Jade Art Group, Inc. (JADG.OB) Announces an Exclusive Distribution Right Agreement
Jade Art Group Inc. (JADG.OB), a leading manufacturer of both hand-carved and machine-carved wood products in China, announced that their wholly owned subsidiary 'Jiangxi SheTai Jade Industrial Co., Ltd' has signed an Exclusive Distribution Right Agreement with Wulateqianqi XiKai Mining Co., Ltd [XiKai] for the distribution of jade. This agreement will commit XiKai to sell 90% of raw jade material produced from Jade's SheTai mine, located in Wulateqianqi, China. In exchange for this exclusive right, Jade Art Group is to transfer 100% ownership interest in their wholly-owned subsidiary, Jiangxi XiDa Wooden Carving Lacquerware Co., Ltd , in addition to $8.3…