SPARKS, Nev., April 13 /PRNewswire-FirstCall/ -- SulphCo(R), Inc. announced today, in compliance with American Stock Exchange Rule 610(b), that its financial statements for the fiscal year ended December 31, 2006, included in the Company's Annual Report on Form 10-K filed on April 2, 2007, contain a going concern qualification from its independent accounting firm, Marc Lumer & Company.
As of March 30, 2007, we had approximately $ 9.5 million in available cash reserves which includes approximately $7.9 million received from the March 2007 exercise of warrants. As we have a $5 million note payable to Dr. Rudolf Gunnerman due by December 31, 2007, we face uncertainty regarding our ability to operate as a going concern beyond that date. Additional funding will be necessary. Until the note is due, we anticipate that our existing capital resources will be sufficient to fund our cash requirements, based upon our current levels of expenditures and anticipated needs during this period. We have historically been able to raise capital to continue with our research and development and we believe we will be able to raise additional funds to support operations before we can generate sufficient revenue. There can be no assurance, however, that we will be able to raise additional financing or on what terms such financing would require.
About SulphCo(R), Inc.
SulphCo(R) has developed a patented process employing ultrasound technology to desulfurize and hydrogenate crude oil and other oil related products. The Company's technology upgrades 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.
