Tuesday, August 12, 2008 6:36:22 PM
SPNG SPOOONGEBOOOB !!!
SpongeTech(R) Delivery Systems, Inc., President and CEO, Michael L. Metter; Clarification Statement to Our Shareholders and All
Date : 08/12/2008 @ 9:00AM
Source : PR Newswire
Stock : (SPNG)
Quote : 0.04 0.013 (48.15%) @ 4:02PM
SpongeTech(R) Delivery Systems, Inc., President and CEO, Michael L. Metter; Clarification Statement to Our Shareholders and All
SpongeTech(R)'s President and CEO Releases Statement
NEW YORK, Aug. 12 /PRNewswire-FirstCall/ -- SpongeTech(R) Delivery Systems, Inc. (OTC:SPNG) (BULLETIN BOARD: SPNG) President and CEO of SpongeTech(R), Michael L. Metter, states, "The last audited financials for our 2007 fiscal year, which ended May 30, 2007, shows very clearly that we did under $100,000 in revenue. The 2008 year that has just ended May 31, 2008, which we will be reporting on shortly, will show in excess of $5.3 million and will be very profitable. Respectfully, what bank, or investment-banking source, would lend us significant capital to grow our business with such a short track record without major dilution, especially with the horrible credit crunch that the American economy has suffered over the last eight months? The officers, directors, and key investors of SpongeTech(R) have lent the business, interest free, approximately $5 million. SpongeTech(R), as our numbers will confirm, will grow rapidly during the 2009 fiscal year, and we are right on target to meet or even exceed projections in excess of $30 million. We are growing SpongeTech(R) for all our shareholders and, as we have stated in a recent 8K Filing, we expect to buy back the stock that has been issued for financing and advertising purposes within 18 months. These shares are definitely restricted and cannot be sold. I hope this answers some of the questions that have been directed to the company. I want to thank all shareholders for their continued support." Sincerely, Michael L. Metter, President and CEO SpongeTech(R) Delivery Systems, Inc.
For more information, please contact Investor Relations at 1-877-SPONGE-T, and/or visit the Company's website at: http://www.spongetech.com/.
About SpongeTech(R) Delivery Systems, Inc.
SpongeTech(R) Delivery Systems is a development stage company, which designs, produces, and markets a unique line of reusable cleaning products for household use. These sponge-based products utilize SpongeTech's(R) proprietary, patent (and patent-pending) technologies involving hydrophilic (liquid absorbing) foam and polyurethane matrices. The Company's sponges are specially configured with an outer contact layer and an inner matrix, the latter of which comes pre-loaded with specially formulated soaps and wax that are released when the sponge is wetted and applied to a surface with minimal pressure. The Company's current product line is designed for Car Care and Pet Care, however, SpongeTech(R) is currently exploring additional applications for its technology including an anti-bacterial, kitchen and bath cleaner, as well as a unique 'foaming' bath sponge for children.
"Safe Harbor Statement" Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2005, the Company's Quarterly Report on Form 10-QSB for the first quarter ended March 31, 2006. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
Contact: SpongeTech(R) Delivery Systems, Inc.
Investor Relations: Bill Young, 1-877-776-6438 or
DATASOURCE: SpongeTech(R) Delivery Systems, Inc.
CONTACT: Investor Relations: Bill Young, SpongeTech(R) Delivery Systems,
Inc., +1-877-776-6438, or
Web site: http://www.spongetech.com/
<font color = orange> SPONGETECH® Advert Break !
[Suppressed Sound Link]
SpongeTech(R) Delivery Systems, Inc., President and CEO, Michael L. Metter; Clarification Statement to Our Shareholders and All
Date : 08/12/2008 @ 9:00AM
Source : PR Newswire
Stock : (SPNG)
Quote : 0.04 0.013 (48.15%) @ 4:02PM
SpongeTech(R) Delivery Systems, Inc., President and CEO, Michael L. Metter; Clarification Statement to Our Shareholders and All
SpongeTech(R)'s President and CEO Releases Statement
NEW YORK, Aug. 12 /PRNewswire-FirstCall/ -- SpongeTech(R) Delivery Systems, Inc. (OTC:SPNG) (BULLETIN BOARD: SPNG) President and CEO of SpongeTech(R), Michael L. Metter, states, "The last audited financials for our 2007 fiscal year, which ended May 30, 2007, shows very clearly that we did under $100,000 in revenue. The 2008 year that has just ended May 31, 2008, which we will be reporting on shortly, will show in excess of $5.3 million and will be very profitable. Respectfully, what bank, or investment-banking source, would lend us significant capital to grow our business with such a short track record without major dilution, especially with the horrible credit crunch that the American economy has suffered over the last eight months? The officers, directors, and key investors of SpongeTech(R) have lent the business, interest free, approximately $5 million. SpongeTech(R), as our numbers will confirm, will grow rapidly during the 2009 fiscal year, and we are right on target to meet or even exceed projections in excess of $30 million. We are growing SpongeTech(R) for all our shareholders and, as we have stated in a recent 8K Filing, we expect to buy back the stock that has been issued for financing and advertising purposes within 18 months. These shares are definitely restricted and cannot be sold. I hope this answers some of the questions that have been directed to the company. I want to thank all shareholders for their continued support." Sincerely, Michael L. Metter, President and CEO SpongeTech(R) Delivery Systems, Inc.
For more information, please contact Investor Relations at 1-877-SPONGE-T, and/or visit the Company's website at: http://www.spongetech.com/.
About SpongeTech(R) Delivery Systems, Inc.
SpongeTech(R) Delivery Systems is a development stage company, which designs, produces, and markets a unique line of reusable cleaning products for household use. These sponge-based products utilize SpongeTech's(R) proprietary, patent (and patent-pending) technologies involving hydrophilic (liquid absorbing) foam and polyurethane matrices. The Company's sponges are specially configured with an outer contact layer and an inner matrix, the latter of which comes pre-loaded with specially formulated soaps and wax that are released when the sponge is wetted and applied to a surface with minimal pressure. The Company's current product line is designed for Car Care and Pet Care, however, SpongeTech(R) is currently exploring additional applications for its technology including an anti-bacterial, kitchen and bath cleaner, as well as a unique 'foaming' bath sponge for children.
"Safe Harbor Statement" Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2005, the Company's Quarterly Report on Form 10-QSB for the first quarter ended March 31, 2006. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
Contact: SpongeTech(R) Delivery Systems, Inc.
Investor Relations: Bill Young, 1-877-776-6438 or
DATASOURCE: SpongeTech(R) Delivery Systems, Inc.
CONTACT: Investor Relations: Bill Young, SpongeTech(R) Delivery Systems,
Inc., +1-877-776-6438, or
Web site: http://www.spongetech.com/
<font color = orange> SPONGETECH® Advert Break !
[Suppressed Sound Link]
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