CORAL SPRINGS, Fla., July 28, 2010 (GLOBE NEWSWIRE) -- Union Dental Holdings, Inc. (PinkSheets:UDHI) - http://www.uniondental.com - a provider of multi-state dental services for union members, is pleased to announce Dutchess Private Equities has converted both its Convertible Debenture and Senior Note which together total $659,000 into equity in the Company. The original amount of the note was $1,400,000 and has been reduced over the years. The conversion was done at approximately one cent per share which was almost five times the market price at the time the transaction was completed.
Dr. George D. Green, President and C.E.O. of Union Dental Holdings, commented: "We are extremely pleased that Dutchess has the confidence in the Company to convert their entire debt position into equity in UDHI at such a high price. This is a boost to our confidence that we are headed in the right direction and have made the correct strategic plans for future growth. It is rare in these trying financial markets that this type of conversion takes place and we are happy to have Dutchess as a large shareholder in the company."
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.uniondental.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.