HOUSTON, Dec. 20, 2010 (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, today provided an update on its organizational structure, ongoing strategic review and additional commercial and financing activity.
Management Changes
SulphCo's Board of Directors has accepted Dr. Larry D. Ryan's request to step down as Chief Executive Officer of the Company upon the expiration of his contract on January 12, 2011. Dr. Ryan has agreed to remain a member of the Company's Board of Directors. Dr. Ryan joined SulphCo in January, 2007 to assist SulphCo in refocusing its efforts and further prove the commercial potential of the Company's desulfurization technology. Under Dr. Ryan's leadership the Company has achieved many milestones including significant advances in the Company's desulfurization chemistry and technology culminating in a successful commercial-scale trial of Company's technology earlier this fall.
SulphCo's Board of Directors has appointed Stanley W. Farmer, currently SulphCo's Chief Financial Officer, to the additional position of President of the Company. Mr. Farmer joined the Company as its Chief Financial Officer in June, 2007 and will continue to hold that position.
"On behalf of the Board of Directors, I want to thank Dr. Ryan for his dedication and hard work as Chief Executive Officer," said Fred S. Zeidman, SulphCo's Chairman. "Under Dr. Ryan's stewardship, SulphCo has made significant strides toward commercialization of its technology. While we will miss Larry's input as Chief Executive Officer, we are excited he has agreed to remain an active board member, including continuing to pursue certain ongoing commercial and strategic relationships with which he has been involved."
Zeidman added, "I also want to thank Stan for stepping up at this critical time in SulphCo's history. His long-term dedication to SulphCo, combined with his knowledge of all aspects of our business, will serve our stakeholders well."
"I want to thank Fred and the SulphCo Board of Directors for the opportunity to serve as the Company's Chief Executive Officer," commented Dr. Ryan. "While I plan to remain active in assisting SulphCo in achieving commercial success, our mission to prove the commercial capability of our technology has been achieved which provides a good transition point for SulphCo's governance. Stan Farmer, Clay Chambers and the rest of the team are well positioned to efficiently bring SulphCo's technology to the commercial markets. In addition, I will continue to work, in any capacity necessary, to support the team as they reach commercial success."
In addition to Mr. Farmer's appointment and Dr. Ryan's agreement to remain as an active member of the Company's Board of Directors, Robert J. Hassler, a Director of the Company, has agreed to assist – in his capacity as a member of the SulphCo Board – with the Company's commercialization efforts. Mr. Hassler's 33 years of experience with ConocoPhillips in technical and senior management roles in refining and marketing, as well as exploration and production, will be invaluable in advancing the Company's commercial agenda. Among other roles in his career at ConocoPhillips, he served as president of its East/Gulf Coast US Refining unit and president of ConocoPhillips' European Refining and Marketing operations.
"We are delighted that Mr. Hassler has agreed to assist in helping SulphCo reach commercial success," said Stan Farmer, the Company's President and Chief Financial Officer. "We believe Bob's experience in refining management and understanding of the applicability of SulphCo's technology in hydrocarbon processing will result in the generation of great ideas as well as enhanced credibility for SulphCo. We look forward to learning and benefiting from his past successes."
Strategic Issues and Commercial Update
SulphCo is in continuing discussions for a number of commercial opportunities for its patented desulfurization technology. However, there can be no assurances that such discussions will result in commercial contracts. As noted in SulphCo's quarterly report for the period ending September 30, 2010 filed with the U.S. Securities and Exchange Commission, the Company had approximately $2.0 million in cash on hand which, based on the Company's forecasted cash burn rate, is sufficient to provide cash into the early part of the first quarter of 2011. The Company has not added to the cash balance and, as a result, the Company has an immediate need to arrange additional financing. There can be no assurance that the Company will be successful in raising such financing in the time period needed. If the Company is unable to raise additional financing, its ability to continue to operate will be significantly curtailed.
SulphCo also continues to work with Enerecap Partners, an Atlanta based energy-focused strategic advisory firm, to assess strategic options for additional financial and strategic partners and to provide assistance in corporate structure adjustments, responding to continued exchange listing issues, and achieving paths to commercialization of the Company's technology.
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.