Business
Gulf Resources Announced First Quarter 2020 Results and Provided Business Update on Post Quarter Events
SHOUGUANG, China, May 20, 2020 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine,
About this update from Gulf Resources, Inc.
[{"type":"text","content":"SHOUGUANG, China, May 20, 2020 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (NASDAQ:GURE) (\"Gulf Resources\" or the \"Company\"), a leading manufacturer of bromine, crude salt, specialty chemical products, and natural gas in China today announced results for the first quarter ended March 31, 2020 and provided a business update on events occurring after the end of the first quarter 2020.\n Because of pollution issues, Chinese New Year, and circumstances related to the COVID-19 pandemic outbreak, the Company’s bromine facilities were closed for most time of the first quarter 2020. On Nov. 25, 2019, the government of Shouguang City issued a notice ordering all bromine facilities in Shouguang City to temporarily stop production from December 16, 2019 to February 10, 2020 for environmental reasons. Due to the COVID-19 outbreak, the Company received an approval dated on February 27, 2020 allowing the Company to resume its bromine production issued by Shouguang Comprehensive Coordination Group for Epidemic Prevention and Control. In January 2020, the Company obtained an environmental protection assessment approval issued by the government of Shouguang City, Shandong Province for the proposed new Yuxin chemical factory. On January 27, 2020, the Company completed a 1-for-5 reverse stock split of its issued and outstanding shares of common stock, which was effective for trading purposes as of the commencement of trading on January 28, 2020. On February 12, 2020, the Company announced that it received a notice from The Nasdaq Stock Market LLC (\"Nasdaq\") on February 11, 2020 indicating that the Company has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5450(a)(1) for continued listing on The Nasdaq Global Select Market. On March 5, 2020, the Company received a governmental approval allowing the Company to resume production at bromine factories #1, #4, #7, and #9. In the mid-March 2020, the Company began trial production at bromine factories #1 and #7. Since the Company’s factories were closed for most time of the first quarter 2020, the Company generated relatively little revenue and sustained operating losses. For the first quarter 2020, ending March 31, 2020, Gulf Resources reported net revenue of $557,670 up from $38,570 in the same quarter of the previous year. The loss from operations was $4,835,429...