Still no response from Sulphco regarding Mr Cullen's employment status despite multiple calls and e-mails. Here's a link I hope will work to article.
interactive.wsj.com@1.cgi?gjs10/text/autowire/data/BT-CO-20010731-007828.djml/&d2hconverter=display-d2h&NVP=&template=atlas-srch-searchrecent-nf.tmpl&form=atlas-srch-searchrecent-nf.html&from-and=AND&to-and=AND&sort=Article-Doc-Date+desc&qand=&bool_query=sulphco&dbname=%26name1%3Ddbname%26name2%3Ddbname%26name3%3Ddbname&location=article&period=%3A720&from=07/09/2001&to=08/07/2001&HI=
wow I think it would be shorter to just post article.
By CAROL S. REMOND
Of Dow Jones Newswires Column
NEW YORK -- Sulphco Inc. (SLPH) Chief Executive Officer Mark Cullen has been fired following a dispute with the company's founder.
In another development, a business partner that has been trying to replicate Sulphco's pollutant-reduction technology outside of Sulphco's own facilities has not been able to do so.
Sulphco Chairman Rudolph Gunnerman said Cullen was let go earlier this week following a disagreement but wouldn't provide details. In an interview, Cullen, who owns 9% of Sulphco's stock and part of a patent for Sulphco's proprietary technology, said the dispute centered around Gunnerman's reluctance to share with him and others more information about the technology the company was developing.
Sulphco, a development stage company, claims that it can remove highly pollutant sulfur from gasoline and diesel fuels.
If true, that claim could be worth millions of dollars, especially given tough new federal environmental standards requiring a 90% reduction in sulfur content by 2006.
But there appears to be a problem with the technology.
Sinclair Oil Co. has been working closely with Sulphco in developing the desulfurization technology but has been unsuccessful in replicating results outside of Sulpco's own facilities.
"We don't know why we can't duplicate it off site," said Peter Johnson, president of Sinclair's oil division.
Johnson said that Sinclair was now awaiting "further forward steps in the technology" before finalizing a deal with Sulphco.
"Pending certain developments, we will hold an option on 10% of the stock of the company and will build an unit to put in one of our refineries," Johnson said, adding that one of these stipulations is for at least one other entity signing off on the Sulphco technology.
In a June 21 column, Dow Jones first revealed that Sulphco lagged in telling investors about key developments, including the fact that engineering giant Bechtel Corp had terminated its partnership with Sulphco, a fact that Sulphco had failed to make clear in press releases and regulatory filings.
Sulphco's stock closed Tuesday at $1.58, off 47 cents, or 22.92%, on volume of 85,000 shares.
Carol S. Remond; 201-938-2074; Dow Jones Newswires
carol.remond@dowjones.com
--------------------------------------------------------------------------------
Fast Eddie |
