Gulf Resources Announces Receipt of Governmental Approval to Resume Production at Bromine Factories No. 1, No. 4, No. 7 and N...
March 09 2020 - 8:30AM
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
received further notification from Shouguang Yangkou Town People’s
Government allowing it to resume production at its factories No. 1,
No. 4, No, 7 and No. 9.
On February 28, 2020, the Company announced that it received an
approval from the government to resume bromine production after
winter temporary closure. Subsequently, it received another
approval from the Shouguang Yangkou People’s Government dated on
March 5, 2020 to resume production at its bromine factories No.1,
No. 4, No.7 and No. 9 in order to meet the needs of bromide
products for epidemic prevention and control. With these two
approvals, the Company is now allowed to take the steps to resume
production at all four bromine factories.
The Company plans to focus on one factory at a time so that it
can resume bromine production as quickly as possible. While there
is no exact timeline for bromine production, the Company has
essentially completed most of the necessary work besides some
preparation work. The Company expects to begin production at the
first factory in about ten days and the rest of the bromine
factories in about 4 to 6 weeks.
Mr. Liu Xiaobin, the CEO of Gulf Resources, stated, “We are very
pleased to have approvals to resume production for our four bromine
factories. With the Chinese government’s efforts to curb the
Covid-19 spread and a surge in demand for bromine products, we
believe that there has been a trying opportunity for our company
and its shareholders. We look forward to getting approvals to open
more of our facilities.” 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 Statements
Certain 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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