 SulphCo(R) Announces Extension of the Maturity Date of Promissory Notes HOUSTON, Dec. 3 /PRNewswire-FirstCall/ -- SulphCo®, Inc. (the "Company") (Amex: SUF - News) announced that on November 30, 2007, it finalized, with an effective date of November 28, 2007, a Modification Agreement (the "Agreement") with note holders (the "Note Holders") holding approximately $5 million of the Company's promissory notes dated December 31, 2004 and assigned to the Note Holders by an assignment dated April 24, 2007 (the "Notes"). The Agreement provides:
1. The maturity date of the Notes has been extended from December 31, 2008
to December 31, 2011.
2. The Note Holders shall have the right to accelerate the maturity date
of the Notes to any date after July 31, 2009, upon ten (10) business
days written notice to the Company.
3. The Company may prepay the Notes prior to maturity ("Prepayment Date")
with ten (10) business days notice in writing to the Note Holders,
subject to the right of the Note Holders to convert all or any portion
of the Notes prior to the Prepayment Date.
Stanley W. Farmer, the Company's Vice President and Chief Financial Officer stated that "this change when combined with the recent warrant exercises further enhances the Company's balance sheet for 2008."
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