Gulf Resources Announces $2 Million Share Repurchase Program
April 18 2013 - 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 the
Company's Board of Directors has approved a new share repurchase
program under which the Company is authorized, but not obligated,
to purchase up to $2 million of its issued and outstanding shares
of common stock from time to time over the next 12 months. The
timing and amount of any repurchase will depend on market
conditions, the trading price, and other factors. Such repurchases
will be subject to, and executed in compliance with, applicable
laws and regulations. The share repurchase program may be
suspended, modified or discontinued at any time. The share
repurchase program will be funded with the Company's available
working capital. Currently the Company is under its normal
operation and does not possess any material non-public information.
Mr. Xiaobin Liu, the Chief Executive Officer of the Company,
commented, "The Company's management team, together with its board
of directors, believes that the share repurchase program is in the
best interest of the Company and its shareholders. Given our solid
market leadership position, strong track record of business
expansion, and healthy balance sheet, we believe that our stock is
deeply undervalued. Our share repurchase program demonstrates the
management's commitment to enhance shareholders value. We are
confident about the Company's future growth."
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, 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, as amended and Rule 3b-6 under the Securities Exchange Act of
1934 as amended, 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 of its disclosure.
CONTACT: IR Manager
Max Ma
Max_vx@163.com
CEO Assistant
Helen Xu
Beishengrong@vip.163.com
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