UNITED HEALTH PRODUCTS, INC. (OTCMKTS:UEEC) Files An 8-K Other EventsItem 8.01 Other Events
On September 24, 2018, the Company notified Maxim Group LLC of its intent to file a duly executed Demand for Arbitration for breach of contract with the Financial Industry Regulatory Authority (“FINRA”). Maxim Group received the Company’s Notice and without first filing a required notification to the Company, it filed a Statement of Claim with FINRA alleging breach of contract and the Company’s failure to remove the restrictive legend from a stock certificate in the amount of 500,000 shares.
On October 1, 2018, the Company filed an Answer and Statement of Counterclaim with FINRA. In this filing, the Company asserted an affirmative defense of Maxim Group’s failure to serve the Company with a written demand for arbitration. The Company also asserted a second affirmative defense that Maxim Group did not have clean hands and was entitled to no relief due to Maxim Group’s breach of contract. The Company counterclaimed stated that it filed a demand for arbitration between the parties and alleged Maxim Group’s failure to perform the required services under its Financial Advisory Agreement of July 9, 2015, as amended on January 10, 2018. The Company is seeking the return of the 4,000,000 shares of common stock it previously paid to Maxim Group and damages in the amount determined at the hearing.
About UNITED HEALTH PRODUCTS, INC. (OTCMKTS:UEEC)
United Health Products, Inc. is a product development and solutions company. The Company develops, manufactures and markets hemostatic gauze for the healthcare and wound care sectors. The Company’s product, HemoStyp, is derived from regenerated oxidized cellulose and designed to absorb exudate/drainage from wounds and to help control bleeding. The Company is focused on identifying new markets and applications for its product. The Company has received orders from the dental and medical markets and is pursuing various markets for HemoStyp, including the medical, sports and veterinary sectors. Its HemoStyp Hemostatic Gauze is a hemostatic agent that controls bleeding from open wounds and body cavities. Its hemostatic gauze product line includes various configurations. Its hemostatic gauze product line includes dental gauze for oral surgery, approximately four versions of Trauma Gauze for battlefield trauma and approximately two island dressings to support intravenous procedures.