Universal Travel Group Appoints New Independent Auditor

Sep 02, 2010, 08:30 ET from Universal Travel Group

SHENZHEN, China, Sept. 2 /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 its Board of Directors, in consultation with its Audit Committee, has appointed Goldman Kurland Mohidin ("GKM") as the Company's independent auditor to replace Acquavella, Chiarelli, Shuster, Berkower & Co., LLP, effective September 1, 2010.

The Company's decision to change auditors was not due to any disagreement between the Company and its former auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

"We are pleased to announce the appointment of GKM as our new independent auditor," stated Ms. Jiangping Jiang, Chairwoman and Chief Executive Officer. "GKM has extensive experience working with public companies from China and professional staff that is bilingual in Mandarin and English. We are confident GKM will provide us with audit services of the highest quality and look forward to continuing to provide timely and accurate financial information to the investment community."

GKM is registered with the Public Companies Accounting Oversight Board (PCAOB) and is a member of the BDO Seidman Alliance, an association of independently owned local and regional accounting and consulting firms sharing a dedication to exemplary client service. As an alliance member, GKM can access the resources and technical expertise of BDO Seidman LLP's international group with the overall purpose of more completely servicing its clients. BDO Seidman, LLP, is an accounting and consulting organization serving the middle market since 1910. BDO Seidman serves clients through more than 40 offices located across the United States. As a member firm of BDO International, BDO Seidman leverages a global network of resources to serve clients abroad through more than 490 member firm offices in over 80 countries.

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
     Secretary of Board and Vice President
     Universal Travel Group
     Phone: +86-755-8366-8489
     Email: 06@cnutg.cn
     Web:   http://us.cnutg.com

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

SOURCE Universal Travel Group



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