Shandong Haoyuan Industrial Group Ltd., an entity controlled by

http://www.reuters.com/article/pressRelease/idUS134574+13-May-2009+BW20090513

Gulf Resources Enters into Lock-Up Agreements with Shareholders
Wed May 13, 2009 8:00am EDT Email | Print | Share| Reprints | Single Page[-] Text [+]

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NEW YORK & SHANDONG PROVINCE, China--(Business Wire)--
Gulf Resources, Inc. (OTCBB: GFRE) ("Gulf Resources" or the "Company"), a
leading manufacturer of bromine, crude salt and specialty chemical products in
China, today announced that it on May 10, 2009, it entered into a lock-up
agreement with three of its shareholders: Top King Group Limited, Billion Gold
Group Limited, and Topgood International Limited (the "Holders").

Under the agreement, the Holders agree not to offer, sell, or contract to sell
in a public transaction, the 21 million shares they received in February 2009
for a period of no less than 22 months starting from May 10, 2009 (the "Lock-up
Period"). Furthermore, the Holders agreed that in each of the next twelve months
following the Lock-up Period, the Holders shall not transfer shares in an amount
greater than 2% of the total shares of the Company`s common stock issued and
outstanding in a public transaction.

In February 2009, the Holders obtained 21 million of the Company`s common stock
in February 2009 in the following amounts:

* Top King Group Limited: 6,000,000
* Billion Gold Group Limited: 8,000,000
* Topgood International Limited: 7,000,000

In February 2009, the Company entered into an agreement to issue 21.0 million
shares of the Company`s common stock to three new shareholders in lieu of paying
off in cash approximately $21.3 million in existing loans payable to Shenzhen
Hua Yin Guaranty and Investment Limited Liability Company.

The Company also entered into an agreement with existing shareholders Ming Yang,
the Company`s Chairman; Wenxiang Yu, Mr. Yang`s wife; Zhi Yang, Mr. Yang`s son;
and Shandong Haoyuan Industrial Group Ltd., an entity controlled by Gulf
Resources, not to transfer shares of the Company`s common stock in each of the
next twelve months following the Lock-up Period in an amount greater than 1% of
the total shares of common stock issued and outstanding.

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 about the Company, please visit
www.gulfresourcesinc.cn.

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, 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.



Gulf Resources, Inc.
Rena Xiao
[e-mail]
or
Helen Xu
[e-mail]
or
CCG Investor Relations
Mr. Crocker Coulson, [phone]
President
[e-mail]
or
Ms. Linda Salo, [phone]
Financial Writer
[e-mail]

所有跟帖： 

• GULF RESOURCES, INC,(SHANDONG HAOYUAN INDUSTRY GROUP LTD) , majo -marketreflections- ♂ (604 bytes) () 09/15/2009 postreply 13:55:09

• 山东豪源集团成立于1993年, 企业法人：, 杨明 -marketreflections- ♂ (174 bytes) () 09/15/2009 postreply 14:18:33

• 寿光市十大杰出青年企业家 杨明 -marketreflections- ♂ (1925 bytes) () 09/15/2009 postreply 14:39:44