I want to remind stockholders of the 1/23/09 News Release:
The company has retired another fifty million shares (50,000,000) of SpongeTech®'s restricted common shares (R144) stock from RM Enterprises this week which reduces RM Enterprises total holding to approximately 510,000,000 of SpongeTech®'s restricted common shares (R144) stock. This leaves the company's shares, issued and outstanding, to approximately 730,000,000.
The company is still working on the repurchase plan of twenty-five million shares (25,000,000) of common shares from the open market which was announced two weeks ago.
SpongeTech® Delivery Systems, Inc., CEO, Michael Metter said, "Since we began our efforts, we have retired approximately 230 million shares to treasury; decreasing the issued and outstanding by approximately 25%! This shows again, the effort management is making and the ongoing commitment by RM Enterprises to position the company favorably among our investors, shareholders, and the public market."
