Gulf Resources (NASDAQ:GURE) Announces Conference Call to Discuss Historic Decision of Aligning Shareholders’ Interests with that of Management
Gulf Resources, Inc. (GURE) announced a new compensation program aimed at aligning management interests with shareholders. The plan requires top executives to repay most of their cash compensation over the past 11.5 years, with reductions in current salaries—Chairman and CEO receiving no cash compensation, and COO and CFO seeing an 82% cut. In exchange, these executives will receive stock, promoting a focus on share price performance. A conference call is scheduled for November 10, 2021, to discuss the details.
- Introduction of a new compensation program aligns management interests with shareholders.
- Top executives voluntarily repay significant portions of past cash compensation, enhancing accountability.
- Reduction of cash compensation for COO and CFO by approximately 82%.
- Company dissatisfied with its financial performance and inability to distribute dividends.
SHOUGUANG, China, Nov. 08, 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 a conference call to discuss the new compensation program initiated by the Company to align the interests of its Chairman and senior management with that of its shareholders.
For several years, the Company has been dissatisfied with its financial performance and with its inability to take cash from China to pay dividends and buy back shares. It has been seeking a way of attempting to align the interests of its shareholders with that of its management.
The Company has created a new compensation program, that includes:
- The Chairman and top three executives repay most or all of their cash compensation earned during the past approximately 11 ½ years.
- The Chairman and CEO receive no cash compensation.
- The COO and CFO have their cash compensation reduced by approximately
82% . - In exchange, the top executives, but not the Chairman, would receive shares of stock.
By repaying most or all of their cash compensation for the past approximately 11 ½ years and reducing or eliminating their current cash compensation, senior management will only do well if the price of the shares of Gulf Resources does well.
Conference Call
Gulf Resources management will host a conference call on Wednesday, November 10, 2021 at 08:00 AM Eastern Time to discuss this new compensation program.
Mr. Xiaobin Liu, the CEO and Mr. Min Li, the CFO, of Gulf Resources, will be hosting the call. The Company's management team will be available for investor questions following the prepared remarks.
To participate in this live conference call, please dial +1 (888) 506-0062 five to ten minutes prior to the scheduled conference call time. International callers should dial +1 (973) 528-0011.The Entry Code is 692204.
The webcasting is also available then, just simply click on the link below:
http://www.gulfresourcesinc.com/news-28.html
A replay of the conference call will be available two hours after the call's completion during 11/10/2021 11:00 AM ET - 11/15 /2021 11:00 AM ET. To access the replay, call +1 (877) 481-4010. International callers should call +1 (919) 882-2331. The Replay Passcode is 43632.
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 ongoing impact of COVID-19 pandemic, uncertainties associated with obtaining governmental approvals, 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 |
FAQ
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