Aug 20 2010
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 that the bromine and crude salt production assets acquired in June 2010 started formal production on August 19, 2010.
Gulf Resources completed the transfer of ownership of bromine and crude salt production assets on June 22, 2010. With support from the sellers of the assets and the local government, the newly acquired asset commenced formal production ahead of schedule in August. The Company expects the newly acquired asset result in daily bromine and crude salt production of 9 and 300 tonnes, respectively, corresponding to annual production capacity of 3,000 tonnes of bromine and 100,000 tonnes of crude salt.
"We are glad to commence the formal production of the newly acquired assets ahead of schedule, as a result of the hard work and support from the local government, sellers of the assets, and our management team," said Mr. Xiaobin Liu, Chief Executive Officer of Gulf Resources. "With limited bromine resources in China to meet the increasing demand, the additional production capacity will help us to generate revenue approximately two weeks earlier than we expected. We expect to take advantage of the favorable pricing environment and ramp up production quickly."
Source: http://www.gulfresourcesinc.cn/