Bootleg Ultraman IS Red Jade!
Red Jade is from Worldwide Film Entertainment, and is fully funded to hopefully show up in 2015. The effects sizzle reel is above, there is not other information about Red Jade at this time except the poster and plot blurb:
An archeology student and his professor who find that vandals have loosened a ferocious earth-bound monster wrecking havoc on the city of Hong Kong, then discover a talisman that turns the young scholar into a super-hero.
Regardless of the snark, I shall be watching, and I demand it be entertaining! Because I’m the kind of person who can make demands.