SOURCE: Ukraine Energy Acquisition Corporation

April 12, 2007 11:06 ET

Ukraine Energy Acquisition Corp. Begins Crimean Project

KIEV, UKRAINE -- (MARKET WIRE) -- April 12, 2007 --Ukraine Energy Acquisition Corporation (PINKSHEETS: UEAC), formerly UA International Group, Ltd. (PINKSHEETS: UAGP), announces that it has started installation of various systems for its first Crimean project.

UEAC, through its wholly owned subsidiary Kievenergomash (KEM), began work on a contract for the construction and installation of a 7 MW heating station and heat mechanic, water-supply, sewage treatment and internal gasification and automation systems and after sales services for an 80,000 square meter hotel, physical therapy and rehabilitation facility in Yalta, Crimea. The Hotel Victoria and Golden Beach Sanatorium are owned and operated by Yalta-based CJSC Sanatorium Golden Beach.

KEM will use equipment purchased from Viessmann for the project, which will occur in three stages and is scheduled for completion on November 15, 2007. The value of the contract is 2,596,278 Hrivna or $519,000 USD.

Alexander Chugay, Chairman of KEM and UEAC, stated, "This project, our first in Crimea, is important for our penetration into the Crimean market. The fact that we competed against other domestic and international bidders with an existing presence in Crimea and were awarded the contract is a strong indication of our reputation for the highest quality equipment, work, and completing projects on time, on budget. The amount of the contract, which represents 25% of our entire estimated 2006 annual revenue, also supports the growth we are expecting in our core business."

About UEAC: Located in Kiev, Ukraine, UEAC is an American public company created for the purpose of acquiring Ukraine corporations specializing in the energy sector.

About KEM: A UEAC wholly owned subsidiary, KEM, a Ukraine company with over 13 years in operations, investments and activities in several energy related industries including commercial, residential, industrial and infrastructure electrical systems, heating, natural gas pipeline construction and support services, is now diversifying into electricity transmission and clean energy generation.

About Golden Beach: Yalta, Crimea-based CJSC Golden Beach, a privately held company, owns and operates a growing chain of hotel and wellness rehabilitation facilities in Crimea.

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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 the development of new or enhanced products, the Company's 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 detailed from time to time in the Company's filings with the Securities and Exchange Commission. 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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