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XCRT Xcelerate Inc (QB)

0.025
0.00 (0.00%)
19 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Xcelerate Inc (QB) USOTC:XCRT OTCMarkets Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.025 0.024 0.025 0.025 0.025 0.025 40,308 13:14:58

Union Dental Holdings Announces Significant Increase in Revenues for the Third Quarter & 9-Months Ended September 30, 2005

22/11/2005 2:23pm

Business Wire


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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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