Item 1.01 Entry into a Material Definitive Agreement
On January 29, 2008 the Company entered into an Exclusive Distribution Agreement with Northern International Group (NIG) headquartered in Tianjin, China. Under the terms of the agreement, NIG will distribute Exousia's Advanced Industrial Coatings. The exclusive agreement covers the Provinces of Jeilongiang Province, Jilin Province, Liaoning Province, Beijing Municipality, Tianjin Municipality, Hebei Province, Shandong Province, Shanxi Province, and the Inner Mongolia District.
The agreement is for 10 years. Company agrees to install an industrial coatings manufacturing facility in Tianjin, China to supply Northern's needs. NIG has agreed to purchase 5,000 gallons of industrial coatings within 90 days of signing of the agreement and to purchase a total of 200,000 gallons in calendar year 2008.
On January 29, 2008 the Company also entered into an Exclusive Distributor Agreement with Mr. David Rong for the Central China area. The Provinces are Chongqing, Sichuan, Shanxi, Gangsu, Qinghai, Ningxia and Xinjiang. The agreement calls for Mr. Rong to purchase $1,000,000 worth of industrial coatings from the Company within the first year of the signing date of the agreement.
