Enters into Stock Purchase, Option and Lockup Agreements with Investor Group
HOUSTON, Feb. 29 /PRNewswire-FirstCall/ -- SulphCo, Inc. (the "Company") (AMEX:SUF) announced today the decision by the Company's former Chairman and Chief Executive Officer, Dr. Rudolf W. Gunnerman, to terminate his plan to sell up to 2.5 million shares of Company stock pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The plan, which became effective on December 10, 2007, was scheduled to terminate in December of 2008. In addition, Dr. Gunnerman and his wife, Doris Gunnerman (the "Gunnermans"), have entered into a Stock Purchase Agreement, Stock Option Agreement and Lockup Agreement with certain investors (the "Investors") dated as of February 26, 2008, which provide as follows: 1. That the Gunnermans shall sell or grant options to the Investors to
purchase up to 4,000,000 shares of common stock of the Company.
2. That the expiration date of the option to purchase from the Gunnermans
1,500,000 shares of the Company's common stock under Stock Option
Agreements originally entered into as of April 24, 2007, is extended
from February 29, 2008 to August 31, 2008, subject to certain
conditions, which would shorten the option period.
3. That the Gunnermans shall be restricted from purchasing or selling any
common stock or securities of the Company from February 26, 2008 until
September 30, 2008, except for sales for a bona fide cash price of not
less than $7.00 per share. 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 of Rubenstein PR, +1-212-843-8073, , Tim Clemensen of Rubenstein IR, +1-212-843-9337, , both for SulphCo, Inc.
Web site: http://www.sulphco.com/
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