NEW YORK, Aug. 14 /PRNewswire-FirstCall/ -- SpongeTech® Delivery Systems, Inc. (OTC Bulletin Board: SPNG - News) announced today that its Board of Directors has approved a repurchase program of the company's free trading shares of common stock. The company is authorized to repurchase up to 25 million shares of stock under the plan, which takes effect Monday, August 18th 2008. The broker of record representing the repurchase program will be R.F. Lafferty & Co., Inc. The company has, issued and outstanding, approximately 400 million shares of stock, of which 267 million shares are restricted shares issued for financing and advertising purposes. The company also expects to repurchase these shares within the next 18 months. Management and the Board of Directors feel strongly about the company and its growth prospects, and feel that a repurchase plan at this time is justified and prudent in its development, as well as enhancing shareholder value. The repurchase plan authorizes management, at its discretion, to repurchase shares in the open market or in privately negotiated transactions as permitted by securities laws and other legal requirements, and subject to market conditions and other factors.