January 27, 2010 (FinancialWire) — SulphCo, Inc. (NYSE AMEX: SUF), a technology company with a patented ultrasound process designed to desulfurize crude oil products and crude oil, said that it had executed Subscription Agreements on January 26, 2010 for the sale of approximately 11.8 million equity units at $0.51 per unit in a registered direct offering.

The equity units are comprised of one share of SulphCo common stock and two warrants. The warrants allow investors to purchase one-half share of SulphCo common stock at a price of $0.70 per share for a period of two years and one-half share of SulphCo common stock at a price of $1.00 per share for a period of five years.

The $0.70 warrant is callable under certain conditions. Net proceeds to SulphCo after agency fees and estimated expenses will be approximately $5.5 million. The transaction is scheduled to close on January 29, 2010 subject to customary closing conditions. The offering will be conducted pursuant to a shelf registration statement declared effective by the Securities and Exchange Commission on September 4, 2007. A prospectus supplement related to these securities will be filed with the Securities and Exchange Commission.

As a result of the proposed timing of the closing of the offering, the company also has rescheduled its quarterly update conference call to Thursday, February 4, 2010. Detailed conference call information will be released on or about February 1, 2010.

Houston-based SulphCo has developed a patented safe and economic process employing ultrasound technology to alter the molecular structure of crude oil products and crude oil.

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