Business
Gulf Resources (NASDAQ: GURE) today Provides Update on its Yuxin Chemical Factory
SHOUGUANG, China, March 23, 2023 (GLOBE NEWSWIRE) -- Gulf Resources (NASDAQ: GURE) (the company),Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources", "we,"
About this update from Gulf Resources, Inc.
[{"type":"text","content":"SHOUGUANG, China, March 23, 2023 (GLOBE NEWSWIRE) -- Gulf Resources (NASDAQ: GURE) (the company),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 provided an update on its Yuxin Chemical Factory. To date, Gulf Resources has built the bulk of the factory and received a good portion of the equipment required for its Yuxin Chemical factory. Refrigeration and air compressor units have recently been received. The equipment remaining to be delivered majorly includes that related to environmental issues, such as the waste gas treatment equipment, solid waste treatment equipment, and wastewater treatment equipment. The delivery of these products was initially delayed due to the COVID pandemic and the closing of the factories that produce them. The recent delay has been caused by increased government requirements for production related to the public safety, including those that impact air and water pollution. These are not simple off-the-shelf products. The equipment has to be customized to specific use cases and environments. Gulf has been working with its manufacturing suppliers on the specifications that will meet the stricter government regulations. The Company and its manufacturing suppliers are making progress in this process. While events could conceivably further delay the deliveries and while the Company will still have to pass a government mandated safety and environmental assessment, Gulf believes that the short-term delay in the delivery of this complex equipment will have no impact on the long-term sales or profits of its chemical business. As previously noted, the Company believes that once all of the equipment is delivered, it will take 3 to 4 months to get them installed. After installation, the testing process is anticipated to take 2 to 3 months, after which we will be in a position to apply for environmental and safety approval. After we get the approval, it will take us 4 months to conduct trial production, and then we may start commercial production. About Gulf Resources, Inc. Gulf Resources, Inc. operates through four wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited (\"SCHC\"), Shouguang Yuxin Chemical Industry Co., Limited (\"SYCI\"), Daying County Haoyuan Chem...