The total transaction will require approximately $3.8 million and will come from the Company's cash and marketable securities balances, which, at March 31, 2010, exceeded $13.1 million. Robert Rubinger, the Company's Executive Vice President, commented, "After the completion of the transaction, the Company will still retain sufficient funds to cover its business requirements for the foreseeable future."
Mr. Globus concluded, "The sale of a portion of my inherited shares was solely for estate planning purposes. I remain the Company's largest stockholder and continue to be as dedicated as ever to the success of the Company."
United-Guardian is a manufacturer of cosmetic ingredients, personal and health care products, pharmaceuticals, and specialty industrial products.
The United-Guardian, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6000NOTE: This press release contains both historical and "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements about the company's expectations or beliefs concerning future events, such as financial performance, business prospects, and similar matters, are being made in reliance upon the "safe harbor" provisions of that Act. Such statements are subject to a variety of factors that could cause our actual results or performance to differ materially from the anticipated results or performance expressed or implied by such forward-looking statements. For further information about the risks and uncertainties that may affect the company's business please refer to the company's reports and filings with the Securities and Exchange Commission.
CONTACT: United-Guardian, Inc. Public Relations Robert S. Rubinger (631) 273-0900