Jul 28 2010
Union Dental Holdings, Inc. (PinkSheets:UDHI) - http://www.uniondental.com - a provider of multi-state dental services for union members, is pleased to announce Dutchess Private Equities has converted both its Convertible Debenture and Senior Note which together total $659,000 into equity in the Company. The original amount of the note was $1,400,000 and has been reduced over the years. The conversion was done at approximately one cent per share which was almost five times the market price at the time the transaction was completed.
Dr. George D. Green, President and C.E.O. of Union Dental Holdings, commented: "We are extremely pleased that Dutchess has the confidence in the Company to convert their entire debt position into equity in UDHI at such a high price. This is a boost to our confidence that we are headed in the right direction and have made the correct strategic plans for future growth. It is rare in these trying financial markets that this type of conversion takes place and we are happy to have Dutchess as a large shareholder in the company."
SOURCE Union Dental Holdings, Inc.