Spongetech Delivery Systems Inc (fka SPNGQ)

[Jandrsn21]

The Company and its auditors are in the process of finalizing the re-audit of its 2008 financial statements and the audit of its 2009 financial statements and anticipates on filing them with the SEC by October 16, 2009.

As reported in the Company's recent press release dated October 2, 2009, the delay in filing its Annual Report on Form 10-K for year ended May 31, 2009 is due to the Company’s former auditor having its registration revoked by the PCAOB (Public Company Accounting Oversight Board). As a result, the Company’s financial statements for the 2008 fiscal year is being re-audited and the financial statements for the 2009 fiscal year is being audited by the Company’s new auditing firm, Robison, Hill & Co.

Steven Moskowitz, the Company’s Chief Financial Officer, stated, “We were surprised to see that the staff of the SEC decided to suspend trading in our shares yesterday. We are cooperating fully with the SEC staff in connection with their investigation and are working diligently with our new auditors to finalize our Annual Report. It is our intention to provide the SEC staff with all requested materials so that they can conclude their investigation as soon as possible.”

Take what you want from it! This outlines it pretty well for me, the company has stated three times the late filing in the 10k was due to drakeford having its registration revoked, that is all! Since the SEC is investigating the company/stock, wouldn't one figure that what was released in this PR, would be FACTUAL, simply because releasing false info with the sec looking over their soldiers is down right RETARDED, or they are running a clean show! All the stuff we hear on here is utter non-sense! Speculation is all we have at this point, NOTHING more! Draw your OWN conclusions!