GFRE -> GRUS (name change and 1 for 4 reverse stock split effective today)
Gulf Resources Effects a One-For-Four Reverse Stock Split
Press Release
Source: Gulf Resources, Inc.
On 8:00 am EDT, Friday October 9, 2009
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NEW YORK and WEIFANG, China, Oct. 9 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (OTC Bulletin Board: GFRE - News, GRUS - News; "Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, announced today that the Company will effect a one-for-four reverse split of the Company's common stock and trade on the Over the Counter Bulletin Board under the new ticker symbol "GRUS.OB" effective at the open of the market on October 12, 2009, so that every four shares of common stock before the reverse stock split shall represent one share of common stock after the reverse stock split. As a result of the reverse split, the Company will have approximately 30,542,211 shares of common stock issued and outstanding.
"The reverse stock split is an important step in order to meet the minimum share price requirements for uplisting our shares to NASDAQ. We believe listing our shares on NASDAQ will better reflect the true value of our Company and also provide our stock with increased liquidity, as more institutions are able to invest in companies trading on a senior stock market," said Mr. Xiaobin Liu, Chief Executive Officer of Gulf Resources. "Therefore, we strongly believe that these actions are in the best interest of the Company and our shareholders."
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