Gulf Resources Announces Damage to its Facilities Due to Flooding from Typhoon Winbiya
August 27 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, today announced that its
facilities have suffered damage from flooding caused by Typhoon
Winbiya.
According to JQK News, "A large-scale heavy
rainfall occurred in Shandong, resulting in severe typhoon
disasters in 13 cities, such as Weifang,…"
(https://www.jqknews.com/news/60620-13_cities_in_Shandong_have_been_killed_by_typhoon_disaster_24_deaths_in_Weifang_the_heaviest_13_deaths.html)
As of August 23, 2018, statistics showed that
5.1846 million people in Shandong Province were affected, 24 died,
three were missing, and six were injured because of the disaster;
188,800 people were resettled urgently, and 50,200 people needed
emergency life assistance.
Weifang was the most seriously affected by the
typhoon. As of August 23, 2018, statistics showed that 1.53
million people were affected, 13 died, three were missing, 172,600
people were resettled urgently, and 342,000 people needed emergency
living assistance; 167,900 hectares of crops were affected. There
were 10,125 collapsed houses, 8,240 seriously damaged houses and
53,465 damaged houses. The direct economic loss has been estimated
to be 17.473 billion yuan, of which the agricultural loss was 9.763
billion yuan.
In Shouguang City, where our headquarters is
located, as of August 23, statistics showed the average
precipitation reached 378.66mm (14.9 inches), nearly twice the
previous maximum, since records began in 1959. Three major
reservoirs in the Mihe River Valley far exceeded their discharge
levels, flooding farmland, residential areas, and factories.
(https://baijiahao.baidu.com/s?id=1609656576473793872&wfr=spider&for=pc,
https://baijiahao.baidu.com/s?id=1609821192848639407&wfr=spider&for=pc)
All of the Company’s bromine factories, crude
salt pans and mining areas suffered varying degrees of damage,
Bromine factories No. 7,8, and 9 were more seriously impacted. The
equipment, buildings, crude salt pans, roads, electricity, wells,
aqueduct and etc. sustained varying degrees of damage.
The company is actively assessing the impact of
the floods on the company to determine the timing and cost of the
needed repairs or replacement.
We have posted photos of the flooding and the
damage on our website so investors can better understand the extent
of the problems, following the link below:
http://www.gulfresourcesinc.com/corporate-ppt.html
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.comDirector of
Investor RelationsHelen Xu (Haiyan Xu)beishengrong@vip.163.com
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