Gulf Resources (NASDAQ: GURE) today Provides Update on its Yuxin Chemical Factory
23 Mars 2023 - 1:30PM
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 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, the risks associated with the COVID-19
pandemic outbreak, 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.comDirector of Investor
RelationsHelen Xu (Haiyan Xu)
beishengrong@vip.163.com
Gulf Resources (NASDAQ:GURE)
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