SpongeTech Delivery Systems, Inc. (OTC: SPNG.PK) Is Reaffirming the $ 0.04 Level
21 Apr 2010

SpongeTech Delivery Systems, Inc. (OTC: SPNG.PK) is announcing business progress while at the same time fighting negative publicity starting  in October 2009 and triggering a rapid decline in the price of the stock.

Among some of the marketing initiatives presented by the company are:

  • licensing its trademark, The Smarter Sponge to Rockstar Holdings, Inc. which is expected to help sell SpongeTech products at kiosks in the malls at Kings Plaza, Brooklyn, New York and elsewhere in North America;
  • launching Mother’s Day special offers for professional cosmetic applicators;
  • expanding offerings for the medical foam market in wound and burn care;
  • increasing the number of distribution outlets to over 45,000 retail locations in North America alone including Kmart, Sears, Wal-Mart etc;
  • initiating discount programs on all on-line web purchased products during sports events;
  • redesigning packaging for  its flagship products for the separate categories.

Financial Highlights: The company has reported positive operating  income for the fiscal year ending May 31, 2008 of $ 1.2 mln as compared to an operating loss of $0.8 mln for the fiscal year ending May 31, 2007.  The company has not yet filed financial results for the fiscal year ending May 31, 2009.

SpongeTech  Delivery Systems, Inc. is a public company which designs, produces, and markets unique lines multi-usage cleaning products for Car Care, Child Care, Home Care, Marine Care and Pet Care usages. These products utilize SpongeTech’s proprietary, patent (and patent-pending) technologies and other technologies involving hydrophilic (liquid absorbing) foam, polyurethane matrices or other ingredients. The Company’s sponge-like products are pre-loaded with specially formulated ingredients such as soap, conditioner and/or wax that are released when the sponge is soaked and applied to a surface.

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