Company Also Provides Updates on Ongoing Activities
HOUSTON, April 11 /PRNewswire-FirstCall/ -- SulphCo, Inc. (the "Company") (AMEX:SUF) announced in accordance with the rules of the American Stock Exchange, that on April 9, 2008, the Company's Board of Directors (the "Board") amended the Company's By-Laws as follows: 1. Adopted a provision which divides the Board into three classes having
staggered terms. The initial term of Class I directors shall expire at
the first annual meeting of stockholders following the 2008 annual
meeting of stockholders. For Class II directors, the initial term
shall expire at the second annual meeting of stockholders following
the 2008 Annual Meeting. And for Class III directors, the initial term
shall expire at the third annual meeting of stockholders following the
2008 Annual Meeting. After the initial terms, each class of directors
shall be elected to full 3 year terms. At the 2008 Annual Meeting, the
stockholders will be asked to elect directors to each class as
recommended by the Corporate Governance and Nominating Committee of
the Board;
2. Adopted a provision that a director elected by the Board to fill a
vacancy shall serve for the unexpired term of that director; and
3. Deleted the provision permitting stockholders to take action by
written consent in lieu of a meeting.
The Company also reported that M. Clay Chambers, Chief Operating Officer of the Company, recently returned from a trip to Southeast Asia where he met with the customer procured through Pt. Isis Megah, the Company's exclusive distributor in India, Malaysia, Singapore and Indonesia. While there, he inspected sites at two of the customer's existing refineries, accompanied by representatives of Mustang Engineering, to evaluate their suitability for the proposed Sonocracking installations. This site selection process continues to move forward under Mr. Chambers' supervision. Mr. Chambers commented, "This recent trip was very important since it gave us the opportunity to inspect the proposed refinery sites and answer customer questions regarding refinery economics and the physical placement of the Sonocracking units within each of the two refinery sites." He added, "The operating agreement with this customer is currently being negotiated, but because it is integral to the site selection process, cannot be finalized until that process is complete." Regarding shareholder communications, Dr. Larry D. Ryan, Chief Executive Officer of the Company, said "We want our shareholders to know that we are sensitive to their concerns about transparency, and the need to execute as quickly as possible. Naturally, in any development stage company, things don't always go exactly as planned. Rest assured that just because projected events that we had hoped would occur by a certain time or date do not materialize by that date, does not typically mean that those efforts are in trouble or have failed. A case in point is the unexpected delay we have encountered relative to the potential U.S. customer mentioned in our recent investor call in mid-March. At the time of the investor call, we believed that we would be further along than we currently are, but unexpected events have prolonged, but not derailed, this process. These delays notwithstanding, we are presently preparing to ship 15,000 Bbl/day of Sonocracking capacity from Germany to Houston, Texas in anticipation of the level of customer interest we are now seeing in North America. We believe this move makes strategic sense. Going forward, we will continue to keep our investors informed to the best of our ability and in a manner that balances the need to disclose relevant information, while at the same time recognizes the enormous time and effort required to manage a development stage enterprise. We simply ask that our shareholders be patient and understanding in this process." About SulphCo, Inc.
The Company 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 of Rubenstein PR for SulphCo, Inc., +1-212-843-8073, , or Tim Clemensen of Rubenstein IR for SulphCo, Inc., +1-212-843-9337, Web site: http://www.sulphco.com/
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