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Union Dental Reports Three and Six Month Revenues
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CORAL SPRINGS, Fla., Aug. 25, 2011 (GLOBE NEWSWIRE) -- Union Dental Holdings, Inc. (Pink Sheets: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 unaudited financial results for the quarter ending June 30, 2011. In the Consolidated Statement of earnings the Company reported a loss of income from operations of $22,865 on revenues of $917,990 as compared to a profit of $324,522 on revenues of $1,144,655 during the same period in 2010. For the six months ending June 30, 2011 the Company reported a loss of $9,890 on revenues of $2,028,346 as compared to a profit of $167,668 on revenues of $1,755,815 for the same period ending in 2010.

Recently Union Dental implemented an expansion program to double the size of its dental facility in Coral Springs and received a $1,480,000 loan from Flagler Bank with an SBA guarantee at the current rate of six percent which is adjusted quarterly on the basis of Wall Street Prime Rate plus 2.25%. This loan consolidated all of the long term debt of the company plus included the funds for the built out of the new facility which includes all dental equipment to be fully operational upon opening. The new facility will be open in the fourth quarter of this year.

Dr. George Green, President and CEO stated: "Due to the downturn in the economy and uncertainty of financial markets our revenues were down in this quarter as compared to a year ago as patients put some of their health care needs on hold. In addition, part of the loss is directly related to one time costs with building the infrastructure for the expansion in addition to costs associated with our Flagler Bank/SBA loan, SBA fees, consulting fees and additional legal and accounting fees with obtaining the loan."