CORAL SPRINGS, Fla., June 16, 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 today it has received a loan from Flagler Bank, along with and Small Business Administration (SBA) guarantee on a ten year loan at Wall Street Journal Prime Rate plus 2.25% which equals 6% interest.
As part of the financing commitment Flagler Bank not only is going to finance the expansion but will also consolidate all of the existing loans of the company into one loan.
Dr. George D. Green, President and CEO stated: "We are extremely pleased to have Flagler Bank finance our business model of providing all aspects of dentistry at one location having 22 operatories with certified specialists in Orthodontia, Periodontial Surgery, IV Sedation, Implant Specialists and Oral Surgery. The consolidation is very positive for our company because of the low interest rate associated with the SBA financing guarantee. We feel very fortunate to have an Investment Banking agreement with J & C Global Securities, LLC who can provide access to the equity markets and Flagler Bank who can give us access to long term bank financing for more expansion. We look forward to a cautiously optimistic future and having a long term relationship with both Flagler Bank and J & C Global Securities."
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.
The Union Dental Holdings Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8310
WEBSITE: www.uniondental.com
"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.