Li resigned from the board to devote more time to his duties as chief financial officer of Gulf Resources. Following the resignation of Li, the company’s board of directors has seven members, of which four are independent. Effective as of June 22, the company also established a Nominating and Corporate Governance Committee comprised of independent directors Shi Tong Jiang, Ya Fei Ji, and Richard Khaleel, and a Compensation Committee comprising of independent directors Shi Tong Jiang, Ya Fei Ji, and Biagio Vignolo. The company’s Audit Committee was established in October 2007 and is comprised of Shi Tong Jiang, Richard Khaleel, and Biagio Vignolo. Consequently, Gulf Resources’ Board meets the corporate governance standards of a senior exchange.
“We want to thank Mr. Li for his contribution to our board and wish to emphasize that we continue to benefit from his experience as he continues in his position as CFO,” said Xiaobin Liu, chief executive officer of Gulf Resources. “Now that our board is comprised of a majority of independent directors and we have established all required committees and adopted written charters for each, we aim to progress with our plans to list on a senior exchange.”
Gulf Resources Inc. operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Ltd (“SCHC”) and Shouguang Yuxin Chemical Industry Company Ltd (“SYCI”). 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, visit www.gulfresourcesinc.cn