SHOUGUANG, China, April 18, 2013 (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 the Company's Board of Directors has approved a new share repurchase program under which the Company is authorized, but not obligated, to purchase up to $2 million of its issued and outstanding shares of common stock from time to time over the next 12 months. The timing and amount of any repurchase will depend on market conditions, the trading price, and other factors. Such repurchases will be subject to, and executed in compliance with, applicable laws and regulations. The share repurchase program may be suspended, modified or discontinued at any time. The share repurchase program will be funded with the Company's available working capital. Currently the Company is under its normal operation and does not possess any material non-public information.
Mr. Xiaobin Liu, the Chief Executive Officer of the Company, commented, "The Company's management team, together with its board of directors, believes that the share repurchase program is in the best interest of the Company and its shareholders. Given our solid market leadership position, strong track record of business expansion, and healthy balance sheet, we believe that our stock is deeply undervalued. Our share repurchase program demonstrates the management's commitment to enhance shareholders value. We are confident about the Company's future growth."
About Gulf Resources, Inc.Gulf Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxin Chemical Industry Co., Limited ("SYCI"). 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 & gas field explorations and as papermaking chemical agents. For more information, visit www.gulfresourcesinc.com . Forward-Looking Statements
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