With support from the sellers of the assets, the Company signed a land
lease agreement with local authorities and obtained the required land use
rights for the property. The Company expects to start operations using the
newly acquired assets by
In addition to the cash consideration, the Company will issue 70,560
shares of its common stock to the sellers of the assets. The number of shares
of common stock to be issued by the Company was calculated based on a price of
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through two wholly-owned subsidiaries,
Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxing
Chemical Industry Co., Limited ("SYCI"). The Company believes that it is one
of the largest producers of bromine in
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.
For more information, please contact: Gulf Resources, Inc. David Wang, VP of Finance Email: gfre.2008@vip.163.com Helen Xu Email: beishengrong@vip.163.com Web: http://www.gulfresourcesinc.cn CCG Investor Relations Inc. Linda Salo, Sr. Financial Writer Phone: +1-646-922-0894 Email: linda.salo@ccgir.com Crocker Coulson, President Phone: +1-646-213-1915 (New York) Email: crocker.coulson@ccgir.com Web: http://www.ccgirasia.com
SOURCE Gulf Resources, Inc.