Replies to post #283361 on Spongetech Delivery Systems Inc (fka SPNGQ)

[hasher]

Whether or not M&M decided to do business with other con artists isn't hard to believe. Still, the agreement seems pretty straightforward, and if the infomercials aired and revenues were produced, the deal is good. Unless you were referring to the Mets, Yankees and MSG as the con artists. That would be hard to accept.

[Jim Bishop]

Makes no difference what you or anyone thinks or says about Incredible Discoveries.

They provided a service, under agreement, SPNG paid them according to that agreement for a while, including royalties, then quit paying them in March of 2009.

I think this statement in news is really going to bite SPNG, along with many others:

SpongeTech wants shareholders and inventors to know this $18,940,000 projection is in orders only with Incredible Discoveries!!

[pantherj]

The fact remains that SPNG signed a contract with Incredible Discoveries. Incredible fulfilled that contract and SPNG acknowledged the terms of that contract by paying royalties as per the contract until March of 2009. How SPNG can claim any justification for suddenly breaching terms they had already agreed to and acknowledged were just by making prior payments, is beyond me.

[puppydotcom]

so!.. did Incredible Discoveries put a gun to the heads of the spongy insiders and force them to sign the contract? If this company is as bad as the blog says .. why did spongy fail to perform the proper due diligence on them before entering in to long long term agreement assigning them royalties

sounds like a serious failure in fiduciary judgment on the insiders part