UNITED HEALTH PRODUCTS, INC. (OTCMKTS:UEEC) Files An 8-K Other Events
Item 8.01 Other Events
The Company has been following the recommendations of local health authorities to minimize exposure risk for its team members (officers and consultants) for the past several weeks, including the temporary closures of certain offices of its team members to work remotely, and, as a result, the quarterly report will not be completed by the filing deadline, due to insufficient time to facilitate the internal and external review process.
ACCORDINGLY, UNITED HEALTH PRODUCTS, INC. (the Company) will be relying on the Securities and Exchange Commission\’s Order under Section 36 of the Securities Exchange Act of 1934 Granting Exemptions From Specified Provisions of the Exchange Act of 1934 and Certain Rules Thereunder dated March 25, 2020 (Release No. 34-88318) (the Order) to delay the filing of its Form 10-Q for the quarter ended March 31, 2020 (the” Reports”) due to the circumstances related to COVID-19 and the Company’s officers, consultants and securities counsel working from home as non-essential people in various states across the country. It is anticipated that the Form 10-Q for the quarter ended March 31, 2020 will be filed with the SEC on or before June 29, 2020.
In light of the current COVID-19 pandemic, the Company will be including the following Risk Factor in its Report:
Impacts of COVID-19 to Business and the general economy
Covid -19 has recently caused a material and substantial adverse impact on our general economy. It has also caused there to be a hold on our FDA application for class III approval of our hemostyp product for internal surgical purposes while the FDA deals with the Covid-19 crisis. Recently, this hold was lifted by the FDA. The impacts of the global emergence of Coronavirus disease (COVID-19) on our business and the general economy, are currently not fully known. We are conducting business as usual with some modifications to, employee work locations, among other modifications We have observed other companies taking precautionary and preemptive actions to address COVID-19 and companies may take further actions that alter their normal business operations. We will continue to actively monitor the situation and may take further actions that alter our business operations as may be required by federal, state or local authorities or that we determine are in the best interests of our employees, potential partners, suppliers and stockholders. It is not clear what the potential effects any such alterations or modifications may have on our business, including the effects on our prospects, although we do anticipate it to negatively impact our financial results and the length of time needed to obtain FDA approval of our hemostyp product for internal surgical purposes during fiscal year 2020.
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.