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Gulf Resources Announces Initiation of
Environmentally Friendly Additive Production Line
Sep 24, 2008
Gulf Resources, Inc. (OTCBB: GFRE) ("Gulf" or
the "Company"), a leading manufacturer of bromine, crude salt and
specialty chemical products in China, announced the commencement of
a new environmentally friendly production line and an order valued
at about 1.6 million dollars for its new oil and gas exploration
additive products.
Gulf has invested $7.5 million through its wholly-owned subsidiary,
Shouguang Yuxin Chemical Industry Co., Limited ("SYCI"), since April
2008 to construct the new chemical production line, particularly
focusing on environmentally friendly additive products, solid
lubricant and polyether lubricant, for use in oil and gas
exploration. The line has an expected annual production capacity of
5,000 tons. The construction of the new chemical production line was
completed on August 31, 2008 and has since passed the examination of
Shouguang City Administration of Work Safety and local fire
department. Formal production started on September 15, 2008.
SYCI signed an initial three-month purchase agreement with Kuerle
City Xingdong Trading Co., Ltd. ("Xingdong"), a distributor of
additive materials for oilfields in Xinjiang province, to deliver
800 tons of its new oil and gas exploration additive products worth
a total of $1.6 million. The Company expects to complete these
orders by December 31, 2008. The Company has already delivered
samples of additive products to customers and successfully passed
their quality controls.
"We believe that environmentally friendly additive products for oil
and gas exploration have significant growth potential, given the
increased environmental awareness and strong demand for new energy
resources in China," commented Ming Yang, Chief Executive Officer of
Gulf Resources, "By shifting our focus towards proprietary and
technology-intensive additive products with a more attractive profit
margin, we plan to optimize the Company's product mix. We are
working to develop other environmentally friendly chemical products,
such as non-toxic bromine used as a pharmaceutical intermediate and
low-toxic flame retardants."
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 the largest producer 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, please visit the
Company's website: www.gulfresourcesco.com
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