Gulf Resources Announced the Receipt of Final Stage Governmental Approval for the Construction of Its New Yuxin Chemical Fact...
January 07 2020 - 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 it has
received the environmental protection approval by the government of
Shouguang City, Shandong Province for the proposed Yuxin Chemical
factory. The environmental protection approval was the last
approval required before commencing construction.
With this approval, Gulf Resources plans to begin construction
after the end of Chinese New Year holidays or at the latest in
early March 2020. The Company expects that the construction could
take up to 18-24 months.
This factory will utilize the most modern production techniques
available. It will also utilize equipment that uses all modern
technology and provides the highest level of environment
protection.
Considering the use of modern production techniques and
equipment and less competition, Gulf Resources believes this
factory will operate with higher profit margins than before.
Mr. Liu Xiaobin, the CEO of Gulf Resources, stated, “We
recognize that this process had been a long and frustrating for our
management and our shareholders, however we are very pleased to
have finally received final approval to begin construction. We look
forward to the day when this factory will provide our company with
substantial levels of sales and profits.”
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 StatementsCertain 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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