United-Guardian, Inc.
Annual Report 2020

Plain-text annual report

AnnuAl RepoRt 2020 Cosmetic Ingredients Pharmaceuticals Health Care Products Specialty Industrial Products Excellence Through Innovation® Officers and Directors KEN GLOBUS President & Chief Executive Officer Chairman of the Board of Directors General Counsel PETER A. HILTUNEN Senior Vice President Production Manager Director of Plant Operations ANDREA J. YOUNG Chief Financial Officer & Controller Treasurer Secretary DONNA VIGILANTE Vice President R&D Manager Director of Technical Services ARTHUR M. DRESNER Director; Counsel to the law firm of Duane Morris LLP New York, NY LAWRENCE F. MAIETTA Director; Partner in the accounting firm of PKF O'Connor Davies, LLP New York, NY ANDREW A. BOCCONE Director; Independent Business Consultant, Former President of Kline & Company, Inc. (business consulting firm), Little Falls, NJ S. ARI PAPOULIAS Director; Principal of ChemRise LLC (a business advisory firm providing advice to companies in the chemicals industry), Tarrytown, NY Corporate Profile United-Guardian, Inc. is a publicly-traded (NASDAQ:UG) fully integrated research, development, manufacturing, and marketing company that has been supplying unique and innovative products to the personal care, health care, pharmaceutical, and industrial sectors since 1942. The company's products are developed and manufactured by the company’s Guardian Laboratories Division at its 50,000 square foot facility in Hauppauge, New York. Some of its products are proprietary formulations with unique combinations of properties and ingredients. The cosmetic ingredients are marketed through a worldwide network of marketing partners, and are used by many of the major multinational cosmetic companies. The pharmaceuticals are sold primarily to full-line drug wholesalers, which distribute them to pharmacies, hospitals, physicians, long-term care facilities, and other health care providers. The health care products are primarily medical products marketed directly to manufacturers of medical devices and other medical products, which incorporate them into their finished products and distribute them to hospitals, pharmacies, and other health care facilities. The specialty industrial products are sold directly to manufacturers of industrial products. The company's most important product line is its extensive LUBRAJEL® line of water-based moisturizing and lubricating gel products, which are used in both the company’s cosmetic and medical products. The focus of the company's research at the present time is on developing additional products for the cosmetic ingredient market, especially ingredients that can be used to formulate “natural” cosmetic products. Over the years the company has been issued over 32 patents. The company currently relies primarily on proprietary manufacturing methods and product formulations, which are protected as trade secrets, rather than patent protection, thereby eliminating the public disclosure required to obtain limited-duration patent protection. It has also received ISO 9001:2015 registration from Underwriters Laboratories, Inc., indicating that its documented procedures and overall operations have attained the very high level of quality needed for this global certification level. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters. /s/ Baker Tilly US, LLP We have served as the Company's auditor since 2019. Melville, NY March 18, 2021 Registrar and Transfer Agent Continental Stock Transfer & Trust Company 1 State Street, 30th Floor ● New York, NY 10004 Auditors Baker Tilly US, LLP Melville, NY Legal Counsel Jay Weil, Esq. Wayne, NJ Main Office and Plant 230 Marcus Blvd. ● Hauppauge, NY 11788 Mailing Address P.O. Box 18050 Hauppauge, NY 11788 Tel: (631) 273-0900 ● Fax: (631) 273-0858 ● Web site: www.u-g.com NOTE: Upon written request, a copy of the Company's most recent Annual Report on Form 10-K will be furnished without charge. A fee will be charged for copies of any exhibits to such report. Contact: Corporate Secretary, United-Guardian, Inc., P.O. Box 18050, Hauppauge, NY 11788. Excellence Through Innovation® 230 Marcus Boulevard P.O. Box 18050 Hauppauge, New York 11788 Telephone (631) 273-0900 Fax (631) 273-0858 www.u-g.com 

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