SpongeTech(R) Delivery Systems Business Prospects Remain Strong Despite Adverse Media, Shareholder Lawsuits and Other Actions
SpongeTech(R) is Continuing to Develop Additional Products for Retailers, Manufacturers and Specials Uses
NEW YORK, April 4, 2010 /PRNewswire via COMTEX/ -- SpongeTech(R) Delivery Systems, Inc., The Smarter Sponge(TM), (Pink Sheets: SPNG - News), re-confirmed that future business prospects remain robust despite a number of unwarranted comments and publicity in the New York Post and other media. Since September 2009, there have been shareholder lawsuits, adverse comments and other actions directed against the Company. The Company will continue to strongly defend itself against such unwarranted comments and publicity. These activities have not prevented the Company and management from focusing on running and growing the business.
The Company has been growing the products available to retailers and is continuing to develop additional products in the Car Care, Child Care, Home Care, Pet Care, Marine Care, and Medical Care. This also applies to our cosmetic, footwear, and medical market products. There are in excess of 50 SKUs currently sold by the Company.
The Company is aware of the shareholder frustration concerning the delinquent regulatory filings for the Form 10K and 10Qs and the listing status of its shares on a public exchange to provide the transparency that our shareholders deserve. Management is continuing to work tirelessly to address these important filings and believes that the Company will soon be in a position to report the validation of our growth, via public filings.
There will be additional updates on Company activities in the days and weeks ahead.
About SpongeTech(R)Delivery Systems, Inc.
SpongeTech(R) Delivery Systems is a company which designs, produces, and markets unique lines multi-usage cleaning products for Car Care, Child Care, Home Care, Marine 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 products as The Smarter Sponge(TM).
Dicon Technologies, LLC, located in Black Creek, Georgia, has a product line that currently focuses within the cosmetic, footwear, and medical markets. Dicon's cosmetic product line utilizes a patented, latex-free hydrophilic foam material in a wide variety of sizes and shapes for Dicon's "Just For You(R)" line as well as several private label brands. Dicon has over 15 products that include applicators, cleansing sponges, buffs, puffs, and wedges for various skin care and cosmetic applications.
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 Third quarter ended February 28, 2009. 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
1-877-776-6438
ir@spongetech.com
SOURCE SpongeTech Delivery Systems, Inc.
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