HOUSTON, May 31, 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 was implementing additional reductions in its workforce effective May 31, 2011. The employees affected by this workforce reduction represent the Company's remaining scientific and technical staff. Immediately following this workforce reduction, the Company will have four remaining employees.
Based on its current cash reserves, the Company believes that it will be able to fund its cash requirements only into the early part of July 2011. Unless new financing is obtained in the immediate future, the Company may have to take additional actions, up to and including a bankruptcy filing.
The Company is continuing to pursue various alternatives that may include, among other things, secured convertible debt, additional equity issuances or any combination thereof, the proceeds of which would be used to fund future research and development activity. The Company also is exploring strategic arrangements and a potential sale of its technology. There can be no assurance that the Company will be successful in any of these endeavors.
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/.
The SulphCo, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6126
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.
CONTACT: Stanley W. Farmer President and Chief Financial Officer 713-896-9100