Replies to post #273221 on Spongetech Delivery Systems Inc (fka SPNGQ)

[john651]

You seem to have this all figured out.

Got all the answers.

Got one question, who is buying at 0.04? Always everyday.

Not normal, look at any chart.. does not go to 0.0389, or even 0.039999, someone is buying at 0.04 and that seems a good thing for SPNG

[spit432]

You give no support for your claim the 10K is finished. You also give no support for your claim that Robison and Hill will not sign off on the 10K, but if Robison and Hill will not sign off then the 10K is not finished and that contradicts your statement it is sitting on Moskowitz's desk. You cannot have it both ways.

Your contention that sales are meaningless is absurd. I don't think the SEC will charge SPNG management with any wrongdoing, but even if they do, and then remove them from their positions, that would still leave a company producing a product and selling products...so why would they shut such a company down? Why not replace the criminals and allow the company to continue operations to pay off the shareholders? To pay off whatever settlement is required by sucessful lawsuits? It only makes sense that if a company can make a profit selling sponges that they continue to operate, and with whatever money they can get from the criminal management they can repay as much as possible from those funds.

You claim to be using logic, but it is just a claim...I see no logic whatsoever in anything you wrote.

[Nikodemos]

You have no way of knowing what you claim to be true.

More importantly, IF SPNG does not file, they still
retain valuable patents, viable products, licensing
rights, Dicon, and retain capable executives that can
take over if necessary. Not to mention salable assets.

Some of you posters act as if the sky is falling.
Mainly based upon conjecture, assumptions & blatant un-
substantiated speculation.

Even under the "doom and gloom" theory of misconduct on
the part of executives, the ship sails on. There is
little legitimacy to the argument that all is lost!!!

[puppydotcom]

First off, it's sitting on his desk because SPNG has the option to file the 10K at ANY time. They have chosen not to file it, thus making it late for many months. Second, using the smallest amount of reason and deduction can enable someone to easily conclude the reason it has not been filed is because the information contained therein is false and fraudulant and was not signed off by their auditor

and

in the press release telling everyone about the suspension spongy stated they anticipate the 10K filed by Oct 16th .. leading everyone to believe it was done and will be filed in 10 days

a totally misleading announcement directed to the public

---------------------------------

SpongeTech® Delivery Systems, Inc. Addresses Temporary Suspension in Trading
October 6, 2009 5:17 PM ET

Spongetech Delivery Systems Inc (SPNGE) Stock Quote, Chart, News, Add to Watchlist

Business WireAll Business Wire news

SpongeTech® Delivery Systems, Inc. (the “Company”) “The Smarter Sponge™”, SPNGE, today announced that its shares of common stock were temporarily suspended from trading on the OTC Bulletin Board by the U.S. Securities and Exchange Commission (SEC) on Monday October 5, 2009 and expects the suspension to terminate at 11:59 p.m. EDT on Oct. 16, 2009. The Company and its auditors are in the process of finalizing the re-audit of its 2008 financial statements and the audit of its 2009 financial statements and anticipates on filing them with the SEC by October 16, 2009.

The SEC announced that trading was temporarily suspended because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning among other things, the amount of sales and customer orders received by the Company, investment agreements entered into by the Company and the Company’s revenues as reported in its financial statements. In addition, the SEC’s announcement noted that the Company has not filed any periodic reports since its Quarterly Report on Form 10-Q for the period ended February 28, 2009.

As reported in the Company's recent press release dated October 2, 2009, the delay in filing its Annual Report on Form 10-K for year ended May 31, 2009 is due to the Company’s former auditor having its registration revoked by the PCAOB (Public Company Accounting Oversight Board). As a result, the Company’s financial statements for the 2008 fiscal year is being re-audited and the financial statements for the 2009 fiscal year is being audited by the Company’s new auditing firm, Robison, Hill & Co.

Steven Moskowitz, the Company’s Chief Financial Officer, stated, “We were surprised to see that the staff of the SEC decided to suspend trading in our shares yesterday. We are cooperating fully with the SEC staff in connection with their investigation and are working diligently with our new auditors to finalize our Annual Report. It is our intention to provide the SEC staff with all requested materials so that they can conclude their investigation as soon as possible.”

[gentlegiant45]

ozz112,
your statement is loaded with assumptions where no facts exist to support them. There are numerous probable reasons that the filings have not been completed yet, and none of them have a thing to do with fraud on SPNG's part. I feel there has been fraud committed here, I am not sure that SPNG is the culprit. I become more convinced with each passing day there are "concerned" people posting to this board that have no horse in this race, yet they post 12+ hours a day. Why would they do that? What is their motivation? As I have stated I believe there was and is fraud being committed here, just not sure of all the perps. Have a good day :)GLTA Go SPNG

[nilremerlin]

I'm afraid Sherlock Holmes would disagree with you...of course, he'd be using a larger amount of reason and deduction to arrive at his conclusions, since the smallest amount could easily mislead one to arrive at a false assumption. In a fuzzy situation, one has to use fuzzy logic.

nilremerlin