September 29, 2010 (FinancialWire) — Gulf Resources, Inc. (NASDAQ: GFRE) said that its board of directors has authorized a new share repurchase program under which the company may acquire up to $10 million of its issued and outstanding common shares from time to time over the next 12 months.

Gulf Resources said it plans to fund repurchases from its available cash balance.

China-based Gulf Resources operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Co., Ltd. and Shouguang Yuxin Chemical Industry Co., Ltd.

The company is a producer of bromine in China. Elemental Bromine is used to manufacture a range of compounds utilized in industry and agriculture.

Through SYCI, the company manufactures chemical products utilized in a variety of applications, including oil & gas field explorations and as papermaking chemical agents.

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