CORAL SPRINGS, FL -- (Marketwired) -- 08/14/14 --
Union Dental Holdings, Inc. (PINKSHEETS: UDHI) -- http://www.uniondental.com/ir -- a Company that operates and manages a network of dentists throughout the United States for union members -- announced the financial results for the quarter ending June 30, 2014. In the Consolidated Statement of Earnings the Company reported a loss of $65,317 as income from operations on revenues of $1,025,756 as compared to a loss of $14,824 as income from operations on revenues of $1,009,302 during the same period in 2013.
The progress on the Joint Venture Agreements with Drinkable Air and the introduction of DA's products into new areas of business required some additional expenditure compared to last year. We believe these investments will begin to increase shareholder value and increase revenues shortly. We are transitioning from a strictly dental facility and network operator that generates $4.2 million in revenue annually to a product-based company within our industry. We believe the foundation we spent years developing and the contacts in the industry will enhance this growth.
Dr. George Green, President and CEO, stated: "Our revenues were higher for the quarter as compared to last year, but our loss was a little bit bigger as the cost of goods was higher and we had several expenditures related to our JV agreement with Drinkable Air. As noted in one of our latest press releases, we have been notified that we will receive our patent in Canada for the Green Ozonator and all shareholders will benefit from this accomplishment."
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.
"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.
CONTACT INFORMATION: Dr. George D. GreenPresidentinfo@uniondentalcorp.com
Source: Union Dental Holdings, Inc.