Spongetech Delivery Systems, Inc. (fka SPNGQ)

[KJ]

As Per DF:

I know that sometimes the facts tend to get in the way of a good panic attack like we have been seeing of late, but for those of you who are truly interested in understanding about the company, let's take a look at some facts here:

Total Shares Outstanding as of today: about 510 million
First qtr. Revenues: $70mm
Prior year earnings and revenues: $50mm and $11mm
New Auditor: Deloitte & Touche

These are facts and not conjecture.

What this truly means is that SPNG is a company that is currently capitalized at about $45mm on a public basis.

That puts it selling at about 25% of projected revenues and at about 1x projected earnings.

And so I am not sure exactly how people view this as being a poor investment given these facts.

I suppose that a stampede is very hard to stop once it has started but it is truly difficult to see all of the retail losses being taken as a result of the lemming mentality and the panic selling.

I hope that soon people will begin to settle down and view things from a more objective business perspective and realize that this company is not a scam and that it is woefully undervalued at these ridiculous levels.

Best of luck to all remaining longs, if ther are any left. We are holding long and remain buyers.