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, today provided the following update.
Commercial Negotiations
As announced on October 14th, SulphCo completed commercial scale operational and technical field evaluations with a wholly-owned subsidiary of a mid-stream energy company. At this time, commercial negotiations continue with the mid-stream energy company although there can be no guarantee that terms for a commercial agreement will be reached or that a commercial contract will be executed.
In addition, SulphCo continues to discuss potential desulfurization opportunities with several additional customers that have expressed interest in our technology as a result of the Company's recently completed commercial trials.
"We continue to make progress in discussions with a number of prospective customers, some of which have advanced as a result of our successful commercial trials," said Dr. Larry D. Ryan, SulphCo's Chief Executive Officer. "We are eager to reach our initial commercial agreement and continue to look for opportunities to leverage our technology and expertise into profitable revenue streams."
Dr. Florian J. Schattenmann Accepts Position at Dow Chemical Company
SulphCo's Vice President and Chief Technology Officer, Dr. Florian J. Schattenmann, has accepted a position in a leading research and development role at Dow Chemical Company, one of the world's leading chemical companies. Dr. Schattenmann will remain at SulphCo through November 30, 2010.
Dr. Schattenmann joined SulphCo in 2008 from Momentive Performance Materials by way of General Electric where he was a colleague of Dr. Ryan. His role at SulphCo has been to assure that the chemistry behind the SulphCo process was best-in-class, a distinction that was verified with the successful completion of the recent commercial technology evaluation.
"I thank Dr. Schattenmann for his contribution to SulphCo's evolution from a demonstration project to a commercially viable technology," added Dr. Ryan. "We are also honored that a chemical leader would choose someone from SulphCo for such an important position and we wish Dr. Schattenman much success in the future. I also want to stress that we have an excellent team in place to continue the development of our technology."
The Company's chemistry projects will return to the direct leadership and oversight of Dr. Ryan, also a chemical engineer.
"SulphCo's technology has the potential to positively change how sulfur is removed from liquid petroleum streams and I have been proud to be a part of the early development of a game-changing technology," said Dr. Schattenmann. "Dr. Larry Ryan and the SulphCo team are now well positioned to create commercial opportunities for this exciting technology. I am proud to have been a member of the SulphCo team and thank Larry for the opportunity to be a part of what I am certain will become an impactful environmental technology."
NYSE-Amex Update
As announced in September, SulphCo remains under a listing extension granted by the NYSE Amex LLC (the "Exchange") that is subject to the Company continuing to execute its plan for continued listing approved by the Exchange on September 20, 2010. In accepting the Company's plan, the Exchange granted the Company an extension until December 30, 2011 for the continued listing of the Company's common stock and for the Company to regain compliance with the continued listing standards (the "Plan Period") subject to quarterly progress reviews by the Exchange during the Plan Period.
The Company intends to submit its quarterly progress report to the Exchange in the coming weeks, highlighting its progress since approval of the plan in September.
As previously disclosed, the Company is not in compliance with the Exchange's continued listing standards set forth in Sections 1003(a)(ii) and 1003(a)(iii) of the Exchange's Company Guide (the "Company Guide") which set forth minimum stockholders' equity and net income requirements for continued listing.
In July, the Company submitted its plan to the Exchange that set forth the actions it had taken and additional actions that would be taken to return the Company to compliance with the applicable standards in the Company Guide.
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 .
The SulphCo, Inc. logo is available at
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.
CONTACT: SulphCo, Inc. U.S. Investors & Media Jeffrey R. Freedman, Vice President of Corporate Development +1 713-896-9100