Universal Travel Group Announces Interim Chief Financial Officer

Aug 18, 2010, 09:25 ET from Universal Travel Group

SHENZHEN, China, Aug. 18 /PRNewswire-Asia-FirstCall/ -- Universal Travel Group (NYSE: UTA) ("Universal Travel Group" or the "Company"), a leading travel services provider in China offering package tours, air ticketing, and hotel reservation services online and via customer service representatives, today announced that Mr. Jing Xie has been appointed as the Company's Interim Chief Financial Officer, effective August 17, 2010.

Mr. Xie has been serving as the Company's Director and Secretary since December 29, 2006. Mr. Xie served briefly as the Company's Chief Financial Officer from February 13, 2009, to August 17, 2009. From March 2005 to December 29, 2006, he served as a Deputy General Manager of Shenzhen Yu Zhi Lu Aviation Service Company Limited. Mr. Xie graduated from the Economics & Business Faculty of the University of Sydney, Australia, with a Bachelor of Commerce degree.

The Company's Chief Financial Officer, Mr. Yizhao Zhang, resigned on August 16, 2010, which is the first anniversary of his employment and the expiration of his employment agreement with the Company for personal reasons. Mr. Zhang's resignation is not in connection with any known disagreement with the Company on any matter.

Mr. Xie will serve as Interim Chief Financial Officer until the Company selects a permanent replacement.

"We appreciate Mr. Zhang's contributions as our Chief Financial Officer over the last year, which was a period of rapid growth for our Company," stated Ms. Jiangping Jiang, Chairwoman and Chief Executive Officer. "We are committed to finding a highly qualified replacement to serve as Chief Financial Officer to lead our finance team. In the interim, with the appointment of Mr. Xing we believe we will have continuity in our financial reporting and business operations due to his experience of having served as Chief Financial Officer of Universal Travel Group in the past."

About Universal Travel Group

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. For more information on the Company, please visit http://us.cnutg.com .

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release contains certain statements that may include "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements". Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

    For more information, please contact:

    Company Contact:
     Mr. Jing Xie
     Interim Chief Financial Officer
     Universal Travel Group
     Phone: +86-755-8366-8489
     Email: 06@cnutg.cn
     Web:   http://us.cnutg.com

    Investor Relations Contact:

    CCG Investor Relations
     Mr. Athan Dounis, Account Manager
     Phone: +1-646-213-1916
     Email: athan.dounis@ccgir.com

     Mr. Crocker Coulson, President
     Phone: +1-646-213-1915
     Email: crocker.coulson@ccgir.com
     Web:   http://www.ccgirasia.com

SOURCE Universal Travel Group