SHENZHEN, China, March 31 /PRNewswire-Asia/ -- Universal Travel Group Inc. (OTC Bulletin Board: UTVL) ("Universal Travel Group" or the "Company"), a growing travel services provider in the People's Republic of China ("PRC") specializing in online and customer representative services to the travel service industry offering packaged tours, air ticketing, hotel reservation and air cargo agency services, announced its three-for-one reverse stock split became effective today.
The three-for-one reverse stock split automatically converts three shares of the Company's common stock into one share of common stock. The reverse stock split affects all issued and outstanding shares of the Company's common stock, and shares of common stock underlying stock options and warrants that are outstanding immediately prior to the effective date of the reverse stock split. Any fractional shares resulting from the exchange will be rounded up to the nearest whole share of new common stock. The Company's common stock will start trading on a split-adjusted basis at market open on March 31, 2009.
"We believe that the reverse stock split will place us in a position to apply for listing on a senior market or exchange if we can meet the applicable listing requirements. We have been working towards meeting the listing standards," said Ms. Jiangping Jiang, Chairwoman and CEO of Universal Travel Group. "We believe this is in the best interest of all our shareholders and an upgrade to a senior exchange should enhance shareholder value by eliminating the investment barrier of OTCBB stocks."
About Universal Travel Group Inc.
Universal Travel Group, a growing travel services provider in the People's Republic of China, is engaged in providing reservation, booking, and domestic and international travel and tourism services throughout the PRC via the internet and through customer representatives. Under the theme "Wings towards a more colorful life" the Company's core services include tour packaging for customers, booking services for air tickets and hotels as well as air cargo transportation. In 2007, Universal Travel Group completed the acquisitions of Speedy Dragon, specializing in air cargo transportation; Xi'an Golden Net, specializing in travel packaged tours; Shanghai LanBao, specializing in hotel reservation and Foshan Overseas International, a PRC-based company that handles domestic and international travel inquiries. Universal Travel's goal is to become the PRC's leading travel services provider in all fields of the tourism industry including the aviation, cargo, hotel booking and tour packaging segments. For more information about the Company, please visit http://us.cnutg.com , and http://www.cnutg.com.cn for the service website.
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.
