SHOUGUANG, China, Nov. 16, 2023 (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, 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.
