Gulf Resources Engages BDO Limited as New Independent Auditor
SHANDONG, China and NEW YORK, Feb. 11 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (Nasdaq: GFRE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that it has engaged BDO Limited, the Hong Kong-based member firm of the BDO International network, as its new independent auditor, replacing Morison Cogen LLP. The change is effective as of February 10, 2010.
The decision to change the Company's independent auditor was authorized and approved by Gulf Resources' Audit Committee. Gulf Resources had no disagreements with Morison Cogen LLP from the time of the initial engagement to its dismissal, including the Company's most recently reported fiscal year and the subsequent interim period, on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if they had not been resolved to Morison Cogen LLP's satisfaction, would have caused them to make reference to the disagreements in their reports on the Company's financial statements.
"We look forward to working with our new independent auditor BDO Limited in the future," said Mr. Xiaobin Liu, Chief Executive Officer of Gulf Resources. "Cooperating with a Big 5 accounting firm signifies a long-term commitment to being a public company and to our shareholders. Meanwhile, we want to thank Morison Cogen LLP, which provided high-quality professional services to us for the past three years."
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 http://www.gulfresourcesinc.cn .
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the availability of funds and working capital to finance its activities; the actions and initiatives of current and potential competitors; the Company's ability to introduce new products; market acceptance of new products; general economic and business conditions; the ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
For more information, please contact:
Gulf Resources, Inc.
David Wang, VP of Finance
Email: [email protected]
Helen Xu
Email: [email protected]
Web: http://www.gulfresourcesinc.cn
CCG Investor Relations Inc.
Linda Salo, Senior Financial Writer
Tel: +1-646-922-0894
Email: [email protected]
Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: [email protected]
Web: http://www.ccgirasia.com
SOURCE Gulf Resources, Inc.
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