On June 7, 2011, EFP Rotenberg, LLC ("Rotenberg"), the independent registered accounting firm of Universal Travel Group (the "Company") advised the Company that the Company's financial statements for the three, six and nine months ended March 31, 2010, June 30, 2010 and September 30, 2010, which are included in its Forms 10-Q (the "10-Qs") for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010, respectively, did not properly account for the following item in accordance with United States generally accepted accounting principles, and, as a result, cannot be relied upon:
1. An inconsistency between the acquisition dates of the Company's five new subsidiaries per the Company's 8-K filings and the reported periods of profit and loss statements included in the consolidated financial statements of the 10-Qs.
The Company's Audit Committee, as well as its management has discussed the matters in this Current Report on Form 8-K (the "8-K") with Rotenberg.
The Company has provided Rotenberg with a copy of the disclosure in this 8-K prior to filing the 8-K with the Commission, and has requested Rotenberg to furnish to the Company a letter (the "Letter") addressed to the Commission stating whether Rotenberg agrees with the statements made by the Company in response to Item 4.02 of the 8-K. The Company is hereby filing the Letter as an exhibit to the 8-K.
