Gulf Resources Announces Final Approval of Settlement of Class-Action Lawsuit
February 10 2014 - 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 reported that the
United States District Court for the Central District of California
Western Division entered an Order and Final Judgment approving the
settlement and dismissing the class-action lawsuit against Gulf
Resources and a number of its current directors and officers.
Under the terms of the settlement, the class-action lawsuit will
be dismissed in return for the payment of a total settlement amount
of $2.125 million, which did not have any effect on the company's
operation due to its purchased D&O insurance.
Mr. Xiaobin Liu, CEO of the Company, commented: "We are pleased
to have reached final approval of the settlement
by the Court, which we believe is in the best interests
of the Company and its shareholders, even there is no
admission of any wrongdoing or admission of any liability on the
part of the Company or any of its current officers or
directors. We look forward to closing this chapter and
focusing on achieving our business goals for year 2014."
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: CEO Assistant & Director of Investor Relations
Helen Xu
Beishengrong@vip.163.com
IR Manager
Max Ma
Max_vx@163.com
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