Attached files
| file | filename |
|---|---|
| EX-1.1 - SULPHCO INC | v209910_ex1-1.htm |
| EX-5.1 - SULPHCO INC | v209910_ex5-1.htm |
| EX-4.1 - SULPHCO INC | v209910_ex4-1.htm |
| EX-10.1 - SULPHCO INC | v209910_ex10-1.htm |
| 8-K - SULPHCO INC | v209910_8k.htm |
EXHIBIT
99.1
FOR
IMMEDIATE RELEASE
SulphCo
Announces Registered Direct Offering of Common Stock
Houston,
February 1, 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, announced today that it has
executed Subscription Agreements on February 1, 2011 for the sale of 13,333,334
equity units at $0.15 per unit in a registered direct offering to two
institutional investors resulting in gross proceeds of approximately $2 million.
After fees and expenses, net proceeds to the Company will be approximately $1.9
million.
Each
equity unit is comprised of one share of common stock, a warrant to purchase
approximately 0.45 shares of SulphCo common stock at a price of $0.20 with a
term of five years and a warrant to purchase approximately 0.24 shares of
SulphCo common stock at a price $0.20 with a term of 66 months but not
exercisable until 181 days after the closing date of the transaction. In
addition, the Company has agreed to amend and re-issue warrants to purchase
2,745,098 shares of SulphCo common stock currently held by one of the investors.
The re-issued warrants – equal in number to the original warrants – will allow
the holders to purchase shares of SulphCo common stock at a price of $0.20 per
share with a term of 54 months. The re-issued warrants are not exercisable until
181 days after the closing date of the transaction.
The
transaction will close on or before February 4, 2011, subject to customary
closing conditions. The offering is being conducted pursuant to a
shelf registration statement declared effective by the Securities and Exchange
Commission on October 20, 2010. A prospectus supplement related to these
securities will be filed with the Securities and Exchange
Commission.
This
press release does not constitute an offer to sell or the solicitation of offers
to buy any security and shall not constitute an offer, solicitation, or sale of
any security in any jurisdiction which such offer, solicitation or sale would be
unlawful.
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 http://www.sulphco.com/.
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.
For
further information please contact:
Stanley
W. Farmer
President
and Chief Financial Officer
713-896-9100