2008 DEVELOPMENTS
In 2008, Jade Art Group Inc. began to execute a plan to enter China’s growing jade industry. Some of the Company’s notewor- thy developments:
Jade Art Group signed an Exclusive Distribution Right Agree- ment in January 2008 with Wulateqianqi XiKai Mining Co., Ltd.
(“XiKai”) for the distribution of jade from its SheTai Jade mine for a period of 50 years. In exchange for this exclusive right, Jade
Art Group paid XiKai approximately $8.4 million and transferred
its ownership interest in its wood-carving subsidiary.
Jade Art Group signed six sales agreements through April 2008, representing anticipated jade shipments totaling approximately
12,800 tons and related sales of approximately $42 million. These sales agreements obligate the customers to purchase jade in a
range of qualities between 700 to 4,500 tons from Jade Art Group over the next six months to a year.
Jade Art Group appointed Richard E. Khaleel as an independent board director in April .
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