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Xun Corporate  
#1 Posted : Thursday, February 26, 2015 3:44:31 PM(UTC)
Xun Corporate

Rank: Administration

Groups: Administrators
Joined: 1/22/2013(UTC)
Posts: 17
Location: Portland, OR

Thanks: 2 times
Was thanked: 54 time(s) in 11 post(s)
On November 10, 2014, the Company, through its wholly owned subsidiary, Xun Oil Corporation dba Xun Oil Marketing (XOM), entered into a Joint Venture Agreement (JV008) with an arm's length 3rd party to collaborate their efforts to purchase and market physical commodities. Profits from JV008 are to be shared 50% to XOM and 50% to the arm's length 3rd party. Profits are defined as the ultimate Sales Price of each unit sold by XOM, less the Purchase Price per unit contracted in the Sales and Purchase Agreement executed between XOM and supplier, less any commissions paid by XOM per unit, less financing costs, less any other expenses paid or obligations incurred to secure and or conclude the contract, plus any commission add backs, but shall exclude the Parties taxes owed to each of their States and Federal Taxes.

XOM's JV008 joint venture partner is an international commodities trading company operating since 2010 specializing in the oil and gas sector as well as working closely with some of the world’s largest buyers and sellers of petroleum.

Both Joint Venture Parties agree that XOM shall control, manage and operate JV008, an unincorporated joint venture, as a wholly controlled subsidiary of XOM.

There can be no assurance that JV008 will be able to obtain the financing required to purchase the physical commodities. There can be no assurance that JV008 will be able to sell the physical commodities should JV008 be successful in obtaining financing and closing on the physical commodities. Even if JV008 was successful in selling the physical commodities, there can be no assurance that the sale of the physical commodities will be profitable or that the company will be able to generate sufficient revenues to operate profitably.

Edited by user Thursday, February 26, 2015 3:51:40 PM(UTC)  | Reason: formatting

thanks 5 users thanked Xun Corporate for this useful post.
4on4off on 2/27/2015(UTC), Xun VP - Investor Relations on 2/27/2015(UTC), JOECROWE789 on 2/27/2015(UTC), osu1978 on 2/27/2015(UTC), fischerman1940 on 7/7/2015(UTC)
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