HOUSTON, Feb. 2, 2010 (GLOBE NEWSWIRE) -- SulphCo, Inc. (the “Company” or “SulphCo”) (NYSE Amex:SUF), a technology company with a patented ultrasound process designed to desulfurize crude oil products and crude oil, today announced that it has closed on its previously announced registered direct offering of approximately 11.76 million equity units consisting of common stock and warrants at $0.51 per unit, resulting in gross proceeds of approximately $6 million.
FIG Partners, LLC Energy Research & Capital Group acted as lead placement agent for the offering. Chardan Capital Markets, LLC acted as co-placement agent for the offering.
SulphCo expects to use the net proceeds from the offering to pursue commercial opportunities for its desulfurization technology and for other corporate purposes.
The offering was conducted pursuant to SulphCo’s effective shelf registration statement previously filed with the Securities and Exchange Commission (the "SEC"). This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective shelf registration statement. Copies of the final prospectus, including the prospectus supplement, can be obtained at the SEC's website, www.sec.gov/">www.sec.gov, or by written request to SulphCo, Inc. at 4333 W. Sam Houston Pkwy N., Suite 190 Houston, TX 77043 Attention Investor Relations.
About SulphCo, Inc.
Houston-based SulphCo has developed a patented safe and economic process employing ultrasound technology to alter the molecular structure of crude oil products and crude oil. The overall process is designed to "upgrade" the quality of crude oil products and crude oil by modifying and reducing the sulfur and nitrogen content to make those compounds easier to process using conventional techniques, as well as reducing the density and viscosity. For more information, please visit http://www.sulphco.com/.
The SulphCo, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6126
From time to time, the Company may issue forward-looking statements, which involve risks and uncertainties. This statement may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as actual results could differ and any forward-looking statements should be considered accordingly.