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Union Dental Acquires Significant Additional Equity Investment in Drinkable Air
Union Dental Acquires Significant Additional Equity Investment in Drinkable Air.
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[{"type":"text","content":"\nUnion Dental Acquires Significant Additional Equity Investment in Drinkable Air\n\nUnion Dental Acquires Significant Additional Equity Investment in Drinkable Air\n\n\n CORAL SPRINGS, FL--(Marketwired - October 15, 2014) - Union Dental Holdings, Inc. (PINKSHEETS: UDHI) (\"Union Dental\") a Company that operates a 22 operatory dental practice, manages a union member network of dentists throughout the United States, and has entered into two joint venture agreements with Drinkable Air, Inc. (\"Drinkable Air\") announced today that it has acquired an additional equity position in Drinkable Air.Drinkable Air recently approached Union Dental to renegotiate the original Distribution Agreement between the two parties. Union Dental had previously been granted the exclusive right to sell Drinkable Air products in the U.S. dental market and had advanced funds to Drinkable Air for the purchase of Drinkable Air products. Drinkable Air currently has a backlog of orders, and has been attempting to both reduce its liabilities and obtain capital from strategic investors while completing its financial audit.  A summary of the renegotiated terms for the Distribution Agreement by Union Dental is as follows:Union Dental acquired 1,050,000 shares of Drinkable Air common stockUnion Dental retained the exclusive rights to sell Drinkable Air products in the U.S. dental market. Union Dental will receive a $50 payment (the \"Override\") upon the sale of each Drinkable Air Chameleon 8 within the U.S. dental market. The reduction of the Override will enable Drinkable Air distributors and other strategic partners to more aggressively market the Chameleon 8. The increased equity ownership in Drinkable Air will enable Union Dental to capitalize on the growth of Drinkable Air's overall business rather than just within the dental market.Dr. George Green, Chief Executive Officer of Union Dental, stated, \"We are very pleased to become significant shareholders of Drinkable Air. Under the terms of our original agreement, Union Dental planned to utilize our substantial contacts and union member network in the dental market to sell the Chameleon 8 product directly. However, Drinkable Air has since developed a strong distribution and strategic partner network to sell their products and we decided to lower the override and...