Gulf Resources Announces Management Changes
November 16 2023 - 8:30AM
Gulf Resources, Inc. (Nasdaq:GURE) ("Gulf Resources" or the
"Company"), a leading manufacturer of bromine, crude salt and
specialty chemical products in China, recently disclosed proposed
management changes to come into effect during the Company’s annual
meeting of shareholders which is to be hold on November 30, 2023
(the “Annual Meeting”), in a Form 8-K filed with the SEC on October
3, 2023. This information was reiterated to ensure shareholders
were informed, given the possibility that some may have missed the
initial 8-K filing.
On September 28, 2023, Min Yang, the Chairman of the Board of
Directors (the “Board”) of the Company, informed the Board that he
will not stand for re-election when his term expires at
the Annual Meeting, and he tendered his resignation as Chairman of
the Board effective as of the Annual Meeting. The Board accepted
Mr. Yang’s resignation, effective as of the Annual Meeting, and
elected Mr. Xiaobin Liu, Chief Executive Officer of the Company, as
Chairman of the Board, effective as of the Annual Meeting.
On September 28, 2023, Tengfei Zhang, member of the Board, the
chair of the Compensation Committee and member of the Nominating
and Corporate Governance Committee, of the Company, informed the
Board that he will not stand for re-election when his
terms expires at the Annual Meeting, and he tendered his
resignation as the chair of the Compensation Committee and member
of the Nominating and Corporate Governance Committee. The Board
accepted Mr. Zhang’s resignation as the chair of the
Compensation Committee and member of the Nominating and Corporate
Governance Committee, effective as of the Annual Meeting. The
Company has nominated a director candidate to fill in the resulted
vacancy. The information about the director nominee was disclosed
in the definitive proxy statement filed with the SEC by the Company
on October 3, 2023.
Mr. Yang remarked, "I take pride in the team we have cultivated
at Gulf Resourced, guided by Mr. Liu Xiaobin's leadership. With
some of our bromine and crude salt businesses back in operation, I
believe it's an opportune moment for me to step aside and focus on
my other business pursuits."
Expressing gratitude, Mr. Liu stated, "I extend my appreciation
to Mr. Yang for his mentorship and backing in shaping Gulf
Resources. Since joining the company in 2006 and taking on the role
of CEO in 2009, we have collaborated closely. My team and I deeply
value Mr. Yang's contributions and eagerly anticipate assisting
Gulf's continued growth in the future."
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.com
Director of Investor Relations
Helen Xu (Haiyan Xu)
beishengrong@vip.163.com
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