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Do you know how it's handled if spng does end up filing?
I googled it qvc and spongetech... that's how I found it. Maybe their in-house searches don't show products that are no longer available or sold-out.
The fact is no one knows the distribution of sales between the 6 companies. NO ONE ever mentions Walgreens because that'll contradict the "scam" argument and legatimize the argument that there's a real company that's actually making money and selling products.
Need I say more or shall I add to the list???
In addition:
http://egiftsoutlet.com/bestofcleaning.html
http://www.military.com/veterans-report/deal-of-week-smarter-sponge
http://www.kingsizedirect.com/Product.aspx?PfId=184735&ProductTypeId=1&PurchaseType=0&affiliate_id=030&affiliate_location_id=01
http://hobbies-leisure.drleonards.com/Hobbies-Leisure/Auto-Accessories/SpongeTech-3-Pack-Car-Wash-Wax-System/28423-key=17199200.cfm
http://www.bonanzle.com/booths/labellalluna/items/Spongetech_Uncle_Norman_s_Pet_Bath_Sponge_Bowl_Cleaner
Old List:
http://www.walgreens.com/store/catalog/Clean-and-Polish/Car-Wash-System---3-Pack-Combo/ID=prod5780522&navCount=0&navAction=push-product
http://www.acehardware.com/product/index.jsp?productId=3512422
http://www.petsmart.com/search/index.jsp?kwCatId=&kw=spongetech&origkw=spongetech&sr=1
http://www.sears.ca/gp/product/B002LCKDAW?searsBrand=core
http://china-glory.en.alibaba.com/product/242466725-200654594/Car_Sponge_Kit_Wash_and_wax_sponge_Car_wash_kit_3_pack_.html
http://www.212carwash.com/products.php
http://shop.ebay.com/?_from=R40&_trksid=p3907.m38.l1313&_nkw=spongetech&_sacat=See-All-Categories
http://www.asseenontvvideo.com/511960/Sponge-Tech-Car-Wash-System-Double-Offer.html://www.spongetechusa.com/
http://cooltvoffers.com/spongetech/
http://yourhome.shoptoit.ca/shop/product--catId_1002082__locale_en__productId_8451726.html
http://www.monstermarketplace.com/General/Landing2444a816.html
http://www.autobarn.net/wash-and-wax-sponge.html?site=google_base
http://www.buyhardwaresupplies.com/?t=5&m=g1&itemNumber=8250151
Honestly, who cares about those 2 companies...
http://www.walgreens.com/store/catalog/Clean-and-Polish/Car-Wash-System---3-Pack-Combo/ID=prod5780522&navCount=0&navAction=push-product
http://www.acehardware.com/product/index.jsp?productId=3512422
http://www.petsmart.com/search/index.jsp?kwCatId=&kw=spongetech&origkw=spongetech&sr=1
http://www.sears.ca/gp/product/B002LCKDAW?searsBrand=core
http://china-glory.en.alibaba.com/product/242466725-200654594/Car_Sponge_Kit_Wash_and_wax_sponge_Car_wash_kit_3_pack_.html
http://www.212carwash.com/products.php
http://shop.ebay.com/?_from=R40&_trksid=p3907.m38.l1313&_nkw=spongetech&_sacat=See-All-Categories
http://www.asseenontvvideo.com/511960/Sponge-Tech-Car-Wash-System-Double-Offer.html://www.spongetechusa.com/
http://cooltvoffers.com/spongetech/
http://yourhome.shoptoit.ca/shop/product--catId_1002082__locale_en__productId_8451726.html
http://www.monstermarketplace.com/General/Landing2444a816.html
http://www.autobarn.net/wash-and-wax-sponge.html?site=google_base
http://www.buyhardwaresupplies.com/?t=5&m=g1&itemNumber=8250151
For question 3., I believe that the price is where it is because of Cobroxin being classified as a homeopathic vs. a traditional drug which must go through FDA's Ethical Drug Approval process (Phase 1/2/3). I recall during the presentation, someone asked if Cobroxin was still in Phase 1 of the Ethical Drug Approval (EDA) process as stated on the website at that time. Rik stated that after they brought in an FDA Homeopathic consultant, they found the Cobra venom was in such low doses that it could be registered as a Homeopathic drug and no longer had to go through the FDA Ethical drug approval process.
I'm not sure if people understand the significance of this news released in August but IMO, it's almost equivalent to an FDA approval as it means the drug can be marketed and sold. Bashers are saying the stock is overvalued and the runup from August isn't justified but if you equate the change in direction from something that may not have been launched for a few years due to having go through the EDA process to something that can now be marketed and sold subject to submission of labeling, packaging,etc.. now that's BIG time news.
Thanks Bishop and flptrnkng.
So there really is proof that someone (shorties) created these websites?
same/difference in the context in which it was written...
A big reason why I'm in this company is because of the CEO. We have a smart management team running the company. What other company has a CEO who actually cares enough to write the PRs?
"Because of my strong belief in our pipeline, I chose to provide this financing as a loan to the company, instead of diluting shareholders. This financing now makes up the majority of the $3.1 million liability."
http://www.nutrapharma.com/blog/2009/10/12/nutra-pharma-bites-back-%E2%80%93-a-response-to-the-dow-jones-newswire/
http://www.nutrapharma.com/blog/2009/10/12/nutra-pharma-bites-back-%E2%80%93-a-response-to-the-dow-jones-newswire/
NPC Blog
Nutra Pharma Bites Back – A Response to the Dow Jones Newswires
Posted on Oct 12th, 2009 by Rik J. Deitsch
On Friday, an article came out from Dow Jones Newswires that discussed Nutra Pharma and our launch of Cobroxin. While the article was factually correct and well written, the author left out critical pieces of information that failed to tell the entire story about Nutra Pharma.
While at first glance, our balance sheet looks soft. We have several million dollars in liabilities and our latest quarterly from the SEC reported little cash in-hand. But at closer inspection, one would realize that over the years, I have funded the company over $3 million out of my own pocket to continue our drug development work on Multiple Sclerosis (MS), pain, HIV/AIDS, and Adrenomyeloneuropathy (AMN). Because of my strong belief in our pipeline, I chose to provide this financing as a loan to the company, instead of diluting shareholders. This financing now makes up the majority of the $3.1 million liability.
Today, the company is as strong as ever. Not only are we in the process of launching our first product in the United States, but we are also much stronger financially with over $2.5 million in cash that we plan to use to finance the manufacturing of Cobroxin and additional clinical studies for our other drug indications.
As we move forward with the launch of Cobroxin this week, it is important that our customers and shareholders understand the history of the product and its clinical profile. The active pharmaceutical ingredient (API) in our branded pain reliever, Cobroxin, is Asian cobra venom. We have been studying cobra venom for the past 10 years at our drug discovery subsidiary, ReceptoPharm under the supervision of Dr. Paul Reid. Dr. Reid acts as the CEO of ReceptoPharm and is one of the world’s foremost experts on cobra venom. He first started studying it when he was at the United States Medical Research Institute for Infectious Diseases (USMRIID) at Fort Detrick, Maryland, under a grant from the National Research Council in Washington, D.C.
Cobra venom dates further back than Dr. Reid’s original work in the early 1990s. It has been used in the U.S. for over 75 years and has a well understood clinical application. There are 46 human clinical trials dating back to the 1930s and 20 pre-clinical studies using cobra venom to treat pain, including some of the most recent work being completed by Dr. Paul Reid from ReceptoPharm and Dr. Zheng-Hong Qin, who divides his time between Harvard University/Massachusetts General Hospital in Boston and Soochow University in Suzhou, China.
Unfortunately, a point of confusion in the recent article was that it stated that Nutra Pharma is in the process of completing human clinical trials in an effort to gather as much information as possible about Cobroxin. In fact, we are planning to conduct an additional trial for Nyloxin Rx, our prescription pain reliever, to compare its efficacy to other prescription pain medicines. We believe that the results of this comparison study could provide us with excellent evidence showing that Nyloxin Rx should be the preferred method of treatment for severe (Stage 3) chronic pain. Additional details will be released as we move into the launch of Nyloxin Rx.
While we would like to claim Cobroxin as a new product, it is not. Cobra venom has been used as a therapeutic agent in China for thousands of years for a variety of different purposes. Additionally, here in the United States, cobra venom is a U.S. monographed drug under the Homeopathic Pharmacopoeia (HPUS) and was used as a pain killer by the United States government during World War II.
As cortisone became popular and other pain killers became accessible in the United States, people stopped using cobra venom primarily because it lacked standardization. 50 years ago, the technology to measure the amount or type of peptides and whether there was bacterial or fungal contamination did not exist. Additionally, there were no tools available to properly clean, sterilize and standardize the solution, so patients would end up with ineffective and bad batches. Today, however, with our understanding of cobra venom peptides and the technology that we have available, we can tell you exactly what is in every batch and verify that it is sterile, clean and that it is going to be effective. Our understanding of this product and the technology we have available to us is why I believe cobra venom will once again become a staple for treating pain.
A critical part of the launch of Cobroxin is our licensing partnership with XenaCare Holdings. What drew us to XenaCare was not only the company’s commitment to a several million dollar roll-out, but also its relationship with a broker network that is considered among the leaders in the industry with a history for launching successful products, several of which now have over a billion dollars in sales. While we are confident that XenaCare is fully-capable of completing a successful launch of Cobroxin by utilizing its available financial and human capital, our agreement, as would any out-licensing agreement, requires XenaCare to meet certain minimum performance requirements.
If you would like to learn more about the science behind Cobroxin, I invite you to click here to listen to a webinar I hosted last month discussing the product. I believe this will help clarify the science behind the Cobroxin and why cobra venom is effective for treating Stage 2 chronic pain.
In summary, I would like to reiterate how excited we are about Nutra Pharma and the blockbuster potential of our drug discovery platform. As we move forward on all of our initiatives and transition into a revenue producing company, I would like to invite you to reach out directly to our investor relations department at (877) 895-5647 or by email at ir@nutrapharma.com with any questions you have about the Company. We pride ourselves on remaining as transparent as possible to our shareholders and will continue with this effort as we complete the launch of Cobroxin and the continued develop of our drug pipeline.
SEC Disclaimer
This article contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in Nutra Pharma's ("the Company") business plan. The Company's business is subject to various risks, which are discussed in the Company's filings with the Securities and Exchange Commission ("SEC"). The article, "Nutra Pharma Bites Back – A Response to the Dow Jones Newswires", should not be construed as an indication in any way whatsoever of the value of the Company or its common stock. The Company's filings may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
WOW.. WHAT AN ARTICLE
about short selling. If I didn't know any better, I'd thought they writing a story about SPNG. Very disturbing.
http://counterfeitingstock.com/CounterfeitingStock.html
"Media assault — The shorts, in order to realize their profit, must ultimately purchase real shares at a price much cheaper than what they shorted at. These real shares come from the investing public who panics and sells into the manipulation. Panic is induced with assistance from the financial media.
The shorts have “friendly” reporters with the Dow Jones News Agency, the Wall Street Journal, Barrons, the New York Times, Gannett Publications (USA Today and the Arizona Republic), CNBC and others. The common thread: A number of the “friendly” reporters worked for The Street.com, an Internet advisory service that hedge-fund managers David Rocker and Jim Cramer owned. This alumni association supported the short attack by producing slanted, libelous, innuendo laden stories that disparaged the company, as it was being crashed.
Frivolous SEC investigations — The shorts “leak” tips to the SEC about “corporate malfeasance” by the target company. The SEC, which can take months processing Freedom of Information Act requests, swoops in as the supposed “confidential inquiry” is leaked to the short media.
The plethora of corporate rules means the SEC may ultimately find minor transgressions or there may be no findings. Occasionally they do uncover an Enron, but the initial leak can be counted on to drive the stock price down by twenty-five percent. The announcement of no or little findings comes months later, but by then the damage that has been done to the stock price is irreversible. The San Francisco office of the SEC appears to be particularly close to the short community.
Class Action lawsuits — Based upon leaked stories of SEC investigations or other media exposes, a handful of law firms immediately file class-action shareholder suits. Milberg Weiss, before they were disbanded as a result of a Justice Department investigation, could be counted on to file a class-action suit against a company that was under short attack. Allegations of accounting improprieties that were made in the complaint would be reported as being the truth by the short friendly media, again causing panic among small investors.
Interfering with target company's customers, financings, etc. — If the shorts became aware of clients, customers or financings that the target company was working on, they would call and tell lies or otherwise attempt to persuade the customer to abandon the transaction. Allegedly the shorts have gone so far as to bribe public officials to dissuade them from using a company's product."
FYI-FY '09 for Spongetech ends May 31, 09. That means FY '10 has already begun... Quoting the 8K (9/25/09)... "We have retained Deloitte & Touche beginning with the fiscal year 2010 to serve as our accountants."
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6814760
More reason to believe Rosen's PR as a big Joke! Are they really out for justice or for money. There's nothing new that we haven't seen before. Citing the NY Post articles in their complaint as source?? No wonder so many open cases. Whatever ends up happening... I just hope all goes well for Longs who stuck in there...
No doubt at all imo. When this stock moves, it moves... whether it's up or down...
Just wish I had more cash to add! Aarghh.. Just got on and although the price action looked nasty today... The news saved the day...
Honestly, I can't wait to give the product a try.
Facebook, Twitter
Facebook: http://www.facebook.com/pages/Nutra-Pharma-Corporation/124673471400?ref=search&sid=8641879.1537313265..1
(Search Nutra Pharma)
Twitter: http://twitter.com/NutraPharma
CEO puts up money to fund the company is negative? I THINK NOT! This is better than insiders buying company stock. This means the CEO is confident in the future of company. This means the CEO isn't interested in PUMPING the company's stock, but he believes the company's future operations will be successful! Timmy better start covering now. This isn't a stock to be messed with.
"During the six months ended June 30, 2009, the Company borrowed an additional $319,530 from its President, Rik Deitsch, increasing the total amount owed under to Mr. Deitsch to $1,604,448. This demand loan is unsecured and bears interest at a rate of 4.0%. Included in the amount owed to Mr. Deitsch is $184,264 of accrued interest. "
"On July 14, 2009, the Company’s president Rik Deitsch loaned an additional $227,000 to the Company for working capital purposes. As a result of this additional loan and accrued interest, the Company owed Mr. Deitsch $1,837,512 as of July 31, 2009."
I agree. Just went from 200% gain down to 100% because I bought some more... lol.. oh well... dollars gained hasn't changed... only %...
Me too. I hope this goes down a bit so I can add more but then again... I also ask myself.. "what's $0.10?" I'll wait it out.. hopefully this goes back into the 50's so I can add more..
Nevermind... lol.
Wow... volume is crazy today... at this rate, we're going for a record...
Good Call! Close 0.68
Agreed! No need to wait until after the R/S to load up especially IF you're planning to load up anyways... Once that 10-K solidifies it all it should redraw longs who left and new longs in. It may dip after the RS but it will run soon after. The dip is now... imo...
Great Close SPNG! Honestly, I expected profit taking towards the end of the day from traders playing that bounce early morning but finished strong today. Have a great weekend everyone!
9 times out of ten the stock tanks on a reverse split as it is done to dump shares as this one is, they are not uplisting they cannot even file the 10-K LOL Although the reverse is not as much too worry about as the coming indictments.
99/100... an otc company has debt, no real revenue, negative net income and no real product. It's easy to see spng IS the exception.
Hopefully all the bashers left the house.. Only longs left...
Ever since the R/S, people have thrown everything Spongetech has done the window. Its understandable that people may have gotten burned many times on R/S's but c'mon... what about everything else the company has done? The company continues to try to gain shareholder trust. Lowering A/S. Making sure shareholders understand why they increased A/S (to acquire Dicon). Hiring D&T as a step to solidifying financials (even though they may not be out yet). They're taking the steps to make it big. When they get on the Nasdaq, institutional buyers won't have to question financials as they're audited by D&T. C'mon... with Allstate, Best Buy, Sears, Walmart, Walgreens as clients... people are still finding ways to bash D&T... get real now..
I'm kinda glad the R/S is happening... to get rid of all these bashers and traders... so they can move on to their next stock.
The numbers may or may not be exact but I'm willing to bet that they are reasonable. Hiring Big Four D&T is a huge step to solidifying of financials and gaining shareholder trust vs hiring some unknown auditor. The stock prices tanking are the fault of the shareholders, not the company. They're looking for a pump and dump... looking to make a quick buck... We need to be blaming ourselves.
In addition, it doesn't make sense to mass market a pump and dump stock trading scheme. Only some mentally ill person would put their company's logo all over the nation, into major sporting venues, only to make money off the stocks its selling. The chances of someone doing this has got to be almost nonexistent. Unless these guys wanted to be KNOWN as the be biggest criminals ever... MAYBE... but I doubt it.
People are psychologically scared of the R/S... But this thing's going to run after the R/S as so many people have sold out are waiting for R/S to happen... I see this maybe being Red Monday... But by the end of next week, we'll be back in the teens in anticipation for the 10-K. Again, nothing has changed with the company. R/S does not change fundamentals. It only psychologically changes the person buying/selling.
Even after the R/S... nothing has changed but the price... Why wait until then to buy. Everyone's going to be trying to buy then... People are watching this like a hawk after selling out.
People were bashing like crazy premarket... but they know they were loading up once that bell rung...
YES!!... So I can buy!!
It's looks like all OTC/Pink stocks not updating although trading seems to be fine... Nas and Ny seem ok...
yes. something weird's going on. I bought some at 9:40am (central) but it's not showing up in Zecco. It shows no volume after about 9:20am (central).
Rather... 52-wk high...
I don't understand why someone would think SPNG would issue more shares. They're debt free. Also, for every share that someone buys post-split, that'll be like 100 shares pre. Imagine the price action on that.
For those who plan to get in post-split, just make sure you get in within 5 days post-split.
"Can a seasoned issuer effect a reverse stock split to meet the minimum bid price requirement for initial listing?
A seasoned issuer may complete a reverse stock split to comply with NASDAQ's minimum bid price requirement for initial listing. Generally, when this happens, NASDAQ will require that the issuer continue to meet the bid price requirement for a minimum of five consecutive trading days after the split takes place. This means that on each of the five days the issuer must at some point during normal trading hours have a bid price which is at or above the applicable initial listing criteria.
Please note that NASDAQ may, in its discretion, also require an issuer to maintain the required minimum bid price for a period in excess of five consecutive business days, but generally no more than ten consecutive business days, before determining that the issuer has demonstrated compliance. In determining whether to require a longer waiting period, NASDAQ will consider the following four factors:
Margin of compliance (the amount by which the price is above the minimum standard);
Trading volume (a lack of trading volume may indicate a lack of bona fide market interest in the security at the posted bid price);
Where applicable, the market maker montage (the number of market makers quoting at or above the minimum required bid and the size of their quotes); and,
The trend of the stock price (is it up or down?).
"
http://www.nasdaq.com/about/FAQsInitial.stm