SOURCE: Union Dental Holdings, Inc.

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August 24, 2015 08:30 ET

Union Dental and Subsidiaries to File for "Assignment of Assets for the Benefit of Creditors"

CORAL SPRINGS, FL--(Marketwired - August 24, 2015) - Union Dental Holdings, Inc. (PINKSHEETS: UDHI) - - Union Dental Holdings, Inc. and all of its subsidiaries intend to file "An Assignment of Assets for the Benefit of Creditors under Florida Statute 727." Since all of the company's assets are cross collateralized in all loans it is the opinion of attorneys and the Company executive that the only course to try to emerge from this dilemma is to include all of the Company's in the Florida Statute 727 filing which it recently made for George D. Green DDS PA.

Although similar to a bankruptcy it allows the debtor more opportunity to restructure itself under the Florida Law. This filing will virtually eliminate the possibility for UDHI to acquire Drinkable Air.

About Union Dental Holdings, Inc.
Union Dental Corp. manages a 22 operatory full service dental practice in Coral Springs, Florida. The Company operates under the name George D, Green DDS PA and is the exclusive supplier of Drinkable Air's patented ozone atmospheric water generators for the US dental industry and is a leading innovator for bringing bacteria free water into the dental operatory settings. Union Dental Holdings, Inc. operates two wholly owned subsidiaries, Direct Dental Services and Union Dental Corp. 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.


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