Attached files
| file | filename |
|---|---|
| 8-K - SULPHCO INC | v172600_8-k.htm |
| EX-4.2 - SULPHCO INC | v172600_ex4-2.htm |
| EX-4.1 - SULPHCO INC | v172600_ex4-1.htm |
| EX-1.1 - SULPHCO INC | v172600_ex1-1.htm |
| EX-5.1 - SULPHCO INC | v172600_ex5-1.htm |
| EX-10.1 - SULPHCO INC | v172600_ex10-1.htm |
Exhibit
99.1
FOR
IMMEDIATE
RELEASE
SulphCo
Announces $6 Million Registered Direct Offering of Equity Units and Rescheduled
Quarterly Update Conference Call
Houston,
TX. January 26, 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, announced
today that it had executed Subscription Agreements on January 26, 2010 for the
sale of approximately 11.8 million equity units at $0.51 per unit in a
registered direct offering. The equity units are comprised of one
share of SulphCo common stock and two warrants. The warrants allow investors to
purchase one-half share of SulphCo common stock at a price of $0.70 per share
for a period of two years and one-half share of SulphCo common stock at a price
of $1.00 per share for a period of five years. The $0.70 warrant is callable
under certain conditions. Net proceeds to SulphCo after agency fees and
estimated expenses will be approximately $5.5 million. The
transaction is scheduled to close on January 29, 2010 subject to customary
closing conditions. The offering will be conducted pursuant to a shelf
registration statement declared effective by the Securities and Exchange
Commission on September 4, 2007. 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.
As a
result of the proposed timing of the closing of the offering, the Company also
announced that it has rescheduled its quarterly update conference call to
Thursday, February 4, 2010. Detailed conference call information will be
released on or about February 1, 2010.
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/.
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.
For
further information please contact:
|
U.S. Investors & Media
|
||
|
Jeffrey
R. Freedman
Vice
President of Corporate Development
|
SulphCo,
Inc.
|
+1
713-896-9100
|
|
International Investors &
Media
|
||
|
Ben
Brewerton / Seán Galvin
Ben.Brewerton@FD.com
Sean.Galvin@FD.com
|
FD
|
+
44 (0)
207-831-3113
|