Replies to post #202029 on Spongetech Delivery Systems Inc (fka SPNGQ)

[Leirum]

Let,s put some order into this chaos. As the company informed, they had to change their accountant, because this was due to the revocation of Drakeford,s licence. This happens rather often, however, for this you cannot blame the company and in this case it is SPNG. Under such circumstances, the SEC demands, that the previous years - in this case the year 2007 and 2008 are re-audited by the new one. That such a thing is time consuming should be understood. It may very well be the case, that SPNG could get an "E" until all is filed with the SEC, however, if rightly explained to the market, this should not be a weak point, on the contrary a very strong argument. However, having said this, they could as well ask for an hardship exemption, means they would not get an "E". All happend before with other companies and will happen in the future as well, but as I have said, this is something it can happen to everybody, if all of a sudden the licence of your accountant is revoked. People should act with common-sense. SPNG has a strong brand, strong growth and will come out stronger than before. Comes to it, as the company announced in August, they have in short future a new company - called Deloitte, Touche - and this should actually show to all sceptics, that SPNG is positioning itself for a very bright future. I would agree to a certain point, that the communication sometimes has not been optimal, however Charly Munger, the partner of W.Buffet once remarked: By seeing what other did not see, we got richt. The same could be said in SPNG, if you see the writing on the wall, you should stay with the company ore use these bargain prices, it is not very often, that such opportunities come twice. By the way; all those writing about shorts doesn,t make sense. There maybe daily-positions getting short, however not more. Means; buying the stock because of speculation that there should be a short-squeeze may be the wrong strategy, I would rather opt for buying the stock because of excellent overlooked fundamentals. IMHO