SHANDONG, China, June 23,
2011 /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 an
update to the Company’s Share Repurchase Plan, which was
adopted on September 23, 2010, under
which the Company plans to utilize its cash on hand and operating
cash flow to repurchase some of its issued and outstanding common
shares.
As of the market close on June 22,
2011, the Company has acquired 100,500 shares of its common
stock through open market transactions. The Company has also
entered into a Rule 10b5-1 share repurchase plan with a registered
brokerage firm in the United
States, which will allow the Company to continue to
repurchase shares throughout quiet periods. The additional
repurchases will be made subject to restrictions on price, volume,
timing, applicable legal requirements, and other factors.
The Company plans to update investors on the status of the
repurchase program on a quarterly basis, in conjunction with the
release of its financial results and filing of its quarterly and
annual reports with the Securities and Exchange Commission.
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 http:// 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.
Gulf Resources, Inc.
Helen Xu
Email: beishengrong@vip.163.com
Web: http://www.gulfresourcesinc.cn
CCG Investor Relations Inc.
Linda Salo, Account Manager
Phone: +1-646-922-0894
Email: linda.salo@ccgir.com
Crocker Coulson, President
Phone: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
SOURCE Gulf Resources, Inc.