| > > Jade Art Group Announces Sixth Jade Sales Agreement Valued at $3.8 Million ()
Posted by tradeinstock on 2008-07-01 11:05:57 ( Scores: 0.00 )
Jade Art Group Announces Sixth Jade Sales Agreement Valued at $3.8 Million
17 April 2008
NEW YORK & JIANGXI, China--(BUSINESS WIRE)--Jade Art Group Inc. (OTCBB: JADG - News) announced today that its wholly-owned subsidiary, Jiangxi SheTai Jade Industrial Co., Ltd. ("JST"), signed a sales agreement (the "Agreement") with YangZhou GuoCui Jade ("YZGC"). Under the Agreement, JST will sell to YZGC 1,130 tons of raw jade, which JST will obtain from SheTai Jade mine as the owner of the distribution rights of 90% of the mine's production, for the equivalent of $3.8 million over the next eight months. This is the second agreement between JST and YZGC, pursuant to which JST sells jade to YZGC.
Under the Agreement, YZGC is responsible for shipping the raw jade material, as well as any associated costs. Similar to the past agreement, JST will receive 30% of the contracted value of the order before shipment, with the balance paid within 10 days after YZGC's inspection and acceptance of the jade.
Hua-Cai Song, CEO of Jade Art Group, remarked, "Under the earlier agreement signed two months ago, YZGC agreed to purchase 1,000 tons of SheTai Jade from JST for $3.3 million. We are pleased that due to YZGC's success in reselling SheTai Jade it has agreed to purchase a larger amount of jade from us. This second agreement is Jade Art Group's sixth sales agreement to date, representing the total contractual price equivalent to approximately $42 million under these six agreements."