Gulf Resources Updates Investors on the Construction of Its New Yuxin Chemical Factory
Gulf Resources, Inc. (Nasdaq: GURE) provides an update on its Yuxin Chemical Factory construction in Shouguang, China. The project has faced delays due to supply chain disruptions and COVID protocols. Despite ongoing challenges, progress is being made, with equipment deliveries in motion. The Company anticipates that, once all equipment is delivered and installed, it will take an additional 6 to 8 months to complete construction and receive necessary government approvals before starting trial production.
- Progress is being made on the Yuxin Chemical Factory construction despite delays.
- Delivery of key equipment is underway, indicating steps toward completion.
- Construction delays due to supply chain issues and COVID restrictions.
- Anticipated completion and operational readiness are pushed back by 6 to 8 months.
SHOUGUANG, China, Oct. 14, 2022 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China today updated investors on the construction of its new Yuxin Chemical Factory.
As Gulf has previously announced, the construction of this factory has been delayed due to supply chain disruption as well as COVID protocols in China. While delays are continuing and COVID restrictions are still in place, the Company believes it is making progress on the construction of this factory.
The Company has posted photographs on its website, (http://www.gulfresourcesinc.com) showing the most recent progress in the construction on its factory site as well as the delivery of some equipment including water jet vacuum, screw vacuum, and closed water ring vacuum equipment. The Company is expecting the delivery of the rest of equipment including sewage and waste gas treatment equipment. After all equipment is delivered, the Company expects to be able to install the equipment and complete construction.
After all equipment has been delivered, installed and complete the construction, the Company expects to obtain government approvals including safety and environmental protection approval and thereafter to start equipment testing, and trial production. The Company expects to take additional 6 to 8 months to complete the process.
Gulf Resources may continue to update its investors on the progress of the Yuxin chemical factory.
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through four wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC"), ShouguangYuxin Chemical Industry Co., Limited ("SYCI"), Daying County Haoyuan Chemical Company Limited (“DCHC”) and Shouguang Hengde Salt Industry Co. Ltd. (“SHSI”). 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. Through SHSI, the Company manufactures and sell crude salt. 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 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.
FAQ
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