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- Union Dental Holdings, Inc. (OTCBB:UDHI) Dr. George
Green, President and CEO, issued the following letter to shareholders.
Dear Fellow Shareholders,
During the latter part of 2005, we achieved several significant
milestones as we accelerated our business plan. We successfully
expanded our network of dentists, increased our revenues, heightened
our media exposure, added to our technology offering, and strengthened
our balance sheet. While we still have a great deal to accomplish in
2006, in my view, the Company is ideally positioned to achieve our
aggressive goals and objectives.
Network Expansion
This year started with a very promising announcement as Union
Dental reported that it doubled the network of dentists in two months.
The Company bolstered its dental provider number from 450 dentists /
specialists to over 1,100. Adding 68 new dental locations in
California & Nevada was of great significance to Union Dental as the
addition of these dental providers is another milestone in the
Company's history.
Third Quarter & Nine Months Ended September 30, 2005
For the three months ended September 30, 2005, Union Dental
reported revenues of $499,035, which represented an increase of 23%
over the same period last year. In addition, for the nine months ended
September 30, 2005, the Company reported revenues of $1,623,596, which
represented an increase of 48% over the same period last year.
Media Exposure
Union Dental was a feature story in the December 1st, 2005 issue
of Managed Dental Care. Within the article, an excellent summary was
provided of the Company's recent accomplishments including the
pursuit of a national contract with the Communications Workers of
America (CWA). The article also discussed our initiatives with union
representatives in other industries as we pursue the expansion of the
Company's dental networks.
Technology
On December 13, 2005, Union Dental was proud to announce the
completion and implementation of the HIPPA (Portability and
Accountability Act 1996) compliant Web Link Solutions. The Solution
processes "on-line" and "real time" eligibility verification, claims
submission and claims adjudication in a single pass environment. The
proven solutions reduce medical, dental, operational and
administrative costs for both payers and providers and are now HIPPA
compliant.
Financing
Recently, we announced the completion of a $960,000 Senior Note
with the Dutchess Private Equities. This financing was of crucial
importance as it will provide the required funding to enable the
Company to secure our primary objective, the national contract with
the CWA. This financing was another milestone in our Company's
history. We intend to build a national network of dentists to service
this CWA contract.
Our management team believes that the Company is truly dynamic in
its market niche. During the past three months, we have been extremely
productive as demonstrated by the issuance of numerous and significant
press releases.
In closing, I would like to thank you for your support of our
Company and we will continue to strive to build shareholder value as
we pursue our aggressive business plans.
Dr. George Green
President & CEO
Union Dental Holdings, Inc.
This press release is available on the company's official online
Investor Relations HUB for all investor questions, answers and
discussion within a monitored environment. Alternatively, investors
are able to e-mail all questions and correspondence to where they can
also request addition to the investor e-mail list to receive all
future press releases and updates in real time.
About Union Dental Holdings, Inc., Direct Dental Services, Inc.
and Union Dental Corp.
Direct Dental Services (DDS) and Union Dental Corp. (UDC) 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.