Spongetech Delivery Systems Inc (fka SPNGQ)

[dlewisfl]

Did SPNG get that $5M Line of Credit yet? It's been SEVEN months since they announced it. How can a company NOT BE ABLE to secure a $5M loan when they are allegedly booking orders of $25M/month and allegedly sold $50M of sponges last FY according to their PRs?!?!

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SpongeTech(R) Delivery Systems, Inc. Announces Letter of Intent for a $5 Million Accounts Receivable Credit Line

SPNG News SpongeTech(R) Delivery Systems, Inc. Announces Let...


NEW YORK, April 23, 2009 /PRNewswire-FirstCall via COMTEX/ -- SpongeTech(R) Delivery Systems, Inc. America's Cleaning Company(TM), (OTC Bulletin Board: SPNG), is pleased to announce that the Company has signed a Letter of Intent ("LOI") with a bank credit facility for a $5 Million accounts receivable financing. As proposed, the financing would provide the Company with accelerated liquidity for working capital based on the amount of SpongeTech(R)'s qualified accounts receivable and inventory. Final execution of a definitive agreement with regards to the credit facility is subject to completion of due diligence and negotiation of definitive loan documentation, among other things.

"We are pleased to have received this financing proposal at this stage of our growth," said SpongeTech(R)'s COO, Steven Moskowitz. "This LOI validates our growth plan to expand our product line and distribution and we expect to close on this agreement within the next 30 days."

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 as America's Cleaning Company(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 second quarter ended November 31, 2008. 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.

Contact:

SpongeTech(R) Delivery Systems, Inc.
Investor Relations:
Bill Young, 1-877-776-6438
[e-mail] or [e-mail]

SOURCE SpongeTech Delivery Systems, Inc.

URL: www.spongetech.com
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