Gulf Resources, Inc

[v80alue]

Latest presentation 7/8/2011

http://www.gulfresourcesinc.cn/images/pdf/7_8_11_gfre_ppt.pdf

Questions
1) Slide 12 section "Customer"
"Just In Time shipping and production", Does it mean they produce and immediately shipped to customer so that there is almost no inventory ? Does it explain their low inventory and high turnover rate, which is the reason Bronte shorts?

2) Slide 10 about "One of few bromine exploration license"
It has been claimed to be one of 6 licenses. Apparently according to Haiwang's S1 here
http://www.sec.gov/Archives/edgar/data/1511046/000114420411023076/v218968_s1a.htm
The PRC laws require the licensing of bromine producers to produce bromine. Currently, approximately 75 bromine producers have been licensed in Shandong Province.
So there is difference between exploration and production licenses. Does exploration license add any value to the business ? Acquisition of factory 5-9 are significant in their growth.

3) Crude Salt (Slide 15)
According S1, Haiwang is No 1 Crude Salt producer in China with over 1.2million MT production capacity and they have named brand and selling average $29/MT for 2010. GURE, through recent aquisitions, increased their crude salt production to 620,000 but 10k says, GURE's average selling price is $40/MT. This really puzzles me. BTW Selling price for Bromine is consistent comparing both.

Anyone ?