The Company now expects revenue between
"This adjustment to our guidance was mainly due to an increase in bromine
prices that has exceeded our initial expectations. Since the beginning of 2010,
bromine prices have increased more than 25% from
Growing demand for bromine due to the global economic recovery has been
the main driver of increased bromine prices. Downstream industries utilizing
bromine, such as pesticide and flame retardant production, in addition to real
estate, automobile sales and home appliance sales in rural areas, have
experienced sustained growth in
In addition to strong demand, a shortage of bromine supply is supporting
prices. In recent years, the improvement and development of
"We expect this demand and supply dynamic will persist in 2010, which will support high bromine prices throughout 2010 and help us to reach our new financial guidance for the year," concluded Mr. Liu.
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through two wholly-owned subsidiaries,
Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxing
Chemical Industry Co., Limited ("SYCI"). The Company believes that it is one
of the largest producers of bromine in
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, anticipated bromine prices and demand for bromine, 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.
For further information, please contact: Gulf Resources, Inc. David Wang, VP of Finance Email: gfre.2008@vip.163.com Helen Xu Email: beishengrong@vip.163.com Web: http://www.gulfresourcesinc.cn CCG Investor Relations Inc. Linda Salo, Sr. Financial Writer Phone: +1-646-922-0894 Email: linda.salo@ccgir.com Crocker Coulson, President Phone: +1-646-213-1915 (New York) Email: crocker.coulson@ccgir.com Web: http://www.ccgirasia.com
SOURCE Gulf Resources, Inc.