NEW YORK & SHANDONG PROVINCE, China--(BUSINESS WIRE)--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 established a cooperative research and development agreement with the Shandong Institute of Light Industry to create improved products for use in the papermaking industry.
This agreement is designed to create new, superior paper additives for use in the production of high quality specialty paper products. This research and development initiative with Shandong Institute of Light Industry gives Gulf Resources the sole right to use any products and technologies developed for a period of two years.
The Shandong Institute of Light Industry (SDILI) is a university recognized for its research and expertise in the development of technology for major chemical manufacturing sectors including papermaking and catalytic compounds.
"We are excited to enter into this partnership with the Shandong Institute of Light Industry to jointly develop new specialty chemicals for the papermaking industry where we believe significant market opportunities exist," said Ming Yang, Chief Executive Officer of Gulf Resources. "Combining their recognized expertise in papermaking chemicals with our broad customer base and strong relationships will strengthen our product portfolio by serving this expanding market."
Shandong Institute of Light Industry was founded in 1948 and is the only light-industry-based higher education institution in Shandong Province. SDILI is situated in Jinan, the capital city of Shandong, and possesses an abundance of scientific research facilities and is a comprehensive multi-disciplinary university with a strong academic reputation.
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.
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