SOURCE: UA International Group

January 30, 2007 16:21 ET

/ CORRECTION -- UA International Group, Ltd. Closes Its Acquisition of Kievenergomash

KIEV, UKRAINE -- (MARKET WIRE) -- January 30, 2007 -- In the news release, "UA International Group, Ltd. Closes Its Acquisition of Kievenergomash," issued earlier today by UA International Group (PINKSHEETS: UAGP), we are advised by the company that the translation at the end of the first paragraph should read "KIEV (the city) ENERGO (Energy) MASH (Machine) or 'Kiev Energy Machine'" rather than "KIEV (the city) ENERGO (Energy) MASH (Company) or 'Kiev Energy Company'" as originally issued.

Complete corrected text follows.

UA International Group, Ltd. Closes Its Acquisition of Kievenergomash

KIEV, UKRAINE -- January 30, 2007 -- UA International Group, Ltd. (UAGP) (PINKSHEETS: UAGP) announces that it had completed its acquisition of a Ukrainian company, Kievenergomash CJSC (KEM), which translates as: KIEV (the city) ENERGO (Energy) MASH (Machine) or "Kiev Energy Machine."

Alexander Chugay, Chairman of KEM and Director of UAGP, stated, "We are extremely pleased to have closed the KEM acquisition. The closing of the transaction was registered with Ukraine Licensed Reigstrar, Adrem, LLC, the appropriate agency {Ukraine ID 32302528} on January 17th. Upon obtaining the requisite consents, we will file with the Secretary of State of the State of Nevada. for our name change to 'Ukraine Energy Acquisition Corporation' and we will shortly have a market maker file a form 211 on our behalf with the NASD."

The purchase price for the KEM acquisition by UAGP was 20 million unregistered UAGP common shares for 100% of the issued and outstanding shares of KEM.

About UAGP: Based in Kiev, Ukraine, UAGP is a Nevada company focused on the developing Ukraine energy sector.

About KEM: A UAGP wholly owned subsidiary, KEM is a Ukrainian company with over 13 years in operations, investments and activities in several energy related industries including but not limited to: thermal generation, commercial, residential, industrial and infrastructure electrical systems and services, heating, natural gas pipeline support and services construction and is now diversifying into electricity infrastructure transmission and clean energy generation.

For more information please visit our websites at

Forward-Looking Statements

Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully integrate KEM with the operations of UAGP, the filing of the name change, the filing of the Form 15c-211 with NASD and obtaining approval to be quoted, the Company's current and future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, and other risks. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.

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