Gulf Resources, Inc. Regains Compliance with NASDAQ Independent Director and Audit Committee Requirements
December 20 2019 - 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 on
December 19, 2019, it received a letter from The NASDAQ Stock
Market LLC ("NASDAQ") notifying the Company that, as a result of
the election of Mr. Shengwei Ma to the Company’s Board of Directors
on December 18, 2019, and appointment to the audit committee of the
Company as detailed in the Company’s Proxy Statement dated November
1, 2019, the Company has regained compliance with the independent
director and audit committee requirements for continued listing on
The NASDAQ Global Select Market as set forth in NASDAQ Listing
Rules 5605(b)(1) and 5605(c)(2). With Mr. Ma's election to the
Company's Board of Directors as an independent director and
appointment to the audit committee of the Company, the Company's
Board of Directors is again comprised of a majority of independent
directors and the Company’s audit committee is again comprised of
three independent directors.
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.com |
|
Director of Investor
Relations |
|
Helen Xu (Haiyan Xu) |
|
beishengrong@vip.163.com |
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