GULF RES INC : Gulf Resources Announces the Completion of Upgrades to its Pesticide Additive Production Line
12/29/2009| 09:20am US/Eastern
NEW YORK & SHANDONG, China, Dec. 29 /PRNewswire-Asia-FirstCall/ -- Gulf
Resources, Inc. (Nasdaq: GFRE) ("Gulf Resources" or the "Company"), a leading
manufacturer of bromine, crude salt and specialty chemical products in China,
today announced that the Company completed upgrades to its chemical production
line focused on producing pesticide additives.
The updated production line is expected to increase the production
capacity of pesticide additives from 1,800 metric tons to 3,000 metric tons
annually and improve the quality of the pesticide additives.
"The pesticide industry has been growing at a phenomenal pace in China and
with the ongoing domestic upgrades in raw materials, human capital and
production techniques, we believe that China will be the global leader in the
industry going forward." said Mr. Xiaobin Liu, Chief Executive Officer of Gulf
Resources. "Driven by the fast-growth of domestic and international pesticide
markets, we believe that the demand for pesticide additives will continue its
rapid growth. Gulf Resources strives to produce high quality pesticide
additives that will meet the demands of our customers. The timely completion
of the production line will enhance our top and bottom lines for 2010. We are
pleased that we have received positive feedback from our current customers
about the quality of the pesticide additives produced by the upgraded
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through two wholly-owned subsidiaries,
Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxin
Chemical Industry Co., Limited ("SYCI"). 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 & gas field explorations and as papermaking
chemical agents. For more information about the Company, please visit
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
CCG Investor Relations
Mr. Crocker Coulson, President
Ms. Linda Salo, Senior Financial Writer
SOURCE Gulf Resources, Inc.