Brian Savino resigns as Company President
HOUSTON, March 12 /PRNewswire-FirstCall/ -- SulphCo, Inc. (the "Company") (AMEX:SUF) announced the decision to ship Sonocracking(TM) units having sixty thousand barrels per day of capacity from Fujairah to Southeast Asia. Following meetings with the customer in Southeast Asia last week, Dr. Larry Ryan, CEO of the Company, said the decision to ship additional capacity now is being made in anticipation of an expanded relationship with the customer recently procured through Pt. Isis Megah.
The Company also reported that effective March 8, 2008, Brian J. Savino has resigned as President of the Company. M. Clay Chambers, COO of Sulphco, Inc., will assume Savino's responsibilities with respect to commercial project development.
The Company further reported, in compliance with American Stock Exchange Rule 610(b), that its financial statements prepared by its independent accounting firm, Hein & Associates LLP for the fiscal year ended December 31, 2007, included in the Company's Annual Report on Form 10-K filed on March 12, 2008, contain a going concern qualification. As of March 1, 2008, the Company had approximately $ 5.7 million in available cash reserves that are anticipated to be sufficient to fund cash requirements into the third quarter of 2008. Although in the past the Company has been able to raise capital to continue to fund its research, development and operations, there can be no assurance that it will be able to raise additional financing or on what terms such financing would require before the Company is able to generate sufficient revenues to fund its operations.
About SulphCo, Inc.
SulphCo has developed a patented safe and economic process employing ultrasound technology to desulfurize and hydrogenate crude oil and other oil related products. The Company's technology is designed to upgrade sour heavy crude oils into sweeter, lighter crude oils, producing more gallons of usable oil per barrel.
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. DATASOURCE: SulphCo, Inc.
CONTACT: Adam Mazur, Rubenstein PR, +1-212-843-8073, , or Tim Clemensen, Rubenstein IR, +1-212-843-9337, , both for SulphCo, Inc. Web site: http://www.sulphco.com/
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