SHOUGUANG, China, July 12, 2018 (GLOBE NEWSWIRE) — Gulf Resources, Inc. (NASDAQ:GURE) (“Gulf Resources” or the “Company”), a manufacturer of bromine, crude salt, specialty chemical products, and natural gas in China, today announced that it has received the equipment it ordered for its natural gas project. It is completing the installation and will soon commence testing.
The first major piece of equipment is the natural gas separator. This equipment separates dust, dirt, sand and pipe scale, water, high octane value hydrocarbon, etc. The gas collects at the top of the natural gas separator where it is removed and decompressed. Separators often have to be customized to treat the specialized conditions of each drilling area.
The second major piece of equipment is the water jacket furnace. It maintains an even temperature, while saving significant amounts of energy and reducing emissions. This equipment can heat up the natural gas to ensure the normal operation of the following equipment.
The initial installation of these equipment pictures can be found on the company website:
The installation, including providing piping and electricity will be completed in July. The company hopes to begin testing in August and trial production in September.
Mr. Liu Xiaobin, the CEO of Gulf Resources, stated, “We are very pleased to have received the new customized equipment and begun the installation. We remain strongly committed to our natural gas project. The new environmental regulations of the Chinese government may lead to a shortage of natural gas in China. We continue to believe that despite the delays, this project will end up being profitable for our company.”
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”), and Daying County Haoyuan Chemical Company Limited (“DCHC”). 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. 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.
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 risk 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.
Director of Investor Relations
Helen Xu (Haiyan Xu)