New York & Shandong Province, March 16, 2009 - Gulf Resources, Inc. (OTCBB: GFRE) (“Gulf Resources” or the “Company”), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced the appointment of Mr. Xiaobin Liu to be the Company’s new Chief Executive Officer and director, effective March 10, 2009. Mr. Liu replaces Mr. Ming Yang, who resigned from his position as Chief Executive Officer of the Company to devote more time to his other businesses. Mr. Yang will continue as Chairman of the Board of Directors.

 

Mr. Liu has been closely involved with Gulf Resources since January 2007. Serving as Vice President, he was responsible for all the Company’s operations. From June 2005 to December 2006, he was the Vice President of Shenzhen SEG. Dasheng Co., Ltd., a Shenzhen-listed company engaged in the real estate and hotel industries.  From May 2000 to June 2005 he managed the securities department of Saige International Trust and Investment Corporation in Hainan province and was in charge of asset management. From May 1995 to May 2000, Mr. Liu served as the Vice President of Hainan Wanquanhe Development, where he was in charge of corporate operations and financial control. Prior to that, he worked in the finance departments of Chinese Black Metal, Ltd. and Shanxi Aircraft Manufacturing Company. He has a Master’s degree in international accounting from the City University of Hong Kong.

“We are pleased that Mr. Liu will officially take over as CEO of Gulf Resources and I will work with him closely to ensure a smooth transition,” commented Mr. Ming Yang, Chairman of Gulf Resources. “We believe his rich experience in key positions at large domestic public companies, knowledge of the capital markets and previous experience with Gulf Resources provide him with to the ideal skill set required to serve as the steward of our Company as we pursue our growth strategy. I look forward to working with him in my current role as Chairman.”

“I am thrilled to take on the role as CEO and to lead our efforts in executing our growth strategy,” said Mr. Liu, newly appointed CEO of Gulf Resources. “We are determined to continue capitalizing on the ongoing consolidation of China’s bromine industry, in addition to leveraging our environmentally friendly initiatives in the chemical business segment.”

 

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 the People’s Republic of 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, please visit www.gulfresourcesinc.cn.

 

 

 

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