SpongeTech(R) Delivery Systems, Inc. CEO Michael Metter Issues Corporate Update and Fiscal 2009 Q1 Outlook
NEW YORK, Sept. 15 /PRNewswire-FirstCall/ -- SpongeTech(R) Delivery
Systems, Inc. (OTC Bulletin Board: SPNG) today delivers a corporate update
and fiscal 2009 Q1 outlook to the shareholders. The past several months
have been a productive as well as an extremely exciting period in our
Company's growth phase. This update will expound upon the recent successes
and what is to be expected moving forward in subsequent quarters.
Message from SpongeTech(R) CEO, Michael Metter:
Dear Shareholders:
As the Company continues to build off of a great 2008 year, we feel it
is important to update our shareholders on events that are taking place
within the Company and comment on the recent trading activity of our stock.
Management believes that our stock has been influenced by the illegal
practice of "naked short selling". These people, or entities, are trying to
undermine the shareholders' confidence in our Company, trying to induce you
to sell your stock, and, in simple terms, hoping that if you do they will
be able to buy back their short position sale at a significantly lower
price. They use detailed and complicated systems, and even sell from
overseas through other exchanges, to sell nonexistent shares all day long
trying to create a disparity between legitimate buy and sell orders.
These unscrupulous entities strategize to create stock price erosion in
an effort to try to force us to continue to dilute the Company to raise
funds. As you know, we have invested significant money into our Company and
hold a large position in stock that is not registered and cannot be sold.
The float of the Company is significantly lower than the authorized and
outstanding shares issued by the transfer agent. There are upwards of
300,000,000 shares that cannot, and will not, be sold into the market that
could affect price dilution of our security.
We recently instituted a stock buyback program of over 25,000,000
shares, and we are evaluating the current market conditions surrounding our
stock trading activity and expect to take action to rectify the situation.
The Company is in a very good cash position; our EBITDA is very strong and
will continue to grow. Management is confident going forward and that the
Company expects to see the same success across the children, medical, and
household product lines that we have enjoyed, and continue to build, with
both our automotive and our pet products. We will continue to expand all
our lines with our patented delivery technology, that coupled with an
aggressive ad campaign will help us to reach our goal to be branded as the
"America's Cleaning Company."
Someone reposted this one the yahoo board. I found it very interesting that he said, "There are upwards of 300,000,000 shares that cannot, and will not, be sold into the market that could affect price dilution of our security.", and this is exactly the number they reduced the Authorized Shares to.
If this still holds true the Outstanding Shares would have to also be 300,000,000 and the float zero! Correct???
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