Gulf Resources Provides Updates on its Business Operations
February 22 2022 - 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 provides updates on its
business operations.
Bromine & Crude Salt Facilities
Reopening
On Dec. 27, 2021, Gulf Resources announced that the
government of Shouguang City had ordered the closing of all bromine
facilities during the period from December 28, 2021 to February 21,
2022. The Company believes the seasonal closure is part of
governmental plan to curb winter air pollution and improve the
efficiency of brine resources.
On February 21, 2022, Gulf Resources reopened its
four operating bromine and crude salt facilities. It should take
the Company 3-4 days to test its equipment and begin production.
The Company expects production to quickly ramp up to the levels
achieved prior to the shutdown.
Bromine prices continue remaining very strong. By
the time of the shutdown, the price of bromine was RMB53,451. As of
February 17, 2022, the price of bromine was RMB59,000 per tonne.
(Pricing data from www.sunsirs.com.)
Update on Shouguang Yuxin Chemical
Industry Co. Ltd. ( the “Yuxin Chemical”)
While the Company did not receive a formal
notice from the government regarding the electricity needed for its
Yuxin Chemical factory, discussions with the government have
convinced management that the electricity restrictions are being
eased. Accordingly, the Company has contacted its suppliers and
will have the remainder of the equipment produced and delivered, so
the Company can complete installation and begin testing and trial
production.
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 |
Gulf Resources (NASDAQ:GURE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gulf Resources (NASDAQ:GURE)
Historical Stock Chart
From Apr 2023 to Apr 2024