SulphCo, Inc.
of Reno said last week it was loaned $2 million by Dr.
Rudolf Gunnerman, its chairman and chief executive.
The publicly held company said it will use the money to finish the design of its unit to remove sulfur from crude oil and establish production facilities.
SulphCo also said it settled a lawsuit brought in 2001 by Mark Cullen, a former director and vice chairman.
In the settlement, the company agreed to reissue 2 million shares of common stock to Cullen.
