NEW YORK, June 17 /PRNewswire/ -- Brean Murray, Carret & Co. (BMC) announced the closing of a follow-on public offering for Universal Travel Group Inc. (NYSE: UTA), a leading travel services provider in China. The Company sold 2,857,143 ordinary shares at an offering price of $7.00 per share for gross proceeds of approximately $20 million. Brean Murray, Carret & Co. served as Sole Book Running Manager of the offering.
In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 428,572 shares to cover any over-allotments. UTA intends to use the proceeds from the offering to fund the cash portion of the four recently announced acquisitions and for working capital to expand its core business segments.
Universal Travel Group is a leading travel services provider in China offering package tours, air ticketing, and hotel reservation services via the Internet and customer service representatives. The Company also operates TRIPEASY Kiosks, which are placed in shopping malls, office buildings, residential apartment buildings, and tourist sites. These kiosks are designed for travel booking with credit and bank cards, and serve as an advertising platform for Universal Travel Group. The Company's headquarters and main base of operations is in Shenzhen in the Pearl River Delta region of China. More recently, Universal Travel Group has expanded its business into Western China, opening a second home base in the Chongqing Delta region, and other attractive, under-penetrated tier-two travel markets throughout the country.
Brean Murray, Carret & Co. is a research-driven investment bank and asset management firm, dedicated to Small and Midcap growth companies and their investors. BMC focuses on delivering high quality investment ideas and investment banking services to institutional and corporate clients in the following 5 verticals: Consumer Products and Retailing, Healthcare, Natural Resources, Technology and private/publicly traded Chinese Companies. Services include equity research, investment banking, institutional sales and trading, and asset management.
Headquartered in New York City, the company also maintains offices in Boston, Chicago, San Francisco and Beijing, China. In addition, the company is well known for its sector specific investment conferences. For more information on the company, please visit www.breanmurraycarret.com.
SOURCE Brean Murray, Carret & Co.