Gulf Resources Announces the Filing of Form 12b-25
May 14 2020 - 9:00AM
Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources" or the
"Company"), a leading manufacturer of bromine, crude salt and
specialty chemical products in China today announced that it has
filed a Form 12b-25, a Notification of Late Filing, with the
Securities and Exchange Commission in order to extend the due date
of its Quarterly Report on Form 10-Q for the period ended March 31,
2020 (the “Quarterly Report”) for five calendar days, as permitted
by Rule 12b-25 under the Securities Exchange Act. The Company
currently expects that it will file the Quarterly Report on or
before May 20, 2020, the expiration date of the five calendar day
extension period.
In its Form 12b-25 filing the company has advised that the
Quarterly Report could not be filed within the prescribed time
period due to the fact that the Company was unable to finalize its
financial results without unreasonable expense or effort, which
resulted partially from circumstances related to the coronavirus
disease 2019 (COVID-19) pandemic outbreak. Specifically, (a) the
Company’s receipt of information from certain third parties related
to the completion of its interim financial information has been
delayed, and (b) the Company’s personnel responsible for its
financial reporting function had been adversely affected due to the
city lockdown measures in China. As a result, the Company could not
solicit and obtain the necessary review of the Quarterly Report in
a timely fashion prior to the due date of the report.
About Gulf Resources, Inc.Gulf
Resources, Inc. operates through three wholly-owned subsidiaries,
Shouguang City Haoyuan Chemical Company Limited ("SCHC"), Shouguang
Yuxin Chemical Industry Co., Limited ("SYCI"), 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, and materials for human and animal
antibiotics. DCHC was established to further 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,
risks associated with COVID-19 outbreak 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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