Gulf Resources announces the basic completion of the civil work for its new chemical factory
Gulf Resources, Inc. (GURE) announced the completion of civil works for its new chemical factory at the Bohai Marine Fine Chemical Industrial Park in Shandong, China. This factory will focus on producing higher margin pharmaceutical intermediate products. Following the construction phase, the company will begin purchasing and installing machinery, leading to trial production. Gulf Resources aims to keep shareholders updated on the factory's progress, emphasizing its commitment to enhancing production capabilities and market presence in the pharmaceutical sector.
- Completion of civil works for new factory, enhancing production capabilities.
- Focus on higher margin pharmaceutical intermediate products expected to boost profitability.
- Risk factors include competition and economic conditions in China.
- Potential delays in machinery installation and testing may impact timelines.
SHOUGUANG, China, June 30, 2021 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources", “we,” or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced the civil works have basically been completed for its new chemical factory located at Bohai Marine Fine Chemical Industrial Park, Shandong Province, China.
The new factory will focus more on production of the higher margin pharmaceutical intermediate products. A photograph of the new chemical factory facilities is shown below. Additional photographs showing greater details are available on the Company’s website (www.gulfresourcesinc.com).
Now that the buildings are basically complete, the Company expects to begin purchasing and installing the machinery and equipment. Once the machinery and equipment is installed, the Company will begin to test the equipment, following by trial production.
The Company will continue keeping shareholders updated with the progress of its chemical factory.
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through three wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC"), ShouguangYuxin 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 http://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, the risks associated with the COVID-19 pandemic outbreak, 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 |
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/90e89b6b-0961-4b3c-ad37-ad29e65292f5
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