Gulf Resources Announces Agreement to Supply Custom Papermaking Chemicals to Largest Privately Owned Producer of Coated Art Paper in China
Gulf Resources, Inc. (OTCBB: GFRE), a leading producer of bromine, crude salt and specialty chemicals in China, today announced that its specialty chemicals subsidiary has signed an agreement with Longteng Industrial & Trading Co. to supply a variety of custom produced chemicals for use in the manufacturing of high quality paper products. The agreement is Gulf’s first with Longteng Industrial & Trading Co., the largest privately owned coated art paper producer in China.
This contract expands upon Gulf’s existing production of specialty chemicals designed for the rapidly growing papermaking industry within China. Under the agreement, Gulf will produce a total of five new custom paper additives specifically for use in the production of high quality specialty paper products.
“Longteng is investing heavily in the expansion of its production capabilities and Gulf is excited to be in a position to provide the specialized chemicals they require to continue their growth,” said Ming Yang, Chief Executive Officer of Gulf Resources. “This new agreement shows the progress that we have made in becoming a recognized producer of high quality chemicals for the papermaking industry.”
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through two wholly-owned subsidiaries, SCHC and SYCI. SCHC is engaged in the production and sale of bromine and crude salt in China. Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. SYCI manufactures chemical products utilized in a variety of applications, including oil & gas field explorations and as papermaking chemical agents.
For more information, please visit: www.gulfresourcesco.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 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.