Good morning. My name is James and I will be your conference operator for today. At this time, I would like to welcome to the Gulf Resources 2017 fourth quarter and annual earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you. I would now like to turn the call over to our presenter for today, Ms. Helen Xu. You may begin the conference.

Thank you operator. Good morning, ladies and gentlemen and good evening to those of you who are joining us from China and we would like to welcome all of you to Gulf Resources' fourth quarter and fiscal year 2017 earnings conference call. My name is Helen, the IR Director. Our CEO of the company, Mr. Xiaobin Liu will join us this call today as well. I will be offering translation for the management comments for the company's operating results as well. I would like to remind you to all our listeners that in this call, management's remarks will contain forward-looking statements which are subject to risks and uncertainties. The management may make additional forward-looking statements. Therefore, the company claims the protection of Safe Harbor for the forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from those discussed today depending upon number of risk factors, including, but not limited to, the general economic business condition in China, future product development and production capabilities, shipments to end customers, market acceptance of new and existing products, additional competition from existing and new competitors for the bromine and other oilfields, agriculture and production chemicals and change in technology, the ability to make future bromine asset purchase and various other factors beyond the company's control. All forward-looking statements are expressly qualified in their entirety by this precautionary statement and the risk factors detailed with the company's reports filed with the SEC. Accordingly, our company believes that expectation reflected in these forward-looking statements are reasonable and there can be no assurance of such will prove to be correct. In addition, any reference to the company's future performance represents the company's management's estimates as of today, March 19, 2018. Gulf Resources assumes no obligation to update these projections in…

[FOREIGN LANGUAGE]

Okay. The comments from Mr. Liu. This has been an unprecedented time for our company. All of our factories were closed at the same time. While we strongly with the goal of the government to improve the environment and protect the health of its people, it cannot be imagined how difficult it has been to rebuilt and do rectification for every bromine and crude salt facilities and begin to plan our new chemical factory. We are a small organization. Our management has been working night and day to get this thing accomplished as quickly as possible.

[FOREIGN LANGUAGE]

Fortunately we had and still have a very large amount of cash that has enabled us to everything in a first-class manner. We believe this will make us a much stronger and much more profitable company in the future. Many of our competitors are disappearing and will not be allowed to back into the business, we have ample resources to capitalize on this opportunity.

[FOREIGN LANGUAGE]

We know that many investors would like us to push faster with our natural gas business. However, our major goal has to be first to get our bromine and crude salt facilities operating at capacity and then build our new chemical plant. Once we have accomplished that, we can move aggressively on our natural gas and right opportunities in Sichuan Province.

[FOREIGN LANGUAGE]

We also appreciate the patience of our investors. We know many investors will like us to buyback or pay a large dividend. At this time, we have to focus on our core business. Having more than $200 million in cash has enabled us to what is necessary to emerge as a much stronger and more profitable company. We are not making any unusual projection. However, we believe our own bromine and crude salt business has earning power of $1 or $1.50 per share, even if we make no acquisition. Our chemical business should have similar earnings power. Our future project should turn to be even more profitable. In the next five years, we believe we could earn more than $4 per share and generate substantial amount of free cash flow.

[FOREIGN LANGUAGE]

We know this seems a long time in the future, but we are building a foundation and have the capital to achieve this dream. And we will try our best and since have stabilized to find a way of creating value for our shareholders. Okay. So the discussions have finished. Hi James, can we open up for the question part?

[Operator Instructions]. Your first question comes from the line of Mohamed Eldeeb [ph]. Your line is open.

Yes. Good afternoon everybody. I am an investor for years in Gulf. Although I always believe in the company and I know they are doing a good job. But I keep hearing the same news every report. Gulf Resources would be great again. It will be successful. We will be this. We will this. The fact is, it start for $1.40 for a company, their book value is more than $8 is unacceptable. And there is reason for that. The government really control you and bureaucracy in China, it is unacceptable. You are moving too slow for any business. This is not right. Did you ever think about moving the company out of China so you can get things done? Thank you.

[FOREIGN LANGUAGE]

[FOREIGN LANGUAGE]

Okay. Cool. Hi Mohammed. So Mr. Liu said that actually this is management also considering question. They have been always thinking about this question. While they are listed on U.S. and they think if over the long term there is no reflected right corrected on the company's value, company management team would actively suggest to support its shareholder and Chairman to list it back in China.

Thank you.

Thank you.

[FOREIGN LANGUAGE]

And at the same time, Mr. Liu want to say that thanks for the patience from our shareholders these many years. Our management team will be working more hard as they can they will try their best to get more value for our shareholders.

Thank you.

Thank you.

[Operator Instructions]. Well, there are no further questions at this time. Please continue. I am seeing that we have a question from the line of John Roth [ph]. Your line is open.

Yes. In the last quarterly report, there were indications that the principal owner was going to invest more money in the stock. Has that transpired?

Hi. John, you there? Okay. I will translate your question. [FOREIGN LANGUAGE]

[FOREIGN LANGUAGE]

Okay. So as we discussed with the Chairman last time that he is actually in the process to set up his account with an agent in the U.S. Because now the agent and the policies in the U.S., which is quite difficult for the Chairman and especially someone from China to set up an account in U.S. is the first reason. The second reason is that since the last time he announced, but there is not much time left. Now he is still waiting the company's blackout period.

I take it he has not yet made this purchase. Is that correct?

Yes.

Does he still plan to do so?

Yes.

Okay. Thank you.

Your next question comes from the line of Christopher Heck [ph]. Your line is open.

Hello. I just wanted to ask what the estimates are for the volume of gas that might be underneath the properties?

[FOREIGN LANGUAGE]

[FOREIGN LANGUAGE]

Okay. So because until now there is no formal estimate of the underground natural gas resources yet, we do not know yet. But we have got one advice from the professional agent. They told that we have continually do the production for more than half year then we can get approximately reserve amount under the belt.

Okay. Thank you. I appreciate that information. I appreciate all the hard work you guys are doing in very difficult times with changes from the government. And I do believe that going forward, as you said, that our earnings will increase dramatically and this company will be worth vast multiples more than what it is now and I appreciate the hard work and encourage you to all keep it up. Thank you.

Thank you. It's our pleasure.

[Operator Instructions]. So there are no further questions at this time. Please continue.

Hi James, if there is no more questions, can we close for the call today?

Yes, please. We don't have any other questions at this time. You can go ahead and close the call.

Okay. [FOREIGN LANGUAGE]

[FOREIGN LANGUAGE]

Thank you for joining the call today. Have a good day.

Well, this concludes today's conference call. Thank you everyone for participating. You may now disconnect.