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They did lie. The PR was crap, and this A/S increase hasn't been the first time they say one thing and do another.
They lied you twist the Pr however you want
SM phone #
212-695-7850 EXT 210
Why?
He won't answer anyway
random call, but good DD
SM phone #
212-695-7850 EXT 210
sub .14
Ok lets look at this mgmt buys millions of shares on last couple dips, sells out on the way to .15, and raise the A/S and do it again. easy way to make money.
I will be there labor day but our mgmt team is prob busy planning when to flip this again.
this is getting sad, and at some point this game, that mgmt is playing with the shares will end.
They are idiots at IR. they know nothing!
You really think the co. is gagged, for what reasom.
tried that also, no response
I say everyone call until we get answers
Don't bother they know nothing! you can call but they will say that they know nothing of an A/S increase, and the o/s is 500 mil, and A/S is 900 mil
wow how hard is that to do. yet we just play dead. mgmt and FOD playing with shares
Won't happen. Maybe a year from now.
not the first time mgmt said they would lower and it fact they raise it.
no, long, but it has nothing to do with mgmt lying a$$es
Tried calling SM again, anyone have a different number than I have?
don't ask me?
They lied in the A/S reduction Pr, why not that one also?
Yes, and it just got raised to 2.7 bil, not lowered at all.
from 7-27
Authorized Common Shares to 900 Million Shares SPNG
SpongeTech Begins Process to Lower Outstanding to Approximately 500 Million
Shares
NEW YORK--(Business Wire)--
SpongeTech Delivery Systems, Inc., "The Smarter Sponge", (OTCBB: SPNG) is
pleased to announce that the Company is taking action to amend its Articles of
Incorporation to reduce the number of common shares that the Company has
authorized to 900,000,000 (nine hundred million) shares. In addition, the
Company has also begun the process to lower its outstanding shares to
approximately 500,000,000 (five hundred million) shares.
As reported in the Company's 8-K filing on May 26, 2009, SpongeTech amended its
Certificate of Incorporation to increase its authorized common shares from
1,800,000,000 (one billion, eight hundred million) to 2,000,000,000 (two
billion). The increase was to provide the Company with the ability to pursue a
transaction such as the acquisition of Dicon Technologies. Subsequently, the
Board of Directors had approved the acquisition of Dicon Technologies which was
completed on July 9, 2009 as a cash transaction, without any shares to be issued
for the acquisition and without any dilution to its current shareholders;
therefore enabling the Company to take action and reduce the authorized shares
substantially. Furthermore, as reported in the Company's 3rd Quarter Form 10-Q
filing on April 20, 2009, SpongeTech had 722,866,061 shares of common stock
issued and outstanding and the Company is also taking action to lower its
outstanding shares by 30%. The Company's actions in this regards will include
the continuation of the common stock repurchase and retirement program from the
open market as well as the retiring of restricted (144R) shares of common stock
currently owned by the Company and its affiliates.
"We are excited to be moving quickly to complete the process of reducing both
our authorized and outstanding shares as well as provide clarity," commented
Michael Metter, CEO of SpongeTech. "This significant reduction is an expression
of both the progress that the Company and its innovative product lines have made
to date. We are confident that there will be more advances to come in the near
future with regards to our product development and penetration of what we fell
is currently a targeted market that is extremely large, yet grossly
underserved." Metter continues, "I have always commented that it is SpongeTech's
WE don't know any lawyers that doug knows, and apparently he has the best. Been to court enough
They just raised the A/S again, opposite of wha the PR says. and they have said in the past that the would lower the A/S, rmember when the raise was a mistake, and it would be corrected, still waiting on that.
WE don't know it didn't, and what leads anyone here to think that is hasn't. OUR MGMT teams lies!
We will never know. remember when SM told everyone he was goingto ungag the TA. LOL
That are mgmt does exactly the opposite of what they PR. I think that is called lying, last I checked.
Sure, what ever makes you feel better, that mgmt is playing all of us
OS, and it was done days before the quartly reports. The A/S has been said to be lowered many times. I have the emails, and now we have a PR, and its reaised!
What a joke, any called SM today I tried no luck. he needs to answer to us. He Pr's one thing and does exact opposite. and this isn't the first time. We need to all call.
SM
212-695-7850 EXT 210
Everytime the said the were going to lower the A/S is a lie.
funny how he does exact opposite 2 weeks before the 10k is due. What a smuck
Check the filing here you will see a few
This is prob just another mistake. LOL LOL. The 10 comes out in two weeks, and they need to lower the A?S not raise it. and the O/S geez!
Longs lets here the good comments about SM now. They are playing with shares, or just trapping. LOL LOL
has the ne A/S been confirmed by anyone else?
I am sure the 8k will follow in a couple days.