China Growth Stocks

[tbirdman]

GFRE - Gulf Resources Provides Final Update on Internal Controls Assessment 03/04 05:30 AM


NEW YORK and SHANDONG, China, March 4, 2011 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (GFRE:$9.01,00$-0.15,00-1.64%) , a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that the Company's internal control consultant Deloitte Touche Tohmatsu ("Deloitte") has issued a final report regarding the internal control assessment performed.

The objective of Deloitte's engagement was to assist the Company to perform an independent internal controls assessment. The independent assessment covers the areas of the Company's Corporate Controls, Anti-Fraud Program, Financial Reporting and Disclosure Controls. Deloitte commenced its field work in September 2010 and an interim report was issued with recommendations for improvement of identified areas. A follow up assessment was conducted in February 2011, based on which the Company has put in place measures to improve its internal controls in relation to the improvement areas identified by Deloitte.

The management believes that the Company's internal control is improved after implementing the recommendations made by Deloitte.
"As a NASDAQ-listed company, it has always been our goal to continuously improve our internal controls and corporate governance. The engagement of Deloitte is a testament of the management's commitment to strict internal control and proper financial reporting. It helped us to embrace good corporate governance and ensure better compliance with the requirements of the Sarbanes-Oxley Act," said Mr. Xiaobin Liu, Chief Executive Officer of Gulf Resources (GFRE:$9.01,00$-0.15,00-1.64%) . "We believe the final report by Deloitte will enhance shareholder confidence in Gulf Resources (GFRE:$9.01,00$-0.15,00-1.64%) as we continue to commit to best practices in corporate governance."