Spongetech Delivery Systems Inc (fka SPNGQ)

[Bayou Man]

(SpongeTech(R) Delivery Systems, Inc. Authorizes Increase in Stock Buyback Program to 150 Million Shares)


NEW YORK, Jul 22, 2009 (BUSINESS WIRE) -- SpongeTech(R) Delivery Systems, Inc.,
The Smarter Sponge(TM), (OTCBB: SPNG), today announced that its Board of
Directors has authorized an increase in its stock repurchase program from 100
million to a maximum of 150 million common shares. As reported in the Company's
3rd Quarter 2009 filing for the period ended February 28, 2009, the Company
repurchased 55,824,336 shares of common stock at an average price per share of
$0.0308 under its original repurchase program of up to 100 million shares of
stock. The repurchase program authorizes management and its affiliates, at its
discretion, to repurchase shares from time to time, 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.

Repurchased stock would be returned to SpongeTech(R)'s Treasury; reducing the
number of outstanding shares of the Company stock, thereby decreasing the
Company's overall market cap and reducing the trading float. Management and the
Board of Directors feel strongly about the Company and its growth prospects, and
believe that an increase in the Company's repurchase program is justified and
prudent in its development as well as enhancing shareholder value.

SpongeTech(R)'s CEO, Michael Metter stated, "Based on our sell-through rates
across our product lines and the success of out marketing campaign, we are
anticipating strong growth within the Company this fiscal year. Even at current
market price, we feel the stock is very much undervalued and we are committed to
support and maintain the fundamental value of our Company's stock."

"Today's action demonstrates the Management and Board of Directors strong
confidence in the long term strength of the Company's cash flow generation as we
intend to continue reducing our share structure. We remain focused and committed
to building SpongeTech(R) into a globally recognized Company, therefore
enhancing shareholder value," added SpongeTech(R)'s COO, Steven Moskowitz.

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(R) Delivery Systems, Inc.

SpongeTech(R) Delivery Systems is a company which designs, produces, and markets
unique lines of reusable cleaning products for Car Care, Child Care, Home Care
and Pet Care usages. These sponge-like products utilize SpongeTech(R)'s
proprietary, patent (and patent-pending) technologies and other technologies
involving hydrophilic (liquid absorbing) foam, polyurethane matrices or other
ingredients. The Company's sponge-like products are pre-loaded with specially
formulated ingredients such as soap, conditioner and/or wax that are released
when the sponge is soaked and applied to a surface with minimal pressure.
SpongeTech(R) is currently exploring additional applications for its technology
in the health, beauty, and medical markets. SpongeTech(R) Delivery Systems, Inc.
intends to globally brand its Company and the product lines as The Smart
Sponge(TM) .

Safe Harbor Statement

Under The Private Securities Litigation Reform Act of 1995: The statements in
this presentation 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 May
31, 2008, the Company's Quarterly Report on Form 10-QSB for the Third quarter
ended February 28, 2009. 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.

SOURCE: SpongeTech(R) Delivery Systems, Inc.




CONTACT:
SpongeTech(R) Delivery Systems, Inc.
Investor Relations, 1-877-776-6438
[e-mail] or [e-mail]
or
Connecting Markets GmbH
Toll Free: +0800-100-4292
Fon: [phone]
Fax: [phone]
Email: [e-mail]




Copyright Business Wire 2009

-0-




KEYWORD: United States

North America

New York

INDUSTRY KEYWORD: Manufacturing

Chemicals/Plastics

Other Manufacturing

Professional Services

Finance

SUBJECT CODE: Stock Sale/Buyback