SHOUGUANG, China, Nov. 16, 2023 (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, recently disclosed proposed management changes to come into effect during the Company’s annual meeting of shareholders which is to be hold on November 30, 2023 (the “Annual Meeting”), in a Form 8-K filed with the SEC on October 3, 2023. This information was reiterated to ensure shareholders were informed, given the possibility that some may have missed the initial 8-K filing.

On September 28, 2023, Min Yang, the Chairman of the Board of Directors (the “Board”) of the Company, informed the Board that he will not stand for re-election when his term expires at the Annual Meeting, and he tendered his resignation as Chairman of the Board effective as of the Annual Meeting. The Board accepted Mr. Yang’s resignation, effective as of the Annual Meeting, and elected Mr. Xiaobin Liu, Chief Executive Officer of the Company, as Chairman of the Board, effective as of the Annual Meeting.

On September 28, 2023, Tengfei Zhang, member of the Board, the chair of the Compensation Committee and member of the Nominating and Corporate Governance Committee, of the Company, informed the Board that he will not stand for re-election when his terms expires at the Annual Meeting, and he tendered his resignation as the chair of the Compensation Committee and member of the Nominating and Corporate Governance Committee. The Board accepted Mr. Zhang’s resignation as the chair of the Compensation Committee and member of the Nominating and Corporate Governance Committee, effective as of the Annual Meeting. The Company has nominated a director candidate to fill in the resulted vacancy. The information about the director nominee was disclosed in the definitive proxy statement filed with the SEC by the Company on October 3, 2023.

Mr. Yang remarked, "I take pride in the team we have cultivated at Gulf Resourced, guided by Mr. Liu Xiaobin's leadership. With some of our bromine and crude salt businesses back in operation, I believe it's an opportune moment for me to step aside and focus on my other business pursuits."

Expressing gratitude, Mr. Liu stated, "I extend my appreciation to Mr. Yang for his mentorship and backing in shaping Gulf Resources. Since joining the company in 2006 and taking on the role of CEO in 2009, we have collaborated closely. My team and I deeply value Mr. Yang's contributions and eagerly anticipate assisting Gulf's continued growth in the future."