HOUSTON, March 31, 2011 (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 announced, in compliance with NYSE Amex listing regulations (Company Guide Rule 610(b)), that its financial statements for the fiscal year ended December 31, 2010, included in the Company's Annual Report on Form 10-K filed on March 31, 2011, contained a going concern qualification from its independent accounting firm, Hein & Associates LLP.
As of December 31, 2010, the Company had approximately $0.3 million in available cash reserves. Taking this amount together with approximately $1.85 million of net cash proceeds from the equity financing completed in February 2011, and its forecasted monthly cash burn rate, the Company anticipates that its cash reserves will be sufficient to fund its cash requirements only into the early part of the third quarter of 2011. Historically, the Company has been able to raise capital to continue with its research and development and it is likely that it will need to raise additional funds before it can generate enough revenue to become profitable. The Company is evaluating various financing alternatives that may include, among other things, secured convertible debt and additional equity issuances or any combination thereof, the proceeds of which would be used to fund future research and development activity. There can be no assurance that the Company will be successful in raising such financing. If the Company is unable to raise additional financing, its ability to continue to operate will be significantly curtailed and possibly terminated.
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 .
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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: Jeffrey R. Freedman Vice President - Corporate Development 713-896-9100