Spongetech Delivery Systems, Inc. (fka SPNGQ)

[Pedro2004]

Anyone know what happened to the 67 million shares?

I’m starting to see why the SEC is concerned.

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http://i36.tinypic.com/25ev30i.jpg

the Company issued

common stock to RM Enterprises International,

Such shares were issued

at a 40% discount from the market price

The average per share issuance price for the shares was $0.0103.

RM Enterprises International, Inc. (“RM”) agreed

to return an aggregate of 133,577,066 to the Company out of the 267,154,132 shares

the Company will still have the right to repurchase the remaining 133,577,066 shares held by RM

the above offerings and sales were deemed to be exempt under rule 506 of Regulation D and Section 4(2) of the Securities Act of 1933, as amended.


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Common Stock ----- 66,154,875 ------ By corporation ( 3 )

3. Represents shares owned by RM Enterprises International Inc., an affiliate of the Issuer. Mr. Moskowitz holds an indirect ownership interest in, and currently serves as an officer and director of, RM Enterprises International, Inc

http://www.sec.gov/Archives/edgar/data/1201251/000114420409054848/xslF345X02/v163891_ex.xml



(133,577,066) less (66,154,875) = 67,422,191