SPNG fake "new orders" rate is obviously slipping. Last year at this time, in a letter to shareholders, SPNG claimed to have booked over 27 million in new orders from June 1st to June 4th. How many of those were ever shipped? I think they pull those numbers straight out of their butts.
LOL. They have made many claims which turned out to be utter BS.
SpongeTech(r) Delivery Systems, Inc. CEO Michael Metter Issues Corporate Update on Company for Shareholders
Thursday June 5, 2008 9:10 AM EDT
NEW YORK, NY (PRNewswire) SpongeTech(r) Delivery Systems, Inc. (OTCBB: SPNG) has had a lot of activity in the past several months and we want to take the time to update our shareholders on some of our recent accomplishments and delve a little into what they can expect moving forward in the next few quarters.
Message from SpongeTech(r) CEO, Michael Metter:
Dear Shareholders:
FINANCES
Un-audited revenues for our fiscal fourth quarter ending May 31, 2008, were approximately $3,875,000; approximately $600,000 ahead of guidance and an increase of $2,315,000 over our fiscal third quarter.
With our balance sheet and cash positions, we have greatly improved due to the increased sales of our products. We do not expect to have any dilutive financing in the near future.
ORDERS
Confirmed signed orders for fiscal year 2009, which started four day ago, are $27,000,000. We see no reason why these orders won't be shipped in their entirety. We are experiencing strong demand in the United States and very strong demand from international buyers
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