Gulf Resources, Inc. (NASDAQ:GURE) Q3 2023 Earnings Call Transcript

Unidentified Company Representative: I mean, that’s fine and dandy, but we are not doing anything to do it. I mean, I want to see — we talk about and talk about and talk about. No, I know. I am going on and on. I am going to get off in a minute. But it is the same thing. I mean, you can call, you have Chinese investment bankers, you have international investment bankers that work all over China. I mean, I just don’t get it. We are spending all this money all of a sudden on flood protection. And, we don’t want to go out and retain somebody to help us to realize the value in the company. I don’t get it. I mean, I really don’t. And, I have been around a long time, Helen. And it is…

Helen Xu: Yes. I know you.

Unidentified Analyst : Okay. What about the local government? Go ahead.

Helen Xu: Yes.

Unidentified Analyst: Yes. I mean, and there would be no reason to turn down $15 or $20 tomorrow afternoon. If somebody were to make that, I mean, my word, I think shareholders would jump up and down for joy and so with management. I mean, but where are we with the negotiations with the local government on natural gas, I don’t think you answered that unless I missed it.

Helen Xu: [Foreign Language]. Hi. In the Sichuan project, Sichuan province project, the local government, they have some new ideas come out in their mind, and there are some new competitors in the industry also come out. So, we are still doing the active discussion with the local government on this project.

Unidentified Analyst: I mean, have you all even thought about going to China Petro? What’s the big company that has the natural gas fund next to where yell in the land? What’s the big company? I mean, I don’t know why we don’t go to them and try to do a joint partnership. I just don’t get it. And then I’m going to keep quiet, Helen, and thank you for your help as usual.

Helen Xu: [Foreign Language]. So, because China venture, they do not, they instead of corporations, they just wanted to merge the company. So, we think this is not what we want. So that’s why we were looking for the cooperation with local governments. And during the discussion with local governments and there are some new competitors come out and the governments have some new ideas in their minds. So that’s why this discussion is still undergoing.

Unidentified Analyst: One other quick question since you brought it up. I mean, what did they want to buy? Did they just want to buy that natural gas field or what were they talking about?

Helen Xu: You mean China Metro?

Unidentified Analyst: Yes, ma’am.

Helen Xu: [Foreign Language]. The discussion on this kind of agreement, no matter with local governments or special channel or other companies. It’s very complicated. There are lots of items or criteria under discussed. And until it’s finalized and until we can have a final decision or whatever, we cannot talk too much about it.

Unidentified Analyst: I mean, one last comment. Please go hire an advisor this week. There are plenty of them out there that would take L1, spend a little bit of money with them and let them see what they can come up with, please. Thank you, Helen, as usual. Appreciate it.

Operator: The next question comes from Tom [indiscernible] Private Investor. Tom, please proceed.

Unidentified Analyst: Thank you, for taking my question. I have a few questions. I hope you can hear me.

Helen Xu: Yes. I got you, Tom.

Unidentified Analyst: So, the typhoons they hit in 2018 and 2019, and we are in 2023. I want to understand the reasoning for proceeding with this flood prevention program at this stage. So, I want to understand the management thought process on why the decision was made to proceed with this flood prevention program currently. And the second question, I have a series of questions, but just on the flood prevention. I want to understand why the management notified investors only after it had spent already spent a third of the projected expense for it. So, is there a reason for this delay in notifying the shareholders? And I also want to understand why a decision was made to proceed with the flood prevention at this stage?