More news for UTVG 2.54 +.19 here: Universal Travel Group Announces Intent to Acquire Shanghai Lanbao Travel Service Co.
Monday April 23, 9:01 am ET
LOS ANGELES and SHENZHEN, China, April 23 /PRNewswire-FirstCall/ -- Universal Travel Group (OTC Bulletin Board: UTVG - News), a leading air travel service provider in Southern China, announced today its intention to acquire Shanghai Lanbao Travel Service Co., Ltd.
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Established in 2002, Shanghai Lanbao's core businesses focus is on a centralized real-time booking system providing consumers and travel related business with hotel bookings, air ticket and tourism information via the Internet and mobile phone text-messaging technology. Shanghai Lanbao provides website management, maintenance and design, along with network promotions for its intra-hotel network, which includes more than 3,000 franchise hotels and 800 hotel booking enterprises and other travel agencies throughout major cities in China. The company reported US $4.5 million in revenue and US $380,000 in net income for 2006.
Shanghai Lanbao owns and manages the award winning China Booking Association website, cba-hotel.com , which receives about 200,000 visitors daily. In 2006, more than 500,000 hotel reservations were made through the CBA website and it was recognized by the China Society Travel Research Association as one of China's top ten outstanding booking websites. It is hailed as the entrepreneur for business-to-business and business-to- consumer connection technology in the hotel booking industry. The company's technological solutions provide booking enterprises and hotels with multi- channel management while allowing them to maintain financial and operating independence.
The company's centralized Internet and mobile phone booking systems are open to more than 200,000 hotels, 5,000 booking centers and more than 8,000 travel agencies and tourist companies throughout China, providing them with real-time data transfer and information.
By the end of 2008 the company expects to become one of the top three providers in the hotel booking industry in China. The company's goal is to become a global provider of hotel, aviation and tourism information by 2012.
Chairman and Chief Executive Officer Ms. Jiangping Jiang said, "Shanghai Lanbao's hotel booking and reservations systems complements Universal Travel's airline ticket system and gives us a strong competitive edge. This will also allow us to share resources with Shanghai Lanbao and expand our reach. With this acquisition, Universal will fully enter the hotel booking market so that we can focus on the three main segments of the transportation industry: aviation, cargo and hotel booking. We expect to close the acquisition in the first half of 2007 in order to quickly maximize returns for our shareholders."
About Universal Travel Group
Universal Travel Group, through its wholly-owned subsidiary, Shenzhen Yu Zhi Lu Aviation Service Company Ltd., is engaged in providing reservation, booking, and domestic and international travel and tourism services throughout China. The company's core services include booking services for air tickets, hotels and restaurants, as well as tour routing for customers. Universal Travel recently completed the acquisition of Shenzhen Speedy Dragon Enterprise Ltd., a nationwide cargo logistics company based in Pearl River Delta, China. Speedy Dragon provides commercial, point-to-point parcel and container transportation services with a fleet of more than 200 franchised vehicles. Universal Travel's goal is to become China's leading transportation services provider in aviation, cargo and hotel booking. For more information, visit chutg.com.
A profile for investors can be accessed at hawkassociates.com . For investor relations information regarding Universal Travel Group, contact Jacalyn Guo at (310) 443-4151, e-mail Jacalyn@chutg.com , or contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail info@hawkassociates.com . An online investor kit including press releases, current price quotes, stock charts and other valuable information for investors may be found at hawkassociates.com and americanmicrocaps.com . To receive free e-mail notification of future releases, subscribe at hawkassociates.com .
Forward-looking Statement:
The statements in these news releases contain forward-looking information within the meaning of the Private Securities Litigation Act of 1995. Such forward-looking statements involve certain risks, assumptions and uncertainties. In each case actual results may differ materially from such forward-looking statements. Any statements regarding targets for future results are forward-looking and actual results may differ materially. These are the company's targets, not predictions of actual performance.
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Source: Universal Travel Group |
