Gulf Resources Announces First Natural Gas Customer
May 03 2017 - 8:30AM
Gulf Resources, Inc. (Nasdaq:GURE) ("Gulf Resources" or the
"Company"), a leading manufacturer of bromine, crude salt,
specialty chemical products, and natural gas in China, today
announced a contract with Sichuan Heshun Natural Gas Sales Co.,Ltd,
its first customer for its natural gas production in Sichuan
Province.
Under the terms of the contract, Gulf will sell
8,000 cubic meters of natural gas each day to Sichuan Heshun
Natural Gas Sales Co., Ltd. This amount will allow Gulf to satisfy
its minimum revenue guarantee for its business operation. Sichuan
Heshun Natural Gas Sales Co., Ltd will transport the natural gas
from Gulf’s well to its customers in the local area.
During this initial period, Gulf will continue to
increase its daily production gradually. As soon as Gulf is
confident it can provide significantly larger amounts of natural
gas on a consistent basis, it will secure contracts with other
customers.
“We are very pleased to have secured our first contract for
natural gas,” stated Liu Xiaobin, the CEO of Gulf Resources.
“During this initial period, it is very important that we can
deliver the natural gas we are promising. The company has
received the product quality inspection report. We believe our
first well can produce a large amount of natural gas. We further
believe that there will be opportunities to drill many more wells.
However, we must be careful to make sure that we can successfully
deliver on all of our commitments. We do not want to take any short
cuts that could jeopardize the substantial opportunity that we
believe we have before us.”
“This is the first step in what we believe will be a very
exciting business opportunity for Gulf and its shareholders,” Mr.
Liu continued. “We are extremely pleased to be commercializing our
natural gas discovery.”
About Gulf Resources, Inc.Gulf Resources, Inc. operates through
four wholly-owned subsidiaries, Shouguang City Haoyuan Chemical
Company Limited ("SCHC"), Shouguang Yuxin Chemical Industry Co.,
Limited ("SYCI"), Shouguang City Rongyuan Chemical Co, Limited
(“SCRC”) and Daying County Haoyuan Chemical Company Limited
(“DCHC”). The company believes that it is one of the largest
producers of bromine in China. Elemental Bromine is used to
manufacture a wide variety of compounds utilized in industry and
agriculture. Through SYCI, the company manufactures chemical
products utilized in a variety of applications, including oil and
gas field explorations and papermaking chemical agents. SCRC is a
leading manufacturer of materials for human and animal antibiotics
in China and other parts of Asia. DCHC was established to explore
and develop natural gas and brine resources (including bromine and
crude salt) in China. For more information, visit
www.gulfresourcesinc.com.
Forward-Looking StatementsCertain statements in this news
release contain forward-looking information about Gulf Resources
and its subsidiaries business and products within the meaning of
Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the
Securities Exchange Act of 1934, and are subject to the safe harbor
created by those rules. The actual results may differ materially
depending on a number of risk factors including, but not limited
to, the general economic and business conditions in the PRC, future
product development and production capabilities, shipments to end
customers, market acceptance of new and existing products,
additional competition from existing and new competitors for
bromine and other oilfield and power production chemicals, changes
in technology, the ability to make future bromine asset purchases,
and various other factors beyond its control. All forward-looking
statements are expressly qualified in their entirety by this
Cautionary Statement and the risks factors detailed in the
company's reports filed with the Securities and Exchange
Commission. Gulf Resources undertakes no duty to revise or update
any forward-looking statements to reflect events or circumstances
after the date of this release.
CONTACT:
Gulf Resources, Inc.
Web: http://www.gulfresourcesinc.com
Director of Investor Relations
Helen Xu (Haiyan Xu)
beishengrong@vip.163.com
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