updated 3/3/2011 7:46:07 AM ET 2011-03-03T12:46:07

CORAL SPRINGS, Fla., March 3, 2011 (GLOBE NEWSWIRE) -- Union Dental Holdings, Inc. (Pink Sheets:UDHI) www.uniondental.com/ir -- a provider of multi-state dental services for union members, announced today its revenues for the quarter and year ending December 31, 2010. The revenues from operations as compared for the same period for 2009 for the quarter increased 63% from $613,860 to $1,000,933 and also increased 22.5 percent for the year ending 12/31/2010 from $3,148,724 to $3,857,434.

The Company's Consolidated Statements of Operations for December 31, 2010 reflects an operating income in the 4th Quarter of $210,118 as compared to a loss of $36,481during the comparable period in 2009. The Company's Consolidated Statements of Operations for year end December 31, 2010 reflects income of $576,399 as compared to $329,200 or a 75% increase.

Dr. George D. Green, President and CEO, commented: "I am pleased we are again profitable, especially in this dramatic worldwide economic downturn we are facing. Again, a majority of our losses in the past were related to the interest expense, increased IR consulting fees, Professional Fees and a derivative issue for some of our financing. We now have converted a good portion of debt into equity showing the confidence our debt holders have in the Company's future."

Income Statement and Balance Sheet as of 12/31/2010

UNION DENTAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
     
  For the Year Ended

December 31,
  2010 2009
   Unaudited  Unaudited
     
Cash Flows From Operating Activities:    
Net income  $ 470,694  $ 388,213
Adjustments to reconcile net loss to net cash used in operating activities:     
Depreciation and amortization  106,081  126,201
Stock-based compensation and consulting  26,500  224,650
Common stock issued for interest  --  --
(Gain) loss from valuation of derivatives  66,745  44,979
Changes in assets and liabilities:    
Accounts receivable  (263,140)  (534,694)
Inventory of supplies  --  (1,874)
Prepaid expenses and other current assets  --  27,724
Accounts payable  (2,526)   (25,891)
Accrued expenses  9,051  (23,752)
Unearned membership fees  (146,624)  124,240
     
Net cash provided by operating activities  266,781  349,796
     
Cash Flows From Investing Activities:    
Purchase of property and equipment  (4,215)  (200,014)
     
Net cash provided by (used in) investing activities  (4,215)  (200,014)
     
Cash Flows From Financing Activities:    
     
Proceeds from note payable  --  --
Cash overdraft  --  (67,236)
Payments on loans payable - related party  (47,951)  (2,361)
Payments on notes payable   (238,716)  (41,997)
     
Net cash provided by (used in) financing activities  (286,667)  (111,594)
     
Net increase (decrease) in cash  (24,101)  38,188
     
Cash - beginning of period  51,674  13,486
     
Cash - end of period  $ 27,573  $ 51,674
     
     
Non-cash investing and financing activities:    
Issuance of common stock for debt and accrued interest  $ 659,261  $ 72,000
Reclassification of derivative liability to equity  $ 800,975  $ 130,341
 
 
 

UNION DENTAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
UNAUDITED
     
     
     
  December 31,

2010
December 31,

2009
ASSETS  Unaudited  Unaudited
     
CURRENT ASSETS:    
Cash  $ 27,573  $ 51,674
Accounts receivable, net  1,182,586  919,446
Inventory of supplies  39,354  39,354
     
Total current assets  1,249,513  1,010,474
     
Property and equipment, net  411,302  513,168
     
Total Assets  $ 1,660,815  $ 1,523,642
     
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)    
     
CURRENT LIABILITIES:    
     
Convertible notes payable  $ --  $ 467,413
Convertible debenture payable  --  226,873
Notes payable  564,834  768,524
Loan payable - related party  215,916  263,867
Line of credit  50,650  50,650
Accounts payable   62,462  64,988
Accrued expenses  150,033  239,749
Unearned membership fees  161,795  308,419
Derivative liability  --  635,463
     
Total current liabilities  1,205,690  3,025,946
     
Commitments and contingencies  --  -- 
     
SHAREHOLDERS' EQUITY (DEFICIT):    
Preferred stock ($.0001 Par value; 25,000,000 shares authorized;

8,000,000 shares issued and outstanding)
  800  300
Common stock ($.0001 Par value; 300,000,000 share authorized;

203,658,932 shares and 177,572,510 issued and outstanding at

September 30, 2010 and December 31, 2009, respectively)
20,366 17,757
Common stock issuable (1,000,000 shares)    
Additional paid-in capital  5,830,023  4,346,396
Accumulated deficit  (3,906,353)  (4,377,046)
Shareholder transactions  (1,489,711)  (1,489,711)
Less: Deferred compensation  --  -- 
     
Total shareholders' equity (deficit)  455,125  (1,502,304)
     
Total liabilities and shareholders' equity (deficit)  $ 1,660,815  $ 1,523,642

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 Pipefitters (UA), the National Federation of Public and Private Employees (NFOPAPE), 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, IBEW and all other union members use the dentists' services. Union Dental manages a dental practice in Coral Springs, Florida.

The Union Dental Holdings Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8310

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.

CONTACT: Dr. George D. Green, President
         info@uniondentalcorp.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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