yes, according to two posters that is what Bill Young said. I forwarded it to the SEC as I belive it is stock manipulation and misleading shareholders.
Posted by: crashman Date: Sunday, August 16, 2009 8:32:19 PM
In reply to: spongeboy who wrote msg# 166485 Post # of 167425 [Send a link via email]
I send it to the SEC, they will get to the bottom of it:
To whom it may concern,
Spongetech delivery systems (SPNG) seems to mislead investors:
on 7/27/2009 they issued a press release saying in part:
(OTCBB: SPNG) is pleased to announce that the Company is taking action to amend its Articles of Incorporation to reduce the number of common shares that the Company has authorized to 900,000,000 (nine hundred million) shares. In addition, the Company has also begun the process to lower its outstanding shares to approximately 500,000,000 (five hundred million) shares.
As reported in the Company's 8-K filing on May 26, 2009, SpongeTech® amended its Certificate of Incorporation to increase its authorized common shares from 1,800,000,000 (one billion, eight hundred million) to 2,000,000,000 (two billion).
while in the meantime the raised the authorized several time as late as a week ago to 2.75 billion shares. Also no 8-k filings have been made since May 26,2009 about the changes in sharestructure.
Also, it appears that Spongetechs investors relation personal (Bill Young) dissiminates information to shareholders as truth, that is unlikely to be true and not veryfiable and entices shareholders to buy the stock: Here are two posts from Investors Hub:
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Posted by: spongeboy Date: Sunday, August 16, 2009 6:58:51 PM
In reply to: help me who wrote msg# 166483 Post # of 166502 [Send a link via email]
1.5 Billion Short confirmed? I Called Bill Young also
I called Bill Young on Friday about the A/S increase and he volunteered info to me about 1.5 Billion Naked Short shares (nothing about Singapore per other posting) - I did not ask about it - he told me and I believe him. I will keep the rest of the conversation private because I do value his time and the time he spent with me BUT I posted his phone number on Friday and any investor can call him - he is our contact for investor relations.
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Posted by: spongeboy Date: Friday, August 14, 2009 3:17:36 PM
In reply to: SpongeBob2010 who wrote msg# 165272 Post # of 166482
I spoke to Bill Young who answered at 623-238-5245
and I am now very happy with this investment. Any shareholder can call. Be polite. You will like the answers.
Posted by: sponge_digger Date: Sunday, August 16, 2009 10:16:46 AM
In reply to: k9narc who wrote msg# 166150 Post # of 166502 [Send a link via email]
I believe the shorts are with us like it or not. I spoke with Bill Young (SPNG IR) on the phone Friday who openly stated to me that "over 1.5bil shorts are out there and majority in singapore". Perhaps the reason for the increase in A/S is so these shorts can cover and like STOXMAGIC talks about...after the cover they can be forward split to the current shareholders and we as shareholders can benefit from the illegal activity. As the short positioned grow closer to facing the music we are seeing desperate and unsubstantiated claims about the company. I embrace this as it appears to spell out the shape of things to come. My opinion is that the company is hyperaware of the ss activity and has taken every step legally to deal with it and continue to focus on business at hand (Selling sponges and Branding a name).
Good luck to all and sleep well at night fot one day soon we might wake up and be listed on NASDAQ
Thank you for your attention,
Sincerely,
Crashman
AI
