updated 6/9/2011 8:17:13 AM ET 2011-06-09T12:17:13

CORAL SPRINGS, Fla., June 9, 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 audited financial statement 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 from $3,148,724 to $3,857,434 for the year ending 12/31/2010.

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

Dr. Green, President and CEO, commented: "Our investment bankers, J&C Global Securities, LLC have commented that auditing our financial statements gives us better shareholder awareness and prepares us for the future if we decide to have our stock quoted on a more recognized stock exchange. Having audited financial statements is one of the prerequisites we will need in this process. This is not a statement that we will move to a better recognized stock exchange however I want our shareholders to realize I say this with guarded optimism as there are many financial factors as well as corporate structure matters which need to be addressed before we can make any decision regarding this stock exchange issue."

Contact Information jhough@jcglobalsecurities.com

MALCOLM L. POLLARD, Inc.             

4845 W. LAKE ROAD, # 119

ERIE, PA 16505                          

(814)838-8258    FAX (814)838-8452    

Report of Independent Registered Public Accounting Firm

Board of Directors

Union Dental Holdings Inc. and Subsidiaries

Coral Springs, Florida

We have audited the accompanying balance sheet of Union Dental Holdings Inc. and Subsidiaries as of December 31, 2010 and the related statements of operations, changes in stockholders' equity, and cash flows for the year ended December 31, 2010. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conduct our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company at December 31, 2010 , the results of its operations, changes in stockholders' equity, and its cash flows for the year ended December 31, 2010, in conformity with U.S. generally accepted accounting standards.

Malcolm L. Pollard, Inc.

Erie, Pennsylvania

May 31, 2011

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

  For the Three Months Ended For the Year Ended
  December 31, December 31,
  2010 2009 2010 2009
   Audited  Unaudited  Audited  Unaudited
Revenues, net  $ 1,000,933  $ 613,860  $ 3,857,434 $ 3,148,724
Total Revenues  1,000,933  613,860  3,857,434  3,148,724
Operating expenses:        
 Cost of services performed  206,718   138,508  808,043  478,954
Salaries and related taxes and stock-based compensation   411,135  349,584  1,608,010  1,453,597
Depreciation and amortization  25,038  (4,284)  106,081  126,201
Professional fees  346  11,105  23,067  57,431
Consulting fees  --  --  --  22,600
Other general and administrative  147,578  155,428  735,834  680,741
Total operating expenses  790,815  650,341  3,281,035  2,819,524
Income from operations  210,118  (36,481)  576,399   329,200
Other income (expense):        
Gain from cancellation of debt    198,991  --  198,991
Gain from settlement of litigation  --  --  --  3,000
Gain (loss) from valuation of derivatives liability    330,368  (66,745)  (44,979)
Interest income  --  --  --  17
Interest expense  (10,398)   (15,586)  (38,960)  (98,016)
Total other income (expense)  (10,398)  513,773  (105,705)  59,013
Income before provision for income taxes  199,720  477,292  470,694   388,213
Income tax expense  --  --  --  --
Net Income  199,720  477,292  470,694  388,213
Net Income (loss) per common share:        
 Net Income (loss) per common share - basic  $ 0.00  0  $ .00  $ 0.00
 Net Income (loss) per common share - diluted  $ 0.00  0  $ 0.00  $ 0.00
 Weighted average common shares outstanding -  basic  203,658,932 144,844,732  203,658,932  139,104,150
 Weighted average common shares outstanding -  diluted  203,658,932 144,844,732 203,658,932  139,104,150
  December 31, December 31,
  2010 2009
ASSETS  Audited  Unaudited
 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
 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  --  -- 
 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 Pipe Fitters (UA), the National Association 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 
         WEBSITE:  www.uniondental.com/ir

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


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