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All the time...you can read about how SEC messes up things on the web, newspapers, etc. They are an enforcement entity and have never exercised that power effectively. And I am not only person with that view point!!!
In this particular instance, they had SPNG re-audit their 2008 10K in the last minute!! The reasons for the suspension is due to lack of accurate information which can be found in their filings!
Over and out.
NO, I am not.
Links??????
they have an Appeal in process. They could file the 10K and 10Q before 16 Oct. The SEC fukked up!!! Are you deciding for SEC and FINRA???
You know that for sure??? Are you an expert??? Can there be exceptions?? Please provide links that says they will definitely go to the Greys!!
Yes, it can be paid in cash...only when their margin account are called up!! But, normally speaking in the case of NSS, the shorts objective is to get the company to bankruptcy and thus not cover their positions, shares or cash! Also, keep in mind, some of the sophisticated short operators take Insurance Policies to cover their losses. Bottom line: covering can be done with Shares or Cash. (from what I understand)
Investor Relations
Email
Bill Young
877.218.8393
Susan U
877.482.0155
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Public Relations
Lippert/Heilshorn
Adam J. Handelsman
212.838.3777
Email
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Public relations
From Wikipedia, the free encyclopedia
Public relations (PR) is the practice of managing the communication between an organization and its publics.[1] Public relations gains an organization or individual exposure to their audiences using topics of public interest and news items that do not require direct payment.[2] Because public relations places exposure in credible third-party outlets, it offers a third-party legitimacy that advertising does not have.[2] Common activities include speaking at conferences, working with the press, and employee communication.
PR can be used to build rapport with employees, customers, investors, voters, or the general public.[2] Almost any organization that has a stake in how it is portrayed in the public arena employs some level of public relations. There are number of related sister disciplines all falling under the banner of Corporate Communications, such as Analyst relations, Media Relations, Investor Relations, Internal Communications or Labor Relations.
they need to get the 10K and 10Q out before the 16th!! I hope they can get them both out on the 14th as the 10Q is due the 14th. At least then they have a chance of being traded again via 15c-211 rules. The big Q is still the O/S!!!!
they can if they get current with their reports and find an MM to sponsor them!
I would think the company will file their 10K and 10Q on or before 16th/14th Oct and get current on reports, failing which one can kiss this goodbye!!!
halt thru Oct 16th 11.59 pm! Trading will begin 17th Oct!
Good questions.......I believe that a good technology/product alone will not enhance the value of the firm but it takes marketing to enhance the value of the firm and hence the ACQUISITION of Dicon. But those several firms alone could turn into a huge market...provided the company is well capitalized! It's up to management to transform the company.
As far as MFG revenues for Dicon...hope to find out soon. MFG rev for 50MM could be as low as 5MM. JMO.
Besides HHBrown continues to thrive on this technology.
http://www.hhbrown.com/innovations/
Additional Fiscal 2010 customers...and of course the recently acquired...
http://www.dicontechnologies.com/
• Albertsons
• American Drug Stores
• Consolodated Stores
• CVS
• Kmart
• Longs Drug Stores
• Pathmark
• Phamor
• Raley’s Supermarkets
• Sav-Mart
• Star Field
• Ulta’s
----------------------------------------
• Alcone
• Bath & Body Works
• Columbia Picture
• CNBC Studios
• CNN Networks
• Estee Lauder
• Mary Kay
• Merle Norman
• MGM/Paramount
• MTV Studios
• P&G
• Sephora
-------------------------------------
• Børn • Softspots
• Boston • Stef Com
• Carolina • Supremes
• Double H • Foot Levelers
• Etonic • Dexter
• Footjoy
• Johnston & Murphy
• Mason Shoes
• Matterhorn
• New Balance
• POS
• Prospector
• Seton Scholl
--------------------------------
• Brightwake Medical
• Medtrade
• Zassi Medical
-----------------------------------------
• Acor Orthopedic
• Ames
• Boston Brace
• Canari
• Fiskars
• FUJI
• O-Cedar
• RSI Enterprises
• Walmart
they would short the stock to reduce the price and hence end up with a lot more shares of the target entity. this is a very common practice in capital markets!!!
Try GFCI....take alook at its history and the court battles between its CEO and Hedge Fund manager located in Switzerland!! THe CEO made one mistake and that of hypothecating Shares for Monies. Classic example of Shorting a penny stock to death...with a huge NSS position!
As I see it only the O/S is a non-transparent issue and possibly there is a reason for it. And probably that's the reason for changing the TA...the previous one was leaking the O/S to undesirable folks!! Regarding making mistakes...any company in High Growth stage is bound to make mistakes but the good thing is that they are correcting them. I mean they have the capacity to correct them i.e they are cash rich!! The company's fundamentals are sound...growing sales and profits plus a portfolio of 70+ SKUs. Their technology has been proven..now it is just a matter of enhancing/refining the products. Just an attractive acquisition proposition.
"..We also decided to cancel our previously announced reverse stock split until after the Form 10-K for fiscal year 2009 has been filed."
SpongeTech® Delivery Systems Announces Release of Letter to Shareholders to Update Investors on Company Achievements and Strategy
* Press Release
* Source: SpongeTech® Delivery Systems, Inc.
* On Tuesday September 22, 2009, 3:36 pm EDT
o
Buzz up! 17
o Print
*
Companies:
o SpongeTech Delivery Systems, Inc.
NEW YORK--(BUSINESS WIRE)--SpongeTech® Delivery Systems, Inc. (“SpongeTech”) “The Smarter Sponge™”, (OTCBB: SPNGE - News) announced today that the Company’s CEO and COO had written a letter to shareholders updating them regarding the company’s progress and growth plans. The letter is posted on the Company’s website and is reproduced below:
Related Quotes
Symbol Price Change
SPNGE.OB 0.0955 -0.0106
Chart for SPONGETECH DELIVERY
{"s" : "spnge.ob","k" : "c10,l10,p20,t10","o" : "","j" : ""}
Dear Shareholder,
We want to address various questions many of you have asked over the past few weeks and to share with you our plans to grow the business and create shareholder value.
Since the beginning of fiscal 2009, we have transformed SpongeTech from an early-stage company with limited brand awareness and distribution reach to a company selling a broadened portfolio of products through multiple distribution channels supported by a host of very successful marketing campaigns and promotional activities. We are proud of the progress we’ve made and have many plans to continue to expand our business.
As you know, we have not yet filed our Form 10-K for our company’s fiscal year 2009, which ended May 31, 2009. The requirement that caused the delay – that our new independent auditor, Robison, Hill & Co., retained as a result of the resignation of our previous auditor, Drakeford & Drakeford, LLC, due to the revocation of Drakeford’s registration by the Public Accounting Oversight Board, must re-audit our financial statements for fiscal 2008 – is as frustrating to us as it is for you, our shareholders. While we realize it would be helpful to offer you an estimated filing date, our current independent auditors have asked us to give them the flexibility to do a thorough job, and we are working with them to complete the necessary steps as quickly as possible. We have retained Deloitte & Touche beginning with the fiscal year 2010 to serve as our accountants. We also decided to cancel our previously announced reverse stock split until after the Form 10-K for fiscal year 2009 has been filed. In the meantime, we will use this letter to bring you up to date on our many accomplishments during fiscal 2009, ended May 31, 2009,and our actions and plans to accelerate SpongeTech’s growth in fiscal 2010, ending May 31, 2010.
Acquisitions/Investments
* We acquired Dicon Technologies, LLC on July 9 for $4.5 million in cash plus approximately $0.5 million of working capital that we assumed upon closing the transaction to further vertically integrate SpongeTech’s research, development and manufacturing processes. Dicon Technologies specializes in research and development of products derived from hydrophilic urethane chemistry.
* We have agreed to invest approximately $4 million in GetFugu, a technology company focused on developing mobile search tools. Terms of the deal are being finalized and, subject to the successful completion of our due diligence, we expect to announce the completed transaction by the end of calendar 2009. Our investment resulted from GetFugu’s successful customization of its mobile-based web search and e-commerce technology for SpongeTech. We plan to use GetFugu’s ground-breaking, carrier-agnostic mobile phone-based technology to drive more traffic to our already-successful on-line store website, www.spongetech.com. We are currently on GetFugu’s beta site.
Expanded Product Offering
* We added a Child Care product line to our portfolio of reusable cleaning products for Car Care, Home Care, Medical Care and Pet Care usages. To date, we have developed 33 product SKUs using our technology in these market segments.
* We launched SpongeBob SquarePants soap-filed bath sponges for kids in partnership with Nickelodeon and Viacom Consumer Products.
* As a result of the Dicon acquisition, we added 40 products for use in the cosmetics, footwear and medical markets, bringing our product portfolio to a consolidated total of 73 items. The new products include Dryz Intellitemp, a patented hydrophilic matrix that regulates temperature, provides antimicrobial protection and uses Super Absorbent Polymer (SAP) to manage moisture. This material is currently being used by several leading footwear and sports equipment manufacturers.
* We have developed a Pink Panther-themed product under a licensing arrangement with MGM Consumer Products and expect to roll these products out by the end of calendar 2009.
Extended the Company’s Distribution Reach
* With the purchase of Dicon in July 2009, Spongetech increased our consolidated distributor/customers during the first quarter of fiscal 2010, which encompasses June 2009 through August 2009) by 55 accounts. This is a 27% increase in new accounts since the end of our fiscal year 2009.
* We have shipped products to CVS Caremark, Kroger, Petco, PetSmart, Ace Hardware, Walgreens and other supermarkets and convenience stores. During the first quarter of fiscal 2010, we received orders from customers, including BJ’s Wholesale Club, ShopRite and Cosco.
* We signed a licensing agreement to partner with Nickelodeon & Viacom Consumer Products to create SpongeBob SquarePants soap-infused bath sponges in the U.S. and Canada.
* We presented our products on QVC and Home Shopping Network and continue to explore possibilities with them.
* We signed agreements to license the SpongeTech name with two manufacturers of cleaning products: Green Bridge Industries for the sale of the SpongeTech® Stain Remover Pens; and Organic Products Solutions for home care, car care and industrial/commercial cleaning products.
* We enhanced our e-commerce site to make it more convenient for people to purchase our products online.
Boosted Marketing and Promotional Activities
* We expanded our sports sponsorship portfolio by entering into agreements with 26 Major League Baseball teams for the 2009 season and 8 National Football League teams for the 2009-2010 season.
* We were also a sponsor of the United States Tennis Association and its premier event, the 2009 US Open, and are working on return on investment strategies to complement our sports marketing initiatives.
* We are continuing our nationwide advertising campaign, which includes TV and radio spots, print ads, retail store flyers, professional sports sponsorships and ads, internet advertising, and charitable functions. During 2009, our marketing campaign was ranked in the top 10 list of advertisements by the Jordan Whitney Report and the Infomercial Monitoring Service, Inc. (IMS) Report.
Since the end of fiscal year 2009, we have seen increasing re-orders from existing customers, strong sell-through rates and growing enthusiasm for our products as we continue to penetrate new distribution channels and create greater awareness for our products. Whereas two years ago, SpongeTech was a company with less than $10 million in revenue, we expect to report approximately $50 million in revenue for fiscal 2009.
In fiscal 2010, we are continuing to expand our distribution reach and, aided by our acquisition of Dicon and its strong R&D capabilities, introduce new products. To further raise brand awareness of The Smarter Sponge™, we plan to significantly increase our marketing and advertising budget. A portion of this budget will be used to attend a greater number of trade shows, including the Specialty Equipment Market Association show for the first time, Licensing International Expo, Automotive Aftermarket Products Expo, Global Market Development Center’s General Merchandise Marketing Conference and other national and regional shows. We also plan to enhance the packaging of our products.
We will also continue to extend our distribution reach by adding new distributors, including SpongeTech Europe, which we formed in August 2009 to enhance our already-strong presence in that market. In addition, we plan to leverage Dicon’s established channels of distribution including food, drug and mass merchandise stores such as CVS, Walgreens, Kmart and Wal-Mart and also to sign new licensing arrangements. By the end of fiscal 2010, we expect to have secured product placement in over 100,000 retail doors nationwide. Finally, using our enhanced research and product development capabilities, we plan to move forward more aggressively to expand our product offering particularly in our Home Care, Pet Care and Car Care product lines. For example, as part of our license agreement with Nickelodeon & Viacom Consumer Products, we are putting the finishing touches on a product for the Nickelodeon character, Dora the Explorer.
In closing, our goal remains to establish SpongeTech as a first-class global consumer goods company known for its innovative products, creative marketing and promotional campaigns, and distribution strength. We appreciate your keen interest and support for our products and business and look forward to reporting our fiscal 2009 results as soon as possible.
Michael Metter, Chief Executive Officer
Steven Moskowitz, Chief Operating Officer
Vanity Events Holding, one of their other clients!
filing documents are effective immediately and the filing docs state A/S reduction is effective 22nd September.
FACT: SPNG is still on REG Sho list, which means there are fails to deliver. The question is how many??
ASSUMPTION: Buyins report is accurate and has reported ~ 1 Billion shares of FTDs. I believe you have used their report in the past!!
ASSUMPTION: The float has been reduced more than expected and thus the amendment of R/S from 250:1 to 100:1.
FACT: A/S is 900 million for Common Stock and hence O/S will not exceed 900 million.
ASSUMPTION: O/S is around 500 million and float around 250 million. After share purchase reduction the float is probably around 100 million. IMO.
Now, let me explain a scenario..............
I have 50,000 shares at Schwab. Assuming all these shares have been delivered, on 23 Sept, I will have 500 Shares of SPNG with new Cusp #. Hence I will be able to trade the new SPNG.
Now, lets consider this..TAKI has 100,000 Shares with XYZ brokerage. Unfortunately, those 100K shares fall in the FTD category. And if we assume that they do not get cleared i.e they remain in the FTD category, they will remain in that state post split date of 23rd Sep and hence will not be tradeable i.e there still will be 100K shares of SPNG with old Cusp #. Now it is quite possible that they get cleared post split, i.e the Shorts buy 1000 shares post split and deliver it to TAKI's account. TAKI can now trade SPNG with new Cusp #.
The point I am making is that Shorts will have to buy pre split or post split to clear FTDs.
The missing link here is the 10K and the current O/S which could be written up in the subsequent events section.
Now look at these links and wonder why management has put out these PRs........
http://finance.yahoo.com/news/SpongeTech-Delivery-Systems-bw-1930562682.html?x=0
http://finance.yahoo.com/news/SpongeTech-Delivery-Systems-bw-904216535.html?x=0
http://finance.yahoo.com/news/SpongeTech-Delivery-Systems-bw-4215582752.html?x=0
http://finance.yahoo.com/news/SpongeTech-Delivery-Systems-bw-2368742252.html?x=0
http://finance.yahoo.com/news/SpongeTech-Delivery-Systems-bw-1275536109.html?x=0
u let the cat out of the bag!! LOL! I was waiting to see his response!!LOL!
PS. Quick, wipe it out!
So then, Grandpa Orange are you going to buy your wife a diamond necklace (made by Sib Akmaz, GBDX)?????
OTCBB showing 577K traded!
77K @ .0001....will there be another 77K @ .001.....me thinks...yes.
Last trade 77K at .001.....On your Mark,..................>>>>>
Why would you paste this here??/ Alex Cherebkov has resigned from GBDX. And Sib Almaz is considering relinquishing controlling interest to a South African group!!
I was referring to Pontiyak>>yak. But you must be right too! What did u say??
I don't think it is a big deal to get revoked...one can pay $300 to get reinstated!!!!!!!!!!!!!!!!!!
I don't see a date???
GBDX history...Revoked 8/1/06 and Reinstated 9/5/06! Changed symbol from Worldwide Canneries to GBDX!
hmmmm....still trading, huh?? If it is revoked, it can be reinstated by submitting financials!
so Yak was right!
Some interesting snippets on Global Diamond Resources.......
>> Trilliant Diamonds Ltd. a wholly owned subsidiary of TTXP.OB invests $2.4M ib KAO mines PVT Ltd.
http://finance.yahoo.com/news/Trilliant-Exploration-iw-2370618366.html?x=0&.v=2
>> GDR is looking for more capital for KAO mines.
LONDON, June 9 (Reuters) - Global Diamond Resources is in talks that may lead to the sale of its Kao diamond mine in Lesotho for about 40-50 million pounds ($64 million), people familiar with the discussions said on Tuesday.
Global Diamond is a private company 38 percent owned by a family trust of Alan Bond, the former Australian billionaire who lost a fortune and was jailed in 1997 for fraud.
The company is in discussions with a number of companies -- two Arab-based consortiums and a United States/South African syndicate -- about the sale or partial sale of the mine.
Chairman Morven Hay declined to discuss the talks but commented on the reason for the potential disposal.
'You need someone with deep pockets to carry on the project. It's not an easy market to raise funding so we thought it may be better to move the project on with a new owner.'
http://www.forbes.com/feeds/afx/2009/06/09/afx6521616.html
>> I have read 2 PRs(covered by Realpennies,but can't find them now) wherein it states that GDR is looking to get listed on an international exchange but would not reveal the name of the exchange. The last PR was dated Sept 2008.
>> GDR's financials should be ready by 1st week of Sept and then they hold an annual Sharehodlers meeting in 1st week of Oct.
So putting 2 and 2 together....I think a reverse merge of GDR into GBDX could happen. Should hear something in early or late Sept. Last GBDX started with a run was Sept 26 2006....Symbol and Cuspid change. Ran up tp 7 cents.
So if GDR does apply for 15c211....it should be an easy listing as they have 3 years of audited financials. The listing process takes about 3 weeks to get approval from NASD for pinksheets.
Finally, there was a poster who mentioned (prior to the suspension) that a run would begin on th 30th but did not know the month or year (hhmmm...that was interesting as well as mystery). August 30 falls on a Sunday and so 30 Sept should be a doable date!! my nickle!!!!
"
Posted by: charlie123 Date: Wednesday, July 23, 2008 4:30:25 AM
In reply to: astronomade who wrote msg# 76072 Post # of 79727 [Send a link via email]
Are you saying they CAN NOT have more than 90%??
August..September?? LOL Lets be more specific, I can give the exact date. 30th, mark that day...not gonna tell you which month or year though (because I dont know). Sorry. LOL
"
did u get an email???
FWIW...that email from the CEO is BS. !!!!!!
LOL! he set you up!!
could be...interesting, to say the least!
so if u think there is short covering...don't you think it is about to float again. May be not , huh??
believe the 15c211 when the company PRs!!!!!!