FOR
IMMEDIATE
RELEASE
SulphCo Calls Convertible Notes to Strengthen Balance Sheet,
Provides Operational Update and Announces Quarterly Investor
Call
Houston, TX.
July 16, 2009 (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 intends to call its convertible promissory notes totaling
approximately $4.7 million on July 29, 2009, provided an update on
operations, including its Technology Agreement with OMV Refining
& Marketing GmbH (“OMV”) that was announced on May
12, 2009 and announced plans for its quarterly investor
call.
SulphCo
to Prepay Convertible Promissory Notes
On July 14,
2009, SulphCo gave notice to the holders of its convertible
promissory notes of its intention to prepay in full the outstanding
convertible promissory notes with a total principal balance of
approximately $4.7 million. SulphCo expects to pay the
outstanding principal balance and all accrued but unpaid interest
thereon on July 29, 2009.
“SulphCo’s decision to retire the
convertible promissory notes simplifies SulphCo’s capital
structure and better positions the Company to support its
commercialization efforts with OMV and other potential
partners,” said Stanley W. Farmer, SulphCo’s Chief
Financial Officer. “We believe this move
strengthens SulphCo’s balance sheet and is in the best
interest of all Company stakeholders.”
Update on
Technology Agreement with OMV
SulphCo and OMV
have recently completed a series of trials in which various
petroleum product and crude oil streams were treated using
SulphCo’s process in OMV’s pilot plant facilities
located in Schwechat, Austria. Based on test results, Su
