Dear Fellow Shareholders:
I am pleased to report that 2009 was a successful year of growth for Gulf Resources, marked by several accomplishments in the corporate and operational development of both of our business segments. We closed two acquisitions of bromine production assets, while completing upgrades to our chemical production line and initiating construction of a new line. Meanwhile, we managed to maintain the output of our existing bromine factories at level with the previous year, despite the global economic slowdown, demonstrating the resilience of the demand for this raw material. In addition, we successfully transitioned to the NASDAQ global select market, achieving one of our primary goals for the year of listing on a major US exchange.
To read the CEO's Letter to Shareholders, please click here.
To access our Form 10-K, please click here.
To access our Proxy Statement on Schedule 14A, please click here.
The rapid development of the Chinese economy has provided us with many opportunities. We believe that bromine will play an even more significant role in China's economic progress in the future.
We believe we are the largest bromine producer in China and the fourth largest bromine producer in the world. As one of few licensed bromine producers in China, we will continue to build and improve our company by expanding our production capacity and distribution capabilities, and by leveraging our fixed asset base. We expect our growth strategy involving increased utilization of existing reserves coupled with additional complementary acquisitions of bromine reserves, will help us achieve our goal of becoming a dominant worldwide player in the bromine industry.
In addition, we expect ancillary growth from the portfolio of specialty chemical products manufactured for the oilfield, papermaking, agriculture and pharmaceutical industries. We are currently focusing on developing more environmentally friendly chemical products, as we believe increased environmental awareness will drive demand for these products.
Our company recognizes innovation as critical for our long term growth strategy. We continuously seek to develop technology-intensive chemical products, efficient management procedures and manufacturing processes, and improved marketing and sales services. This strategy enables us to create a broad product portfolio that adjusts to the increasingly sophisticated requirements of our customers.
Gulf Resources aspires to maintain its position as a prominent player in China's bromine and specialty chemical industry, while obtaining international recognition. We embrace your continuing support throughout this journey.
Sincerely,
Ming Yang,
Chairman of the Board
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