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Canada Business News and Press Releases
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(EMAILWIRE.COM, October 02, 2009 ) Windsor, Ontario - Free Hot Penny Stocks, an online financial publication, provides investors timely stock market alerts. If you are interested in penny stocks that are poised to breakout sign up for our free penny stock newsletter. Each day we send out alerts on different hot penny stocks.
Gulf Resources, Inc. (GFRE) a leading manufacturer of bromine, crude salt and specialty chemical products in the People's Republic of China, announced September 25th that it expects the bromine and crude salt manufacturing assets, for which it entered into an asset purchase agreement agreement on September 7, 2009, to contribute approximately $3.3 million in net income for 2010. This reflects a projected net profit margin of 29% given $11.3 million in expected revenue contribution of the assets for 2010. The company expects the acquired assets to become operational at the end of November 2009.
Consideration being paid by the Company for the manufacturing assets and the value of the rights to the leased property includes RMB 78.4 million (approximately $11.5) million in cash and the issuance of 4,229,366 shares of common stock equal to RMB33.6 million (approximately $4.9 million). The Company has so far paid approximately 30% of the total cash amount and expects to pay the remaining 70% of the cash consideration and the share consideration upon the closing of the transaction on September 30, 2009. In the prior trading session, the stock closed at $1.98. The company inched up to $1.99 today on above average trading volume.
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