Replies to post #147487 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[eelfland]

Any statement that requires a disclaimer is at least partially false, or intended to mislead. Otherwise, you wouldn't need the disclaimer, would you?

It's patently absurd, in my opinion, to believe anyone who continues to claim that the OS is decreasing here, in view of the recent volume and price action. Especially when all it would take to verify those claims would be to ungag the TA. These insiders are OBVIOUSLY lying. Right in everybody's faces.

And while we're on the subject, has anybody ever looked into the share structure here with regard to control stock? What percentage of the control of this company are represented by these common shares? Any? Or is the share structure set up in such a way that the preferreds are undilutable while the commons are not? That's the usual scheme going on in these paper mills.

[underdog150]

Here you go, proof the Company lied in a PR.
You need to read everything in this post.
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The Company said in a 3/18/09 PR that there were "roughly 700 million SPNG shares outstanding"
PR Newswire
posted: 127 DAYS 23 HOURS AGO
NEW YORK, March 18 /PRNewswire-FirstCall/ -- SpongeTech(R) Delivery Systems, Inc., America's Cleaning Company(TM), (OTC Bulletin Board: SPNG) would like to inform shareholders of recent developments at your Company.
New orders for SpongeTech(R) products continue to grow at an impressive pace. From March 1 through March 17, the Company booked orders with a value of $9.6 million from well-known domestic retailers. The order agreements include the usual non-disclosure clauses to protect the competitive positions of our clients, so we are not permitted to announce the names of specific retailers until the SpongeTech(R) products have been shipped and appear on the store shelves. We will make further announcements when appropriate.
We noted on February 2 that there were roughly 700 million SPNG shares outstanding at that time. There have been no significant changes to date. All rumors to the contrary are unfounded and without merit.
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In the 10Q that closed on 2/28/09 the outstanding shares listed were 1,096,245,460.
http://ih.advfn.com/p.php?pid=nmona&cb=1248451461&article=37357883&symbol=NB%5ESPNG
Weighted average number of shares outstanding:
Basic and diluted 1,096,245,460
So the PR clearly states that between February 2, and the PR date 3/18/09 that the outstanding shares had not changed from "roughly 700 million".
So how could the 10Q list 1.09 billion shares outstanding?
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Then later in the 10Q, hidden away in the SUBSEQUENT EVENTS, the Company said they had "cancelled an aggregate of 526,585,544 shares of common stock"
NOTE E – SUBSEQUENT EVENTS
Subsequent to the date of the financial statements, the Company cancelled an aggregate of 526,585,544 shares of common stock. The shares originated from the repurchase of common stock of RM Enterprises. This reduces the number of outstanding shares of common stock from 1,249,451,605to 722,866,061 shares.
Please note the definition of Subsequent to:
subsequent to
At a later time than; after.
That would mean that the cancelled shares were done after the 2/28/09 10Q which brought the O/S back to 722 million shares from the 1.24 billion.
So there's the proof of the Company lying, there could have never been roughly 700 million shares outstanding between 2/2/09 and 3/18/09, because the 10Q CLEARLY SAYS THEY WERE CANCELLED AFTER OR SUBSEQUENT TO 2/28/09.
Read the Company statement again from 3/18/09:
"We noted on February 2 that there were roughly 700 million SPNG shares outstanding at that time. There have been no significant changes to date. All rumors to the contrary are unfounded and without merit"
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please post a PR that the company lied on and then post the proof proving they lied.

Thanks,