Hey all in a hurry tonight so i havn't got to read through all of the posts. Here is an interesting bit. Mod please delete if this has already been posted. Congrats all another great day!!!!
--------------------------------------------------------------------------------
SpongeTech(R) Delivery Systems, Inc. Approves Share Repurchase Program
Thursday August 14, 1:28 pm ET
SpongeTech(R) to Repurchase Shares of Stock
NEW YORK, Aug. 14 /PRNewswire-FirstCall/ -- SpongeTech® Delivery Systems, Inc. (OTC Bulletin Board: SPNG - News) announced today that its Board of Directors has approved a repurchase program of the company's free trading shares of common stock. The company is authorized to repurchase up to 25 million shares of stock under the plan, which takes effect Monday, August 18th 2008. The broker of record representing the repurchase program will be R.F. Lafferty & Co., Inc. The company has, issued and outstanding, approximately 400 million shares of stock, of which 267 million shares are restricted shares issued for financing and advertising purposes. The company also expects to repurchase these shares within the next 18 months. Management and the Board of Directors feel strongly about the company and its growth prospects, and feel that a repurchase plan at this time is justified and prudent in its development, as well as enhancing shareholder value. The repurchase plan authorizes management, at its discretion, to repurchase shares in the open market or in privately negotiated transactions as permitted by securities laws and other legal requirements, and subject to market conditions and other factors.
ADVERTISEMENT
For more information, please contact Investor Relations at 1-877-SPONGE-T, and/or visit the Company's website at: www.spongetech.com .
About SpongeTech® Delivery Systems, Inc.
SpongeTech® Delivery Systems is a development stage company, which designs, produces, and markets a unique line of reusable cleaning products for household use. These sponge-based products utilize SpongeTech®'s proprietary, patent (and patent-pending) technologies involving hydrophilic (liquid absorbing) foam and polyurethane matrices. The Company's sponges are specially configured with an outer contact layer and an inner matrix, the latter of which comes pre-loaded with specially formulated soaps and wax that are released when the sponge is wetted and applied to a surface with minimal pressure. The Company's current product line is designed for Car Care and Pet Care, however, SpongeTech® is currently exploring additional applications for its technology including an anti-bacterial, kitchen and bath cleaner, as well as a unique 'foaming' bath sponge for children.
"Safe Harbor Statement" Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2005, the Company's Quarterly Report on Form 10-QSB for the first quarter ended March 31, 2006. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect
events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
Contact:
SpongeTech® Delivery Systems, Inc.
Investor Relations:
Bill Young, 1-877-776-6438
wayoung55@aol.com or info@spongetech.com
--------------------------------------------------------------------------------
Source: SpongeTech(R) Delivery Systems, Inc.
Feel free to add me to yahoo messenger for my weekly stock picks!!!! chuck_101us
AI
