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JADG nice volume increase and tight spread off of news this morning...this is one i will watch over the next week or so....get on board!
Posts: 17 | Registered: Jan 2008
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Jade Art Group Announces Two Sales Agreements Totaling US$9.7 Million
NEW YORK & JIANGXI, China, Feb 25, 2008 -- Jade Art Group Inc. announced today that Jiangxi SheTai Jade Industrial Co., Ltd. ("JST"), its wholly-owned subsidiary and owner of 90% of the distribution rights for the SheTai Jade mine, one of the largest jade mines in China by reserves, signed two sales agreements for the distribution of raw jade totaling approximately US$9.7 million. These agreements were signed with YangZhou GuoCui Jade ("YZGC") and ShenZhen HongDa Craftwork Ltd. ("SZHD").
The agreement with YZGC commits it to purchase a total of 1,000 tons of raw jade of various qualities from JST for US$3.3 million over the next six months. The second agreement, with SZHD, commits it to purchase a total of 2,000 tons of raw jade of various qualities from JST for US$6.4 million over the next six months. All customers are responsible for the shipping of the raw jade material, as well as any associated costs. JST will receive 30% of the contracted value of each shipment before delivery, with the balance paid upon final inspection and approval by the customer. JST's performance is subject to risks of delay, stoppage or other production difficulties associated with a third-party supplier of raw jade that are outside its control.
The source of JST's jade is through its exclusive distribution right agreement with Wulateqianqi XiKai Mining Co., Ltd. ("XiKai"), which enables JST to sell 90% of the raw jade material produced from XiKai's SheTai Jade mine for the next 50 years. The SheTai Jade mine's reserves are considered unique, in that they include some of the oldest (formed approximately 1.8 billion - 2.4 billion years ago) jade ore found in China and are subsequently of the highest quality in terms of rigidity and the size of its pieces. SheTai Jade is as hard as quartz, with a degree of hardness between 7.1 and 7.3 on the Mohs scale. The jade is abrasion resistant, smooth and highly reflective. The green is pure and the gems are translucent, with a glassy luster. SheTai Jade has a degree of hardness which common jade does not possess. Due to its characteristics, SheTai Jade has a broad spectrum of applications. It can be used in commercial construction, decorative jade artwork, as well as intricately carved jade jewelry.
Hua-Cai Song, CEO of Jade Art Group, remarked, "Having signed three sales agreements covering $11.9 million of customer purchases of jade in the relatively short period of time since our distribution agreement became effective indicates the increasing popularity and the market's strong demand for SheTai Jade. We will continue to market aggressively and look forward to executing more agreements in the future." About Jade Art Group Inc.
Jade Art Group Inc., with the formation of Jiangxi SheTai Jade Industrial Co., Ltd., its wholly-owned subsidiary, is focusing its business-model on the distribution of raw jade sourced from the SheTai Jade mine in China. This mine has one of the largest jade reserves in China and is owned by XiKai, with which Jade Art Group signed an agreement to acquire exclusive distribution rights to sell 90% of the SheTai Jade produced from the mine for the next 50 years. Several national jade experts have noted the perceived superiority of SheTai Jade as compared to the other existing varieties of Chinese jade.
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Another solid day here from JADG, lets see if we can end this day with the tight spread we currently got, and go into tomorrow with some MOMO...This chart looks beautiful think we got a winner here!
Posts: 17 | Registered: Jan 2008
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JADG Great 2008 Financial News today...Full Page USA Today article this morning. Alerted at 1.60 flirting with 3.00 now!! where is everyone!??
Posts: 17 | Registered: Jan 2008
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