Gulf Resources Announces the Receipt of Governmental Notification to Resume Production for Its Bromine Facilities
February 28 2020 - 4:30PM
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 a notification from the government of Shouguang City,
pursuant to which the Company’s bromine facilities has been allowed
to resume production.
On November 25, 2019, the government of
Shuoguang City issued a notice ordering all bromine facilities in
Shouguang City, including the Company’s bromine facilities, to
temporarily stop production from December 16, 2019 to February 10,
2020. Subsequently, due to the coronavirus outbreak in china, the
local government ordered those bromine facilities to postpone
the commencement of production.
The Company has received an approval dated on
February 27, 2020 to resume its bromine production issued by
Shouguang Comprehensive Coordination Group for Epidemic Prevention
and Control.
Mr. Liu Xiaobin, the CEO of Gulf Resources,
stated, “the Company are starting to do the preparation work for
bromine facilities No.1 & No.7, and these two factories are
expected to restart production soon. The Company anticipates to
make an announcement if there is any further development.”
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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