HOUSTON, Oct. 27, 2010 (GLOBE NEWSWIRE) -- SulphCo, Inc. (the "Company" or "SulphCo") (NYSE Amex:SUF), a technology company with a patented ultrasound process designed to desulfurize liquid petroleum streams, announced today that it had finalized the execution of Subscription Agreements on October 27, 2010 for the sale of 5 million shares of common stock at $0.50 per share in a registered direct offering. Net proceeds to SulphCo after fees and estimated expenses will be approximately $2.35 million. The transaction will close and funding will take place as soon as practicable following the receipt of required regulatory approvals including, but not limited to, the approval by the NYSE Amex LLC of the Company's additional listing application. The offering will be conducted pursuant to a shelf registration statement declared effective by the Securities and Exchange Commission on October 20, 2010. A prospectus supplement related to these securities will be filed with the Securities and Exchange Commission.
This press release does not constitute an offer to sell or the solicitation of offers to buy any security and shall not constitute an offer, solicitation, or sale of any security in any jurisdiction which such offer, solicitation or sale would be unlawful.
About SulphCo, Inc.
Houston-based SulphCo has developed a patented safe and economic process employing ultrasound technology to alter the molecular structure of liquid petroleum streams. The overall process is designed to "upgrade" the quality of liquid petroleum streams by modifying and reducing the sulfur and nitrogen content making 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.