Petition for conference call:
THIS PETITION, dated September ___, 2009, is directed to the officers and members of the Board of Directors of Spongetech Delivery Systems, Inc., ("the Company") by the undersigned shareholders of record.
WHEREAS: The Company issued a press release on September 8, 2009, announcing a 1 for 100 reverse split of its issued and outstanding shares of its common stock; and
WHEREAS: The announcement thereof by the Company is perceived by some of its shareholders as contrary to express or implied promises and representations to them that a reverse split would not be implemented by the Board of Directors; and
WHEREAS: On September 16, 2009, the Company announced a delay in the filing of it Annual Report on Form 10-K for the fiscal year ending May 31, 2009, for the stated reasons that the transition to a new auditor has resulted in unavoidable delay in the filing of the 10-K, and that the SEC would require a re-audit of financial statements for fiscal year 2008 due to the revocation of the former auditor's PCAOB registration; and
WHEREAS: The foregoing events have led some to speculate the there may be "issues" with respect to the Company's financial and accounting information that could adversely affect the Company's valuation and its viability as an ongoing business; and
WHEREAS: Whether causally related to the foregoing or not, the share price of the common stock of the Company has plummeted dramatically from $0.20 per share at the close of business on September 7, 2009, to $0.09 per share at the close of business on September 17, 2009:
NOW, THEREFORE, BE IT RESOLVED by the undersigned shareholders of record that the Company be and is hereby requested to provide to its shareholders and to the general public a written explanation of the foregoing events and the anticipated effects thereof, if any, on the Company's financial situation, and on its viablity as an ongoing business; that the Company schedule a conference call forthwith to answer questions from the media, the shareholders and the general public regarding these events; and that the Company endeavor to file its 10-K for fiscal year 2009 as soon as practicable and without unreasonable delay.
WITNESS THE FOLLOWING SIGNATURES of the undersigned shareholders of record of the Company on the date and year first above-written.
Signed,
...
Shareholder activism works as long as we let them know how much we're bleeding in order for them to succeed. Keep up the pressure!
