Union Dental Reports Record Revenue for Fiscal 2005
03 April 2006 - 10:59PM
Business Wire
Union Dental Holdings, Inc. (OTCBB:UDHI) -
http://www.uniondental.com/ir - a provider of multi-state dental
services for union members, announced today with the filing of
their 10-KSB to the Securities & Exchange Commission the
financial results for the year ending December 31, 2005. In the
Consolidated Statement of earnings the Company reported revenues of
$2,066,944 with a loss of $1,440,183. Dr. Green, President and CEO
commented: "I am pleased our revenues have once again increased for
the year. During this past year we have financed the company with a
convertible debenture in the amount of $600,000, a senior note in
the amount of $960,000, and a $5.0 million Equity Line of Credit to
insure our future growth. At the same time we made an acquisition
and expanded the dental network in order to build the
infrastructure to poise ourselves in creating a nationwide dental
network for the CWA members which is reflected in our loss for the
year. We have made tremendous strides in preparing for this
expansion." UDC has been providing a Dental Network for the
Communications Workers of America (CWA) Local Unions in Florida
since its inception and has expanded the concept and Dental Network
throughout District 3 which along with Florida includes Alabama,
Georgia, Kentucky, Louisiana, Mississippi, 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); 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. For a complete description of our operations
and financial statements, you are urged to review the Company's
Form 10-KSB which has been filed with the Securities and Exchange
Commission and can be accessed at the Commission's website at
http://www.sec.gov 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
"Safe-Harbor" Statement: Under the Private Securities Litigation
Reform Act of 1995. This press release may contain forward-looking
information within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), including
all statements that are not statements of historical fact regarding
the intent, belief or current expectations of the Company, its
directors or its officers with respect to, among other things: (i)
the Company's financing plans; (ii) trends affecting the Company's
financial condition or results of operations; (iii) the Company's
growth strategy and operating strategy; and (iv) the declaration
and payment of dividends. The words "may," "would," "will,"
"expect," "estimate," "anticipate," "believe," "intend," and
similar expressions and variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, many of which are beyond the
Company's ability to control, and that actual results may differ
materially from those projected in the forward-looking statements
as a result of various factors.
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