SHANDONG, China, Nov. 22,
2011 /PRNewswire-Asia-FirstCall/ -- 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 the
Company has received an appraisal report assessing its production
capacity from a third-party independent international appraisal
firm, Grant Sherman Appraisal Limited ("Grant Sherman"). In addition, the Company
announced that, it has received a declaration from its contractor,
Shouguang Shengkun Construction and Installation Co., Ltd.
("Shouguang Shengkun Construction").The Company will file a copy of
the declaration and a translation in a Form 8-K filing today.
In October 2011, the Company
engaged Grant Sherman, which after
assessment of the Company's plants, machinery and equipment
concluded that the Company's annual bromine and crude salt
production capacity is 41,547 tones and 861,143 tones, respectively
with a total nine bromine production plants.
In addition, the Company's contractor, Shouguang Shengkun
Construction, has provided the Company with a declaration which
confirms all of the projects for which it has contracted with the
Company's subsidiaries, Shouguang City Haoyuan Chemical Industry
Co., Ltd and Shouguang City Yuxin Chemical Co., Ltd. The
shareholder of Shouguang Shengkun Construction, Mr. ZhenhuaJia, has
also confirmed in the declaration, that he has never participated
in any face to face or telephone interview in regards to its
construction projects with Shouguang City Haoyuan Chemical Co.,
Ltd. and Shouguang City Yuxin Chemical Co., Ltd. These
declarations were made in response to some anonymous allegations on
the Internet in September 2011.
"The Company's bromine, crude salt and specialty chemical
product businesses are performing well and have potential for
additional growth. Although we are impacted by the softening of the
global and domestic economy, we believe our business will resume
the growth trajectory once the economic conditions improve," said
Mr. Xiaobin Liu, the Company's Chief
Executive Officer. "We are confident that all the allegations
towards our production plants and capacity are unfounded and have
provided evidence to our valued shareholders and investors."
About Grant Sherman Appraisal Limited
Grant Sherman Appraisal Limited was established in January 2002 by a group of experienced
professionals with international qualifications providing wide
range of services in connection with the following aspects:
1. Business Enterprise and Intangible Assets Appraisal;
2. Corporate Advisory;
3. Derivatives Appraisal;
4. Industrial Plant and Machinery Appraisal; and
5. Real Estate Appraisal.
Up to 2010, it has already engaged in assignments with hundreds
of client engaging in various industries, most of which are
corporations listed on stock exchanges world-wide, including but
not limited to (a) Hong Kong; (b)
Singapore; (c) Taiwan; (d) London;
and (e) New York. For detail, please kindly refer to the company
website http://www.grantsherman.com/.
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through two wholly-owned
subsidiaries, Shouguang City Haoyuan Chemical Company Limited
("SCHC") and Shouguang Yuxin Chemical Industry Co., Limited
("SYCI"). 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 & gas field explorations and as
papermaking chemical agents. For more information about the
Company, please visit http:// www.gulfresourcesinc.cn/.
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.
Gulf Resources,
Inc.
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CCG Investor Relations
Inc.
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Helen Xu
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David Rudnick, Account
Manager
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Email: beishengrong@vip.163.com
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Phone:
+1-646-626-4172
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Web: http://www.gulfresourcesinc.cn
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Email: david.rudnick@ccgir.com
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Crocker Coulson,
President
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Phone:
+1-646-213-1915
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Email:
crocker.coulson@ccgir.com
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Web: http://www.ccgirasia.com
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SOURCE Gulf Resources, Inc.