Gulf Resources (GURE) Unit to Acquire Bromine Production Assets in $10M Deal
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Gulf Resources, Inc. (Nasdaq: GURE) reports its wholly-owned subsidiary Shouguang City Haoyuan Chemical Company Limited ("SCHC") has signed an agreement to acquire manufacturing assets involved in bromine production from Liangcai Zhang, an individual resident of the People's Republic of China.
Consideration for the asset purchase is approximately $10 million (RMB 63 million) in cash and upon the closing of the transaction, no later than10 days after receiving the satisfactory assessment report, SCHC will acquire the buildings, wells, machinery, equipment, pipelines, and power circuits owned by the sellers, and any warranties associated therewith, located at 3 kilometers west of the Yangkou Village, south of Youyi road in Shouguang City Yangkou Township. The Company expects to resume production with the newly acquired assets by the end of first quarter 2012 after repair and adjustment.
The closing of the transaction is subject to certain closing conditions, including a final assessment of the condition of the assets. Further details on the terms of this transaction can be found in the Company's 8-K which is expected to be filed with the U.S. Securities and Exchange Commission on December 22, 2011.
Consideration for the asset purchase is approximately $10 million (RMB 63 million) in cash and upon the closing of the transaction, no later than10 days after receiving the satisfactory assessment report, SCHC will acquire the buildings, wells, machinery, equipment, pipelines, and power circuits owned by the sellers, and any warranties associated therewith, located at 3 kilometers west of the Yangkou Village, south of Youyi road in Shouguang City Yangkou Township. The Company expects to resume production with the newly acquired assets by the end of first quarter 2012 after repair and adjustment.
The closing of the transaction is subject to certain closing conditions, including a final assessment of the condition of the assets. Further details on the terms of this transaction can be found in the Company's 8-K which is expected to be filed with the U.S. Securities and Exchange Commission on December 22, 2011.
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