Reg,
Interesting post. There has been some coverage here of the "licensing" of the America's Cleaning Company monicker to Vanity.
Your link to the 2008 10K makes me wonder whether it was a licensing issue after all. In addition to your quote, it also says:
In July 2008, we incorporated 6 wholly-owned subsidiaries in the state of Nevada. They are:
· Spongetech Kitchen & Bath, Inc.;
· Spongetech Health & Beauty, Inc.;
· Spongetech Auto, Inc.;
· Spongetech Medical, Inc.;
· Spongetech Pets, Inc.; and
· America’s Cleaning Company.
Yet, in the company's most recent PR of 2/12/10, we see:
SpongeTech continues to operate its 8 wholly-owned subsidiaries that support its growing business activities. The subsidiaries are as follows:
Dicon Technologies, LLC
SpongeTech® Europe
SpongeTech® Health & Beauty, Inc.
SpongeTech® Kitchen & Bath, Inc.
SpongeTech® Auto, Inc.
SpongeTech® Medical, Inc.
SpongeTech® Pet, Inc.
The Smarter Sponge Company
One has to wonder what the nature of the transaction was that resulted in a SPNG subsidiary exiting and levitating its way over to Vanity. That's not "licensing" in the traditional sense of the term. And if there was a sale I must've missed the filing.......which there certainly should've been, especially if they followed through on their original plan:
"We plan to engage in our proposed different lines of business through each of the subsidiaries and to hold all intellectual property in our America’s Cleaning Company subsidiary."
ps. FWIW, a quick and dirty search of the Vanity filings shows the first and only filing referring to "ACC" in the 10Q for the quarter ending 9/30/09 as follows:
"In July 2009, the Company seized an opportunity to utilize the America’s Cleaning Company™ trademark and, after careful research regarding the cleaning services industry, began developing a cleaning services division. In September 2009, this division of the Company began servicing both residential and commercial clients, and has seen business increase on a week-over-week basis. The cleaning services division has also developed what it believes will be a recognizable brand that will be used both for its services and for products which it intends and developing and/or licensing."
