           PART II - OTHER INFORMATION

               ITEM 2 - CHANGES IN SECURITIES AND USE OF PROCEEDS

On August 28, 2003, we closed our initial  public  offering of 3,500,000  Units,
with each Unit  consisting  of one share of our  common  stock and  warrants  to
purchase two shares of our common stock at an exercise price of $5.00 per share.
The  managing  underwriter  in  the  offering  was  EarlyBirdCapital,  Inc.  The
securities sold in the offering were registered under the Securities Act of 1933
on a  registration  statement on Form S-1 (No.  333-105388).  The Securities and
Exchange Commission declared the registration  statement effective on August 25,
2003.

On August 26, 2003, the underwriters  exercised their  over-allotment  option to
purchase  525,000 Units at the initial public offering price of $6.00 per share.
With the over-allotment  option, the aggregate initial offering proceeds totaled
$24,150,000.

We paid a total of $1,690,500 in  underwriting  discounts and  commissions,  and
approximately $1,027,500 has been or will be paid for costs and expenses related
to the  offering,  including  $724,500  for  the  underwriters'  non-accountable
expense allowance of 3% of the gross proceeds.

After  deducting the  underwriting  discounts and  commissions  and the offering
expenses,  the total net  proceeds to us from the  offering  were  approximately
$21,432,000,  of  which  $20,685,000  was  deposited  into a trust  fund and the
remaining  proceeds are available to be used to provide for business,  legal and
accounting due diligence on  prospective  business  combinations  and continuing
general and administrative expenses.




                                       9
<PAGE>

                    ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

(a)  EXHIBITS

Exhibit No.                          Description
----------     -----------------------------------------------------------------

        3.1     Amended and Restated Certificate of Incorporation  (incorporated
                by reference to the Company's Registration Statement on Form S-1
                filed on May 19, 2003).

        3.2     By-laws (incorporated by reference to the Company's Registration
                Statement on Form S-1 filed on May 19, 2003).

        4.1     Specimen Common Stock Certificate  (incorporated by reference to
                Amendment No. 3 to the Company's  Registration Statement on Form
                S-1 filed on July 24, 2003).

        4.2     Specimen  Warrant  Certificate  (incorporated  by  reference  to
                Amendment No. 1 to the Company's  Registration Statement on Form
                S-1 filed on June 27, 2003).

        4.3     Form of Unit  Purchase  Option to be granted  to  Representative
                (incorporated  by reference to Amendment  No. 5 to the Company's
                Registration Statement on Form S-1 filed on August 1, 2003).

        4.4     Form of Warrant Agreement  between  Continental Stock Transfer &
                Trust Company and the Registrant  (incorporated  by reference to
                Amendment No. 4 to the Company's  Registration Statement on Form
                S-1 filed on July 28, 2003).

        4.5     Specimen  Unit   Certificate   (incorporated   by  reference  to
                Amendment No. 3 to the Company's  Registration Statement on Form
                S-1 filed on July 24, 2003).

        10.1    Letter  Agreement among the Registrant,  EarlyBirdCapital,  Inc.
                and  Arthur  Spector   (without   schedules)   (incorporated  by
                reference to the  Company's  Registration  Statement on Form S-1
                filed on May 19, 2003).

        10.2    Letter  Agreement among the Registrant,  EarlyBirdCapital,  Inc.
                and Dr. Heinz C. Schimmelbusch (without schedules) (incorporated
                by reference to the Company's Registration Statement on Form S-1
                filed on May 19, 2003).

        10.3    Letter  Agreement among the Registrant,  EarlyBirdCapital,  Inc.
                and The Spector Family Trust (without  schedules)  (incorporated
                by reference to the Company's Registration Statement on Form S-1
                filed on May 19, 2003).

        10.4    Letter  Agreement among the Registrant,  EarlyBirdCapital,  Inc.
                and  J.  Brian  O'Neill  (without  schedules)  (incorporated  by
                reference to the  Company's  Registration  Statement on Form S-1
                filed on May 19, 2003).

        10.5    Form of Letter Agreement among the Registrant, EarlyBirdCapital,
                Inc.  and each of  Robert  E.  Keith  and Don K.  Rice  (without
                schedules)   (incorporated   by  reference   to  the   Company's
                Registration Statement on Form S-1 filed on May 19, 2003).

        10.6    Form  of   Investment   Management   Trust   Agreement   between
                Continental  Stock  Transfer  &  Trust  Company  and  Registrant
                (incorporated  by reference to Amendment  No. 4 to the Company's
                Registration Statement on Form S-1 filed on July 28, 2003).

        10.7    Form  of  Stock  Escrow   Agreement   between  the   Registrant,
                Continental  Stock  Transfer  & Trust  Company  and the  Initial
                Stockholders  (incorporated  by reference to Amendment  No. 4 to
                the Company's  Registration  Statement on Form S-1 filed on July
                28, 2003).

        10.8    Form of Letter Agreement between 400 Building LLC and Registrant
                regarding  administrative  support (incorporated by reference to
                the  Company's  Registration  Statement on Form S-1 filed on May
                19, 2003).

        10.9    Promissory Note dated April 28, 2003 in the principal  amount of
                $35,000 issued to Arthur Spector  (incorporated  by reference to
                the  Company's  Registration  Statement on Form S-1 filed on May
                19, 2003).

        10.10   Warrant   Purchase   Agreement   between   Arthur   Spector  and
                EarlyBirdCapital,  Inc.  (incorporated by reference to Amendment
                No. 3 to the Company's  Registration Statement on Form S-1 filed
                on July 24, 2003).

        10.11   Letter  Agreement among the Registrant,  EarlyBirdCapital,  Inc.
                and each of Arthur  Spector,  Dr.  Heinz C.  Schimmelbusch,  The
                Spector Family Trust, J. Brian O'Neill, Robert E. Keith, Jr. and
                Don K. Rice (incorporated by reference to Amendment No. 3 to the
                Company's  Registration  Statement on Form S-1 filed on July 24,
                2003).

        10.12   Registration  Rights  Agreement  among  the  Registrant  and the
                Investors  (incorporated  by reference to Amendment No. 2 to the
                Company's  Registration  Statement on Form S-1 filed on July 21,
                2003).



                                       10
<PAGE>


        10.13   Letter  Agreement among the Registrant,  EarlyBirdCapital,  Inc.
                and Robert E. Keith,  Jr. (without  schedules)  (incorporated by
                reference  to  Amendment  No.  3 to the  Company's  Registration
                Statement on Form S-1 filed on July 24, 2003).

        10.14   Letter  Agreement among the Registrant,  EarlyBirdCapital,  Inc.
                and Don K. Rice (without  schedules)  (incorporated by reference
                to Amendment  No. 3 to the Company's  Registration  Statement on
                Form S-1 filed on July 24, 2003).

        31.1    Certification of Chief Executive Officer pursuant to Section 302
                of the Sarbanes-Oxley Act of 2002

        31.2    Certification of Chief Financial Officer pursuant to Section 302
                of the Sarbanes-Oxley Act of 2002

        32      Certification  of Chief  Executive  Officer and Chief  Financial
                Officer  pursuant  to Section 906 of the  Sarbanes-Oxley  Act of
                2002



(b)  REPORTS ON FORM 8-K

Millstream  Acquisition  Corporation filed a current report on Form 8-K with the
Securities and Exchange Commission on August 28, 2003 reporting the consummation
of its initial public offering.





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<PAGE>

                                   SIGNATURES

        Pursuant to the requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.



                                        MILLSTREAM ACQUISITION CORPORATION
                                        By: /s/ Arthur Spector
                                        ------------------------------
                                        Arthur Spector
                                        Chairman, President and Chief Executive
                                        Officer


Date:  November 12, 2003








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