Universal Travel Group, a leading travel services provider in China offering package tours, air ticketing, and hotel reservation services via customer service representatives and the Internet, announced today that the Company has entered into definitive subscription agreements to sell to institutional investors an aggregate of 2,222,222 shares of its common stock at a price of $9.00 per share for gross proceeds of approximately $20.0 million. The net proceeds of the financing will be used for identified acquisitions and for working capital. The sale of the common stock is expected to close on December 15, 2009, subject to the satisfaction of customary closing conditions.
Brean Murray, Carret & Co., LLC acted as exclusive placement agent in connection with the offering. The shares in this offering are being issued under a shelf registration statement declared effective by the Securities and Exchange Commission on November 5, 2009. A prospectus supplement related to the public offering will be filed with the Securities and Exchange Commission. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from Brean Murray, Carret & Co., LLC, 570 Lexington Avenue, New York, NY 10022 or by calling (212) 702-6500. An electronic copy of such prospectus is also available on the web site of the Securities and Exchange Commission (the “SEC”) at http://www.sec.gov .