Jason, et al.,
Yes.
And here it is from Bill Young at company IR…
"The company is working on many projects to grow the company and we will update the shareholder when we can. We know people run to other sites and pull down information, but the company has to wait till the deals are done and the information is correct to inform you"
[ but the company has to wait till the deals are done and the information is correct to inform you ]
And what Bill is referring to is the fact that it's the purview of the company's SoS (Secretary of State) to assure that documents submitted for filing purposes are accurate.
And…
[ The company is working on many projects to grow the company ]
As talked about. There has to be room to maneuver. The Authorized needing to be increased in line with the equity underlying the agreements entered into over time. And a fitting example from the company's filings...
'The agreement also contains other standard default provisions.'
Default provisions in all applicable directions. As any party/parties, to any of the referenced agreements, could eventually be faced with a condition of failure to meet an associated obligation/obligations.
The bottom line being that all is well. Standard operating procedure. The typical.
And as for the FUD-monger crowd?
And out of ammunition at this point. And entirely laid to rest come the pending audited numbers. Try as they might, they'll never win to a greater degree than is currently the case. Having had their day. Nowhere to go but up from here on out.
While on the phantom shares question we have again...
(MR. Metter from January 2009)
'The Company believes that the stock is being artificially manipulated and as such is currently examining several options that can be employed for the purpose of enhancing shareholder value.'
And a comment that certain excitable folks among us took and ran with. Complete with the incessant self-serving presentments of a certain D. Furth.
And again...
'My firm Lebed Biz LLC was compensated by a third-party (Doug Furth) 1,250,000 free-trading shares of SPNG for a one-month investor relations contract which has since expired.'
And a tough call? Some folks just never learn.
And so be it.
With management wholly focused on building a very real company. An empire in the making. Getting the job done. Achieving a senior listing. Taking the company to a fitting venue. Proper valuation and all. And from the point at which management made it abundantly clear that product development was the new operational focus, truly remarkable advancement has been in evidence. And with product development in mind we have...
'Our new product development program consists principally of devising or testing new products, improving the efficiency of existing ones, evaluating the environmental compatibility of products and market testing. We estimate that our management devotes approximately 2,000 hours to developing a product, its packaging and its marketing campaign. We have never paid nor do we expect to ever have to pay cash compensation for any product development activities beyond the costs [of] research, development and/or testing of such products.'
While...
'In July 2008, we incorporated 6 wholly-owned subsidiaries in the state of Nevada. They are:
Spongetech Kitchen & Bath, Inc.
Spongetech Health & Beauty, Inc.
Spongetech Auto, Inc.
Spongetech Medical, Inc.
Spongetech Pets, Inc.
America’s Cleaning Company
We plan to expand our product lines and to engage in our proposed different lines of business through our wholly-owned subsidiaries and to hold all intellectual property in our America’s Cleaning Company subsidiary. This will allow us to better monitor costs as well as product growth and profits.'
A corporate structure as a Parent and Subsidiaries both direct and indirect. A holding company. And lending itself ideally to a little 'creative' thinking relative to achieving the needed senior listing.
And...
'The Company has submitted trademark applications for ten trademarks to protect its businesses. Trademarks have been registered for:
"Spongetech®” - USA
"Spongetech®” - EU
"Wash & Wax Built In®"
"Puddle Pals® with illustration"
"Puddle Pals™"
"Eliminator™"
"America’s Cleaning Company™"
"Uncle Norman’s™"
"Gold Bar Tub & Tile Cleaning System™"
All of our trademarks were filed in the United States Patent and Trademark Office between January 23, 2007 and July 10, 2008. We intend to file applications to expand our trademark protections to ten additional countries. The Company filed three patent applications during the last fiscal year. One of such patent applications is a provisional patent that was filed on December 19, 2007 relating to a method for recycling foam sponges. The other two patent applications are design patents filed on June 16, 2008 that relate to our car and pet sponges.'
Where the company's value lies. As earlier talked about. Intellectual properties rights. And at the current rate of growth/expansion?
Well, said value is about to go through that proverbial roof. Over weeks and months to come. In line with the fiscal '10 marketing budget having been ramped up to the $20m area.
And bail?
Play the short side?
The FUD-mongers have had their day. Out of ammunition at this point.
Time to get real. Waking up.
The longer-term realities amounting to the undeniable. The latest audited numbers on the way. A senior listing in the offing. Proper valuation.
No shortage of SPNG millionaire$-to-be.
Smile time.
Onward and upward.
AI
