Universal Travel Group has completed the acquisition of Shanghai Lanbao Travel Service Company for US$3.92 million.

US$2.83 million was paid in cash and the remainder was satisfied by the issuance of 600,000 shares of newly issued Universal Travel Common Stock.

Shanghai Lanbao Travel was established in 2002 and it projects a net income of US$1.6 million in 2007. The company's core businesses focus is a centralized real-time booking system providing consumers and travel related businesses with hotel bookings, air ticket and tourism information via the Internet and mobile phone text-messaging technology.

The company says its 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 information and data transfer.