Union Dental Reports 18% Increase in Revenues for Year End 2007; Loss Reduced 56%
March 31 2008 - 6:20AM
Marketwired
CORAL SPRINGS, FL -- www.uniondental.com/ir -- a provider of
multi-state dental services for union members, announced today its
revenues for the year ending December 31, 2007 with the filing of
their 10-KSB to the Securities & Exchange Commission. The
revenues as compared to the same period for 2006 increased to
$2,593,176 from $2,197,099, an 18% increase. The increase in
revenues was primarily attributable to the Company's growing
network of dental service providers who pay a fee to the Company
for the opportunity to join Union Dental's growing list of
contracted unions.
The Company's Consolidated Statements of Operations as reported
in their December 31, 2007 filing reflects a net loss for the year
of $884,259. This compares to a net loss of $2,013,399 during the
comparable period in 2006, a reduction in losses of 56%.
Dr. Green, President and CEO, commented: "I am pleased our
revenues have once again increased for the year and our losses
reduced dramatically. Again, a majority of our losses were related
to the interest expense, increased IR consulting fees and a
derivative issue for some of our financing. We have an agreement to
build a nationwide dental network for the Association of Flight
Attendants - Communications Workers of America (AFA-CWA). AFA-CWA
represents the employees of 20 major airlines such as United, US
Airways, Northwest, America West, Alaska Airlines, PSA, Mesa, Air
Wisconsin, Aloha, ATA, Spirit, Air Tran, AWA, American Eagle,
Midwest Airlines, Miami Air, Piedmont, Horizon & Hawaiian."
Most recently, the Company announced it has entered into an
engagement with vFinance Investments, Inc of Boca Raton, Florida to
act as exclusive agent on their behalf in raising capital required
for the expansion of its Coral Springs facility, acquire a facility
and practice in Charlotte, North Carolina, reduce certain debts and
refinance the balance of its current debt.
Dr. Green further stated: "As a part of our expansion, we intend
to be a full-service office in our Coral Springs facility with
General Dentistry, Extractions, Orthodontics, Periodontics (gum
therapy), Endodontics, Implants, Pedodontics (children's
dentistry), Prosthodontics (crowns, bridges & dentures),
Sedation Dentistry, Veneers and Cosmetic Dentistry."
About Union Dental Holdings, Inc., Direct Dental Services, Inc.
and Union Dental Corp.
Direct Dental Services and Union Dental Corp. are wholly owned
subsidiaries. Direct Dental Services provides dentists with "areas
of exclusivity" to participate with various unions including the
Communications Workers of America (CWA) and the International
Brotherhood of Electrical Workers (IBEW), United Association of
Plumbers and Pipe Fitters (UA) and The Association of Flight
Attendants - Communications Workers of America (AFA-CWA). Direct
Dental Services 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. Union Dental
manages a dental practice in Coral Springs, Florida.
WEBSITE: www.uniondentalcorp.com/ir
"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.
About vFinance
vFinance Investments, Inc. has been assisting entrepreneurs for
over five years. The investment banking division provides emerging,
small and middle market companies with global capital raising
services. Their senior executives have extensive entrepreneurial
experience and a deeply ingrained philosophy of practicality,
innovation and common sense. They combine personalized attention
with Wall Street know-how and the clout of a major financial
services firm. Their team specializes in the private placement of
debt and equity, management consulting, and can represent your firm
in mergers, acquisitions or divestitures.
vFinance further assists their private company clientele by
leveraging the vast resources of their web technology. The global
website audience of CEOs and wealthy investors, producing a stream
of qualified investors, potential M&A candidates and strategic
business partners.
CONTACT INFORMATION: Dr. George D. Green President Email Contact
WEBSITE: www.uniondental.com/ir Jonathan C. Rich Executive Vice
President - Investment Banking Email Contact (212) 380-2819
WEBSITE: www.vfinance.com
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