Business
Gulf Resources, Inc. Announced Governmental Approval for Bromine Factory No. 8
SHOUGUANG, China, Aug. 24, 2022 (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, Aug. 24, 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 announced that recently it has received oral notification from Shouguang Yangkou Town People’s Government permitting it to resume production at its Factory No. 8. With this approval, the Company can now take steps to resume production at this factory. The Company will immediately begin the preparation work including upgrading some of the facilities of this factory. The Company expects to complete test and trial production in the fourth quarter 2022. The Company believes Factory No. 8 will produce revenue in the fourth quarter 2022. According to our Annual Report on Form 10-K for the year ending December 31, 2021, the resume of production at Factory No. 8 would result in an increase in annual production capacity of operating factories by approximately 20%. Gulf Resources will also be providing investors with projections for its bromine business for the remainder of the year on or about the end of August 2022. 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 t...