Summary of UNIVERSAL TRAVEL GROUP

Item 1.01 Entry into a Material Definitive Agreement.

On July 29, 2008, Universal Travel Group (the "Company") entered into a Purchase Agreement whereby Jun Xiao ("Seller") has agreed to sell to Access America Fund, LP, Chinamerica Fund LP and Pope Investments II LLC (collectively, "Purchasers") and the Purchasers have agreed to buy from Seller an aggregate of 5,000,000 shares of the Company's common stock at $0.95 per share.

The Company will not receive any proceeds as a result of the Purchasers' acquisition of the shares from the Seller. The Company provided certain representations and warranties about the Company to the Purchasers under Section 5 of the Purchase Agreement, agreed to cooperate to facilitate the transactions contemplated by the Purchase Agreement and agreed to permit the Purchasers to conduct due diligence on the Company.

The sale transaction contemplated will close on the second business day following the satisfaction or waiver of all conditions to the obligations of the parties to consummate the transaction as set forth in the Purchase Agreement or such other date and time as the parties may determine. The anticipated closing date of the transaction is August 15, 2008.

At the closing of the transactions contemplated by the Purchase Agreement, the Company will receive a release from the Seller, Kitt Tsui, China Finance, Inc. and affliates of the Seller, Kitt Tsui and China Finance, Inc. The release will release the Company from any and all claims that any of the aforementioned persons may have against the Company except for scheduled claims. The release will cover, among other things, any claims to equity in the Company or rights to receive money from the Company.