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Universal Travel Group Announces the Formation of an Independent Audit Committee

Posted on: Tuesday, 5 September 2006, 09:00 CDT

SHENZHEN, China and LOS ANGELES, Sept. 05 /PRNewswire-FirstCall/ -- Universal Travel Group (BULLETIN BOARD: UTVG) which through its wholly owned subsidiary Yu Zhi Lu Aviation Service Company Ltd. ("YZL"), a China based aviation services company, provides domestic and international travel services to the areas of Hong Kong, Macau, and Taiwan, announced the formation of an independent audit committee, comprised of LianCheng Hai as Committee Director and YuanKang Shen as Committee member. Both individuals bring over 80 years of combined experience in finance, aerospace, and engineering for the private, public, and government sectors.

Jiangping Jiang, chairman and CEO of Universal Travel Group, said, "I'm pleased to welcome LianCheng Hai and YuanKang Shen to the Company in these newly created roles. Both men have organizational leadership expertise as well as contacts and deep experience in local and national government."

"The formation of the independent audit committee is an important step in the Company's development. The function of the committee is to ensure compliance and accuracy of the Company's financial reports. Among their duties are reviewing the Company's financial statements, overseeing the establishment and implementation of systems for internal accounting and auditing control, and making recommendations to the Board relating to the Company's external audit and financial affairs in order to facilitate timely and accurate financial reporting for our shareholders."

LianCheng Hai is an accountant of over 40 years whose experience includes involvement in private business in a financial capacity and as a governmental liaison. Currently, Mr. Hai serves as President of the Commercial Aviation Association, and as Chairman of the Commercial Aviation Accountant Audit Training Center, two branches of the Chinese Chief Accountant Association. Previously he was employed by the Chinese Aviation Oil Corporation, where he held the positions of Deputy General Manager and Party Committee Secretary (acting as a liaison between the Company and the Chinese Government). He formerly held positions of successive responsibility in the department of Financial Analysis in the Shanghai Aviation Management Bureau, including the position of Director. He started his career in the Commercial Aviation Administrative Bureau in Shanghai, China as an accountant. He assumed increasing responsibilities and was subsequently promoted to the positions of Deputy Office Chief, Office Chief, Deputy Department Head, and Department Head. He is a graduate of the Central Party School, a government-sponsored educational institution, where he received his bachelor's degree.

YuanKang Shen is an experienced aviation engineer of over 40 years currently serving as a consultant and/or independent director to the cities of Shenzhen and Tianjin, as well as private businesses including Guo Fei Group, China Eastern Aviation Company, Guangdong Bank, and the Jadeite International Cargo Aviation Company. Prior to his consulting work, Mr. Shen served in various capacities within the Chinese Commercial Aviation Aeronautics Administration, an aviation regulatory agency of the Chinese government. Throughout his career there, he served in technical and engineering capacities in the agency's Research Department and the Science and Technology Department. He is also the former Dean of the Cadre Management Institute, an aviation management-training program. He eventually rose to Deputy Department Chief and later Director. Mr. Shen was named Aerospace Personality of the Year by Flight Magazine at the Aviation Exhibition in Paris in July 1997. He holds an engineering degree from the Industrial Mechanics University in Harbin City, China.

About Universal Travel Group

Universal Travel Group, through its wholly owned subsidiary Yu Zhi Lu Aviation Service Company Ltd. ("YZL"), is engaged in travel services pertaining to domestic and international lines through Hong Kong, Macau, and Taiwan. The Company's core services include booking services for air tickets, hotels, and restaurants, as well as tour routing for customers. For more information visit http://www.chutg.com/.

The Private Securities Litigation Reform Act of 1995 provides a "Safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involved risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.

For further information, contact: At the Company: Universal Travel Group Jacalyn Guo Investor Relations (310) 443-4151 jacalyn@chutg.com http://www.chutg.com/ Investor Relations: OTC Financial Network Peter Clark Investor Relations 781-444-6100, x629 peter@otcfn.com http://www.otcfn.com/utvg

Universal Travel Group

CONTACT: Jacalyn Guo of Universal Travel Group, +1-310-443-4151,jacalyn@chutg.com; or Peter Clark of OTC Financial Network, +1-781-444-6100,ext. 629, peter@otcfn.com

Web site: http://www.chutg.com/

Source: PRNewswire-FirstCall

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