Friday June 29, 9:30 am Eastern Time Press Release
SOURCE: SulphCo, Inc. SulphCo, Inc. Sues to Protect Shareholders
RENO, Nev., June 29 /PRNewswire/ -- SulphCo, Inc. (OTC Bulletin Board: SLPH - news) today announced that it has filed a lawsuit to protect shareholders from irresponsible reporting and corresponding stock manipulation by Defendant and recently paroled felon Amir Ibrahim Elgindy, also known as Anthony Elgindy and Tony Elgindy, doing business as Pacific Equity Investigations and Inside Truth.com.
Case CV-N-01-0378-ECR-RAM, United States District Court, District of Nevada, filed June 22, 2001, details the Defendant's activities in artificially manipulating the share price of targeted companies in an attempt to facilitate the Defendant's short-selling of corresponding securities. The suit details allegations of fraud, deceit, omission of material facts, omission of criminal record, the use of various fictitious names falsely represented as corporations, in violation of the Securities and Exchange Commission Act of 1934, Rule 10b-5 and Nevada Revised Statute 200.650. Mr. Elgindy, recently released on a 3-year probation from federal prison May 2000 conviction on felony mail fraud charges, currently operates out of a small storefront in the San Diego suburb of Encinitas, providing highly orchestrated short-selling instructions to several hundred clients through press releases and at least two Internet sites, www.insidetruth.com and www.anthonypacific.com. Mr. Elgindy, who represents himself as an industry analyst, is not employed by any securities brokerage as a result of the revocation of his registration with the National Association of Securities dealers in 1998. In 1997, Ohio denied him a registration, stating he was ``not of good business repute.''
In his most recent attack on SulphCo, Mr. Elgindy called into question the academic credentials of SulphCo CEO Dr. Mark Cullen. Dr. Cullen, a multi- state licensed MD in good standing, is an ultrasound specialist, (an intricate part of the SulphCo process). He performed his post-doctoral work at Yale University. In his attack, Mr. Elgindy impugned the efficacy of SulphCo's intellectual property (IP) by falsely inferring that the previous clean fuel IP developed by principal Dr. Rudy Gunnerman never became commercially viable. The fact is, however, according to SulphCo, it was licensed to Caterpillar Corporation in August of 2000 (www.dieselnet.com/news/0008cat.html), then, subsequently, to Lubrizol Corporations, for use in PuriNOx, which is presently employed now commercially in the U.S. (www.lubrizol.com/News/2001/texas062001.htm) and endorsed by the California Air Resources Board (CARB)-www.lubrizol.com/News/2001/CARB.htm). According to SulphCo, other material misrepresentations and omissions abound in Mr. Elgindy's allegations which warrant correction or retraction.
Regarding the question pertaining to the status of SulphCo's IP, in March of 2001 the San Francisco law firm of Townsend and Townsend applied to the U.S. Patent Office for patents of all of SulphCo's hydro treating and desulfurization technology. All IP is ``patent-pending.'' During April-June of 2001, the technology was successfully demonstrated to a number of U.S. and international oil refining concerns, many of who have expressed interest in retrofitting their refineries with the new technology. Iplom refinery in Italy has contracted to purchase a SulphCo unit to be installed by the end of summer 2001. It drew favorable comment from the California Air Resources Board (CARB) from the former Vice-Chairman of Enron, who subsequently joined the Board of Directors.
The intention of management is to market the technology through licensing agreements or similar arrangements with existing oil industry participants. The firm is in the process of building a ``first tier'' professional advisory team of East and West Coast-based investment bankers, attorneys, tax experts, accountants, and public relations personnel to guide the firm through that process.
The firm is committed to pursuing a listing on the American Stock Exchange (AMEX) which, in correspondence with the firm dated June 27, 2001, will not consent to a listing until the stock price meets the Exchange's minimum requirement of $3. The decision is under appeal in the hope that the firm will be able to satisfy AMEX requirements expeditiously.
Management remains enthusiastic and energetic in its pursuit of IP development, patent protection, third-party verification, large scale licensing, and AMEX listing, ``first tier'' professional advice and representation, added liquidity, and the expeditious realization of appropriate market capitalization.
SulphCo Technology employs a patent pending technology that upgrades oil by transferring hydrogen from water to various petroleum streams, desulfurizing those streams, increasing product volume and improving the cetane index of diesel fuel. The company is based in Reno, Nevada and is traded on the OTC Bulletin Board under the symbol (SLPH).
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 amended, and Section 21E of the Securities Exchange act of 1934, as amended. Actual results could differ and any forward-looking statements should be considered accordingly.
For further information, please contact Mark Cullen, CEO, 775-829-1310, or Eleanor Muth, Public Relations, 888-590-1311, both of SulphCo, Inc.
SOURCE: SulphCo, Inc.
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