Union Dental Holdings Announces Significant Increase in Revenues for the Third Quarter & 9-Months Ended September 30, 2005
23 November 2005 - 1:23AM
Business Wire
Union Dental Holdings, Inc., (OTCBB:UDHI) a Company that operates
and manages a network of Dentists throughout the United States who
provide services to union members in exchange for an annual
management fee, is pleased to report a significant increase in
revenues for both the 3-months and 9-months ended Sept. 30, 2005.
For the 3-months ended Sept. 30, 2005, Union Dental reported
revenues of $499,035, which represents an increase of 23% over the
same period last year. In addition, for the 9-months ended Sept.
30, 2005, the Company reported revenues of $1,623,596, which
represents an increase of 48% over the same period last year. Dr.
George D. Green, President and CEO of Union Dental, stated, "I am
very pleased with the revenue growth experienced in both our third
quarter and the 9 months ended Sept. 30th, 2005. This revenue
growth is a clear indication that we are executing our business
plan by growing the Company both organically and through
acquisition." Dr. Green added, "Part of this growth in revenue is
from the asset acquisition of Dental Visions which gave us an
additional facility to better service and expand our on-going
dental practice with CWA patients." In the Consolidated Statement
of earnings for the three months and nine months ended September
30, 2005, the Company reported a loss of $355,384 and $206,968
respectively. Dr. Green commented, "The loss is attributed to some
one time costs associated with the Dental Visions acquisition and
some other one time costs associated with the issuance of our
convertible debentures and $5.0 million Equity Line of Credit
funding which took place during the last quarter." Dr. Green added,
"The funding in question will play a large part in helping us to
prepare the Company for expansion on a national level. We aim to
begin with the communications industry and then plan to propose our
business model to other unions on a national basis." UDHI has been
providing a Dental Network for the Communications Workers of
America (CWA) Local Unions in Florida since UDHI's inception and
has expanded the concept and Dental Network throughout District 3
which along with Florida includes Georgia, Kentucky, Louisiana,
North Carolina, South Carolina and Tennessee as well as throughout
southern United States into California. The Communications Workers
of America union members represent workers who are employed by
BellSouth (NYSE:BLS); Qwest (NYSE:Q); AT&T (NYSE:T); Lucent
(NYSE:LU); General Electric (NYSE:GE); Cingular; Verizon (NYSE:VZ);
SBC Communications (NYSE:SBC), Avaya (NYSE:AV) and many other
varied occupational fields such as public maintenance, food
service, flight attendants and law enforcement. About Union Dental
Holdings, Inc., Direct Dental Services, Inc. and Union Dental Corp.
- Direct Dental Services and Union Dental Corp. are wholly owned
subsidiaries and provide dentists with "areas of exclusivity" to
participate with various unions including the Communications
Workers of America ("CWA") and International Brotherhood of
Electrical Workers (IBEW) Dental Networks. Union Dental Corp.
receives annual management fees from the dentists in exchange for
practicing in these "areas of exclusivity" where CWA and IBEW
members use the dentists' services. DDS/UDC has contracts with CWA
& IBEW Local Unions to provide a dental network utilizing the
members existing insurance policy. The dentists in the Dental
Network provide services in the areas for union members, as well as
existing patients in exchange for an annual management fee. The
network of dentists accepts payment from union insurance plans for
services rendered as payment in full, with certain procedures
requiring a small out-of-pocket co-payment from the union member
patient. In addition, Union Dental Corp. acquired the assets of an
existing dental practice (excluding the patient list) and
successfully integrated those assets into its existing practice
which has been servicing patients for 17 years in Coral Springs,
Florida. UDC and DDS are wholly owned subsidiaries of Union Dental
Holdings, Inc. Website: http://www.uniondental.com For all future
Union Dental investor relations needs, investors are asked to visit
the Union Dental IR Hub at http://www.agoracom.com/IR/UnionDental
where they can post questions and receive answers within the same
day, or simply review questions and answers posted by other
investors. Alternatively, investors are able to e-mail all
questions and correspondence to UDHI@agoracom.com where they can
also request addition to the investor e-mail list to receive all
future press releases and updates in real time. About AGORA
Investor Relations Corp., http://www.agoracom.com AGORA Investor
Relations Corp. (AGORA) is North America's leading outsourced
investor relations firm for small-cap companies. AGORA's exclusive
IR HUB delivers two-way investor relations and communications that
provides 100% transparency, accessibility, equality and near
real-time communications for all shareholders and the investment
community. The digital delivery of investor relations also provides
public companies with savings over traditional services ranging
from 50-60%. AGORA has specialized in small-cap investor relations
since 1997 and is the exclusive provider of all content to the AOL
Small Cap Channel.
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