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
| UNION DENTAL HOLDINGS, INC. AND SUBSIDIARIES | ||||
| AUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| 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 |
| UNION DENTAL HOLDINGS, INC. AND SUBSIDIARIES | ||
| AUDITED CONSOLIDATED BALANCE SHEET | ||
| December 31, | December 31, | |
| 2010 | 2009 | |
| ASSETS | Audited | 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 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.