Gulf Resources Announces $2 Million Share Repurchase Program
SHOUGUANG, China, April 18, 2013 (GLOBE NEWSWIRE) -- Gulf Resources, Inc.
(Nasdaq:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of
bromine, crude salt and specialty chemical products in China, today announced
that the Company's Board of Directors has approved a new share repurchase
program under which the Company is authorized, but not obligated, to purchase
up to $2 million of its issued and outstanding shares of common stock from
time to time over the next 12 months. The timing and amount of any repurchase
will depend on market conditions, the trading price, and other factors. Such
repurchases will be subject to, and executed in compliance with, applicable
laws and regulations. The share repurchase program may be suspended, modified
or discontinued at any time. The share repurchase program will be funded with
the Company's available working capital. Currently the Company is under its
normal operation and does not possess any material non-public information.
Mr. Xiaobin Liu, the Chief Executive Officer of the Company, commented, "The
Company's management team, together with its board of directors, believes that
the share repurchase program is in the best interest of the Company and its
shareholders. Given our solid market leadership position, strong track record
of business expansion, and healthy balance sheet, we believe that our stock is
deeply undervalued. Our share repurchase program demonstrates the management's
commitment to enhance shareholders value. We are confident about the Company's
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, visit www.gulfresourcesinc.com.
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, as amended and Rule 3b-6
under the Securities Exchange Act of 1934 as amended, 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 of its disclosure.
CONTACT: IR Manager
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