Gulf Resources to Receive Compensation for Factory No. 3's Relocation
September 26 2013 - 9:00AM
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
Shouguang City Haoyuan Chemical Ltd. Co., a wholly-owned subsidiary
of the Company, has signed a compensation agreement with Dong Ying
City Transportation Bureau and the local government of Liuhu
Township, Dongying City, Shandong Province for costs related to the
relocation of the Company's Factory No. 3 on September 25, 2013.
Pursuant to the construction arrangements for Deda
railway, the land of where the Company's bromine Factory No.3
located need to be requisitioned, and the relevant production and
supporting facilities over the land need to be demolished. The
company will build a new factory in its mining area and the useful
plants and machineries from the original factory will be relocated
to the new location.
The Dong Ying City Transportation Bureau and the
local government of Liuhu township, Dongying City have agreed to
compensate the company with RMB 23,824,452.5 (approximately USD 3.9
million) for the Factory No. 3's relocation expenses and
maintenance cost. The Company expects that the new Factory No. 3
will be in operation within three to six months.
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
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: Max Ma
Max_vx@163.com
Helen Xu
beishengrong@vip.163.com
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