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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.