ATLANTA, May 16, 2006 (PRIMEZONE) -- Market-Pulse.com announces its trade alert for Union Dental Holdings, Inc. (OTCBB:UDHI). According to Bernard R. Schmitt of Market Pulse, "The company just had excellent news out today announcing record revenues for the first quarter of 2006." Revenues for the quarter ended March 31, 2006 as compared to the comparable period in 2005, increased from $513,637 to $563,059, a 9% increase in revenues.
The increase in revenues was primarily attributable to the company's growing network of dental service providers who pay a fee to the company for the opportunity to join Union Dental's growing list of contracted unions. This latest increase in revenues precedes the company's announcement of the most recent contract with the Communications Workers of America (CWA) Local 1101 in New York City.
In a press release issued earlier today by Union Dental Holdings, Dr. Green, President and CEO of Union Dental commented, "I am pleased our revenues have once again increased for the quarter. With each successive increase in revenues, Union Dental becomes stronger and less reliant on outside resources. The Unions recently seem to be more dedicated than ever in their commitment to bettering the lives of their members in these times of decreasing benefits due to increased health care costs. Consolidation in the telecommunications industry will necessitate even greater union solidarity and appreciation amongst its members for wages and benefits. Union Dental, whose contracts are exclusive with its participating labor organizations, occupies a unique niche at a time when its services are greatly needed."
The CWA union members represent workers who are employed by BellSouth; Qwest; AT&T; Lucent; General Electric; Verizon; SBC Communications, Avaya and many other varied occupational fields such as public maintenance, food service, flight attendants and law enforcement. Servicing the CWA union members and their dependents will require UDHI to build a network of dental service providers in New Jersey, Connecticut, Vermont, Rhode Island, New Hampshire, Massachusetts, New Jersey and New York. As new doctors in these states join the company's pre-existing network of dentists in 14 states, Union Dental should experience additional revenue growth.
About Union Dental Holdings, Inc., Direct Dental Services, Inc. and Union Dental Corp.
Direct Dental Services and Union Dental Corp. are wholly owned subsidiaries and provide dentists with "areas of exclusivity" to participate with various unions including the Communications Workers of America ("CWA") and International Brotherhood of Electrical Workers (IBEW) Dental Networks. Union Dental Corp. 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. DDS/UDC has contracts with CWA & IBEW Local Unions to provide a dental network utilizing the members existing insurance policy. The dentists in the Dental Network provide services in the areas for union members, as well as existing patients in exchange for an annual management fee. The network of dentists accepts payment from union insurance plans for services rendered as payment in full, with certain procedures requiring a small out-of-pocket co-payment from the union member patient. In addition, Union Dental Corp. acquired the assets of an existing dental practice (excluding the patient list) and successfully integrated those assets into its existing practice which has been servicing patients for17 years in Coral Springs, Florida. UDC and DDS are wholly owned subsidiaries of Union Dental Holdings, Inc. Website: www.uniondental.com
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