GULF Resources Advises Investors of Potential Delays in Opening Bromine factories due to SCO Summit in Qingdao, Shandong Prov...
June 04 2018 - 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, wishes to advise investors of
the possible delay in opening its bromine factories because of the
upcoming SCO (Shanghai Cooperation Organization) summit to be held
in Qingdao, Shandong Province on June 9-10. We previously disclosed
that we expected to complete all of the rectification and
improvements of the bromine and crude salt factories and be ready
for the government inspection, rating and evaluation by June 2018,
and that we would resume operation for those factories when they
have approval from the government. While the company has not
yet received formal notification from any government agency,
communications with other corporations and the media has indicated
that government agencies are forcing some factories to close and
delaying approval of others in order to maximize the cleanliness of
the environment for this conference.
The SCO Summit will be one of the most important meetings in
China in 2018. The SCO Summit includes member states: China,
Russia, India, Pakistan, Kazakhstan, Tajikistan, Kyrgyzstan, and
Uzbekistan; observer states: Afghanistan, Belarus, Iran, and
Mongolia; and dialogue partners: Turkey, Sri Lanka, Azerbaijan,
Armenia, Cambodia, and Nepal.
As a sign of its importance, President Xi Jinping will serve as
the Chairman. President Vladimir Putin of Russia will attend. The
heads of state of many other countries will also be in
attendance.
The Chinese government has already announced special security
arrangements that will impact factory production and cargo
transportation. For example, it has banned the loading or shipping
of “Dangerous Goods” through June 20.
China has frequently closed factories ahead of major events. For
example, 255 factories were closed prior to the G 20 Summit in
Shanghai in 2016. An even larger number of factories were closed
prior to the Olympics.
As noted, the Company has not received formal notification of
delays in re-opening its facilities. However, based upon the
actions the government has taken in surrounding areas, it would not
come as a surprise to the Company if there is a short delay in the
reopening of its bromine factories.
The Company will continue to update investors as it learns more
information.
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 |
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Director of Investor
Relations |
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Helen Xu (Haiyan
Xu) |
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beishengrong@vip.163.com |
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