Replies to post #147406 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[z4lover]

power, please explain the over 500 million share buy back and cancelation as per last 10q under your logic.

Imo it's best not to assume.

[1jk1]

QualityStocks: QualityStocks News - SpongeTech Delivery Systems, Inc. (SPNG.OB) Amps Stock Buyback Program to 150 Million Shares - 7/22/09

Jul 24, 2009 (M2 PRESSWIRE via COMTEX) -- QualityStocks would like to highlight SpongeTech Delivery Systems, Inc. (OTCBB: SPNG). The company 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.
In the company's news yesterday,

SpongeTech Delivery Systems, Inc. announced that its Board of Directors has authorized a 50 million share increase in its stock repurchase program to a maximum of 150 million common shares. As of February 28, 2009, the company has already repurchased 55,824,336 shares of common stock at an average price per share of $0.0308.

According to the press release, repurchased stock would be returned to SpongeTech's treasury; thereby reducing the company's overall market cap as well as the trading float. Both the Management and the Board of Directors feel strongly about the company and its growth prospects, and believe that the stronger share repurchase program is prudent in its development as well as enhancing shareholder value.

SpongeTech's CEO, Michael Metter stated, "Based on our sell-through rates across our product lines and the success of out marketing campaign, we are anticipating strong growth within the Company this fiscal year. Even at current market price, we feel the stock is very much undervalued and we are committed to support and maintain the fundamental value of our Company's stock."

"Today's action demonstrates the Management and Board of Directors strong confidence in the long term strength of the Company's cash flow generation as we intend to continue reducing our share structure. We remain focused and committed to building SpongeTech into a globally recognized Company, therefore enhancing shareholder value," commented SpongeTech's COO, Steven Moskowitz.

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Forward-Looking Statement: This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.

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[1Bmorecarefull]

Then it is impossible for YOU to prove management is "lying". You sure are easy to throw around accusations without any proof. Where is your proof. Everyday people ask you for proof and you never have any.
Spng is moving just fine. In another month, we will know the answer, won't we

[1jk1]

SpongeTech(R) Delivery Systems, Inc. CEO and COO Purchase Company's Stock


Market Purchases by Management and Board Members Reflect Confidence in Company's Future and its Long Term Success

NEW YORK, Jul 20, 2009 (BUSINESS WIRE) -- SpongeTech(R) Delivery Systems, Inc., The Smarter Sponge(TM), (OTCBB: SPNG) is pleased to announce that its Chief Executive Officer, Chief Operating Officer and Board Members have been purchasing SpongeTech(R)'s common shares in the open market. Together the team has purchased approximately 18.2 million (eighteen million two hundred thousand) shares of the 722.86 millions shares issued and outstanding as reported in the Company's 3rd Quarter 2009 filing. The purchasing of the Company's stock in the open market reflects the management's confidence in the Company's long-term prospects.
The Company announced last month that it expects fiscal 2009 gross revenues of approximately $50 million with record profitability of approximately $10 million pre-tax. "This fiscal year was a great year for the Company and our shareholders," stated CEO Michael Metter. "Based on the investment opportunity, our operating conditions and our confidence in the long term success of SpongeTech(R), we have purchased these shares in the open market. I believe our stock is very much undervalued and we will continue to buy stock in the open market from time to time and continue to enhance shareholder value." The Fiscal Year 2009 and the 4th Quarter numbers are expected to be released in its Annual Report on Form 10-K at the end of August 2009.

"I am very excited about the Company's prospects for fiscal 2010," added Steven Moskowitz, COO of SpongeTech(R). "We believe that our shares represent an attractive investment especially at its current market value. We are very confident with the continued strong demand for our product lines, along with our future anticipated sales growth and market penetration across the world."

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 and the product lines as The Smart Sponge(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 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.

SOURCE: SpongeTech Delivery Systems, Inc.




CONTACT:
SpongeTech(R) Delivery Systems, Inc. Investor Relations: 1-877-776-6438 [e-mail] or [e-mail] or Connecting Markets GmbH Toll Free: +0800 100 42 92 Fon: [phone] Fax: [phone] Email: [e-mail]
Copyright Business Wire 2009
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KEYWORD: United States
North America
New York
INDUSTRY KEYWORD: Other Consumer
Technology
Other Technology
Professional Services
Finance
Other Professional Services
Retail
Specialty
Consumer
SUBJECT CODE: Personnel

[RainingPennies]

I thought we were through talking about a "gagged TA"

Enough Already !!!

RP