Message #5 From:
Stock News Bot Date: December 22, 2005 03:32:00 AM
UDHI News Union Dental Announces Completion of $960,000 Senior Note
CORAL SPRINGS, Fla.--(BUSINESS WIRE)--Dec. 22, 2005--Union Dental Holdings, Inc. (OTCBB:UDHI) - http://www.uniondental.com - a provider of multi-state dental services for union members, is pleased to announce that the company has completed a major financing with Dutchess Private Equities Fund, II, LP in the form of a $960,000 Senior Note. Complete terms of the financing will be released in an 8-K filing.
George D. Green, president and CEO of Union Dental, said, "This financing is another milestone in our company's history. We intend to build a national network of dentists to service the dental needs of local Communications Workers of America (CWA) chapter members all across the country. This funding gives us the ability to rapidly expand the dental network, and approach other unions with the option of using the services of Union Dental. We believe the major benefits for union members offered by our service will substantially strengthen the union with its members and make it more effective going forward."
About Dutchess
Dutchess Private Equities Fund, II, LP is a Boston-based investment fund engaged in assisting growth companies in all facets of their long-term strategy by providing capital and progressive business solutions. The fund manages a portfolio of private investments in public equities (PIPEs). Dutchess has worked with companies in the industries of healthcare, biotechnology, Internet, technology, media, communications, oil and gas, textile, defense, precious metals and alternative energy. With offices in Boston and New York, Dutchess has assisted in facilitating the growth of companies located throughout North America and Europe. For more information, visit http://www.dutchessadvisors.com.
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.
"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.
