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Gulf Resources Provides Preliminary Response to Anonymous Allegations
Published Dec 08th, 2010
SHANDONG, China, Dec. 8, 2010 /PRNewswire-Asia-FirstCall/ -- Gulf Resources,
Inc. (Nasdaq: GFRE) ("Gulf Resources" or the "Company"), a leading manufacturer
of bromine, crude salt and specialty chemical products in China, today announced
that the Company strongly disputes certain allegations related to the
reliability of its filings with SEC that have recently been circulated in an
anonymous report within the investment community.
"We assert that these claims are completely without merit, and we take any
allegations related to the reliability of our financial statements and SEC
filings very seriously. As a result, we intend to disclose additional supporting
information which will confirm that these allegations are not true and may
pursue legal action against the instigator of such false claims," said Mr.
Xiaobin Liu, Chief Executive Officer of Gulf Resources. "We also want to confirm
that (i) our financial statements are accurate and we do not expect any
adjustments to them, and (ii) our business has maintained its momentum and we do
not expect any changes in business conditions in the foreseeable future."
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang
City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxin Chemical
Industry Co., Limited ("SYCI"). 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 & gas field explorations and as papermaking chemical
agents. For more information about the Company, please visit
www.gulfresourcesinc.cn.
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.
Inc. (Nasdaq: GFRE) ("Gulf Resources" or the "Company"), a leading manufacturer
of bromine, crude salt and specialty chemical products in China, today announced
that the Company strongly disputes certain allegations related to the
reliability of its filings with SEC that have recently been circulated in an
anonymous report within the investment community.
"We assert that these claims are completely without merit, and we take any
allegations related to the reliability of our financial statements and SEC
filings very seriously. As a result, we intend to disclose additional supporting
information which will confirm that these allegations are not true and may
pursue legal action against the instigator of such false claims," said Mr.
Xiaobin Liu, Chief Executive Officer of Gulf Resources. "We also want to confirm
that (i) our financial statements are accurate and we do not expect any
adjustments to them, and (ii) our business has maintained its momentum and we do
not expect any changes in business conditions in the foreseeable future."
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang
City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxin Chemical
Industry Co., Limited ("SYCI"). 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 & gas field explorations and as papermaking chemical
agents. For more information about the Company, please visit
www.gulfresourcesinc.cn.
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.