SulphCo intends to redeem $4.7 million in convertible promissory notes

By Devika Patel

Knoxville, Tenn., July 16 - SulphCo, Inc. announced that it plans to redeem its $4.7 million in convertible promissory notes on July 29.

On July 14, the company notified the holders that it intends to prepay the notes in full.

"SulphCo's decision to retire the convertible promissory notes simplifies SulphCo's capital structure and better positions the company to support its commercialization efforts with OMV and other potential partners," SulphCo's chief financial officer Stanley W. Farmer said in a press release. "We believe this move strengthens SulphCo's balance sheet and is in the best interest of all company stakeholders."

SulphCo, based in Sparks, Nev., develops technologies to upgrade sour heavy crude oil into sweeter, lighter crudes.

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