Dragon Jade International Ltd. (OTCBB:DGJI) entered into a memorandum of understanding to acquire Ultroid Marketing Development Corporation for $40 million in cash and stock on May 5, 2016. Under the terms of the agreement, the consideration of $10 million will be paid in cash and the balance $30 million will be settled by issue stock of Dragon Jade International Ltd. The transaction is subject to due diligence and the satisfaction of customary conditions. Dragon Jade International Ltd. can terminate negotiations prior to the execution and delivery of the definitive agreements shall be without liability and neither Dragon Jade or Ultroid Marketing shall be entitled to any form of relief whatsoever, including without limitation, injunctive relief or damages. The definitive agreement is to be signed within 120 days.