Replies to post #9765 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[SILVERSURFER4263]

At the moment, SPNG is growing and has enough capital on hand to purchase all the outstanding shares? Approx. at current price would cost them around 3 Million $$.
can you say way undervalued!!

[Carpedeim357]

Win I talked with Steve today and none of the shares restricted are being sold. So if he does issue shares to RM for loans nothing to do with float and he said again 521 million will show on 10q. That is o/s. He has said over and over they are restricted and can't be sold. 8K said shares restricted by buyout agreed to until 2010.

Steve said they did that limited buyback for now where cash flow allowed without hurting the new products being worked on or marketing for growing sales. They did reduce float to hurt shorts. Shorts have dug a bigger hole selling them the shares short and why TA shows high count.

IMO a lot of this volume when we see 50K buy and minutes later 50K sell matching mms working with each other to make it seem like so much volume. I think many of them have short problem with volume we've had in 2's and so few ever bought this low before it hit 2's. Its not been this low many times ever.

OH yeah one other thing he said why TA can show high count besides short. Take buyback of 50 million. Say they bought 25 million. When TA counts they inflate o/s by that until they retire the shares weeks later. Its like double counting and inflates the number ta has. Like I said people system is not very good and TA does not always have accurate or timely correct data. It gets inflated by naked shorting. You can choose not to believe that not me. I have seen wrong TA counts and more in float then company issued too many times.

There is only one count that matters and what is used per gaap to calculate an EPS. What average o/s each qrt and year. The count auditors use. That is what makes apples to apples with how eps is done for all pubic companies. Trying to do any other way is meaningless and why there are gaap rules.

[wadirum1]

Winner,

The share total is not 400M. It is 521M minus whatever they have been able to purchase on the buyback (maybe 15-20M?).

Yes, they have majority voting control totally locked up.

They probably could take this thing private very easily. When I emailed Moskowitz this question, his answer (in writing, in an email) was: "not going private no chance" (that was the entire email).

Metter said they were buying back so many shares it was "like" they were going private. IF they had a super secret plot to vote a take under at a low-ball price, then

a) Moskowitz would have said "no comment"
b) Metter would not have had any interest in hinting this

Wadi Rum