SulphCo Announces Preliminary Approval Of A Proposed Settlement Of Derivative Claim; Receives NYSE Amex Notification Of Continued Listing Standard Deficiency; Will Submit Plan For Continued NYSE Amex Listing

HOUSTON, July 7, 2010 (GLOBE NEWSWIRE) -- SulphCo, Inc. (the "Company" or "SulphCo") (NYSE-Amex:SUF) announced today, that on June 30, 2010, the 127 ^th Judicial District Court of Harris County, Texas preliminarily approved a proposed settlement regarding the derivative claim against certain current and former officers and directors of the Company (The case is styled Thomas Hendrickson, Derivatively on Behalf of SulphCo, Inc. v. Rudolf W. Gunnerman, et al, Cause No. 2008-66743). Upon approval by the District Court, the proposed settlement would, among other actions, result in the dismissal of the claims asserted in the derivative claim with prejudice. The terms of the proposed settlement would not have a material impact on the financial condition of the Company. A copy of the proposed settlement will be posted to the Company's website at www.sulphco.com .

The Company also announced today, that on June 30, 2010, the Company received notice from the staff of the NYSE Amex LLC (the "Exchange") that, based on the Exchange's review of publicly available information, the Company does not meet certain of the Exchange's continued listing standards as detailed in the Exchange's Company Guide. Specifically, the Exchange noted the Company does not meet a minimum stockholders' equity requirement for continued listing and it has experienced losses from continuing operations and net losses in its five most recent fiscal years.

The Company is entitled to submit a plan of compliance to the Exchange by July 30, 2010 detailing the actions the Company intends to undertake to regain compliance with the continued listing standards by December 30, 2011. Upon acceptance of the plan by the Exchange, the Company's common equity will continue to be listed by the Exchange through the plan implementation period, subject to periodic review of its progress to regain compliance with ongoing listing standards. While the Company intends to comply with the requests of the Exchange and work diligently to regain compliance with continued listing standards, there are no assurances that the Exchange will accept the plan or that the Company will be able to regain compliance during the allowed time.