SHOUGUANG, China, May 14, 2020 (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 today announced that it has filed a Form 12b-25, a Notification of Late Filing, with the Securities and Exchange Commission in order to extend the due date of its Quarterly Report on Form 10-Q for the period ended March 31, 2020 (the “Quarterly Report”) for five calendar days, as permitted by Rule 12b-25 under the Securities Exchange Act. The Company currently expects that it will file the Quarterly Report on or before May 20, 2020, the expiration date of the five calendar day extension period.
In its Form 12b-25 filing the company has advised that the Quarterly Report could not be filed within the prescribed time period due to the fact that the Company was unable to finalize its financial results without unreasonable expense or effort, which resulted partially from circumstances related to the coronavirus disease 2019 (COVID-19) pandemic outbreak. Specifically, (a) the Company’s receipt of information from certain third parties related to the completion of its interim financial information has been delayed, and (b) the Company’s personnel responsible for its financial reporting function had been adversely affected due to the city lockdown measures in China. As a result, the Company could not solicit and obtain the necessary review of the Quarterly Report in a timely fashion prior to the due date of the report.About Gulf Resources, Inc.
Gulf Resources, Inc. operates through three 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.
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, 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, risks associated with COVID-19 outbreak 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.
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