Energy Edge Technologies Corporation to Acquire 100% of Dutchess' Equity in Union Dental Holdings, Inc.
CORAL SPRINGS, Fla., July 31, 2012 (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 it was informed by Energy Edge Technologies Corporation (OTC:EEDG) they had entered into a definitive agreement with Dutchess Private Equities Fund, LTD to purchase all of the Dutchess shares of equity, including all warrants in UDHI.
In 2005 UDHI completed and filed a registration statement with the Securities & Exchange Commission for a convertible Debenture and a Senior Note which was all converted into equity via shares of stock and a warrant at a later date. This initial financing was considered by many in the financial industry as "toxic financing" or "Death Spiral Financing" for micro cap stock companies who were trying to build their business models but could not obtain financing in any other manner for their company to go forward other than through the P.I.P.E. (Private Investment in Public Entity) type of financing.
Dr. George Green, CEO of UDHI stated: "We are extremely pleased at the completion of this agreement to have Energy Edge as a shareholder in our company as their business relationship being a distributor of the Drinkable-Air Atmospheric Water Generators (including their African initiative and Haiti distribution) coincides with our business model and our exclusive distribution rights for the dental markets to the Drinkable-Air line of products in the USA for the AWG machines. The combination of interlocking our USA agreement along with EEDG's marketing in foreign countries could compliment marketing plans and create additional revenues for both companies. We look forward to a long standing business relationship with EEDG who have indicated their interest is to hold this equity position for a long term basis as opposed to a strictly financial relationship we have had to encounter with Dutchess in the past. The Dutchess financial relationship has kept our stock undervalued and the equity position they held has been an overhang on the market preventing our shares seeking their true value for all of our loyal shareholders."
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.uniondentalcorp.com/ir
