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NEW YORK, Jan 09, 2009 /PRNewswire-FirstCall via COMTEX News Network/ --
SpongeTech(R) Delivery Systems, Inc., America's Cleaning Company(TM), (OTC Bulletin Board: SPNG), is pleased to announce today that the corporate buy-back of the company's 50,000,000 common shares is completed. Repurchased stock will be returned to company's treasury and removed from the trading float. The Board of Directors had convened a meeting to discuss additional positive measures to reduce the total outstanding shares in SpongeTech(R)'s stock. As a result of the meeting, the next action being taken by the company will be to exercise a new repurchase of 25,000,000 shares of the company's common shares from the open market. The repurchase would again reduce the number of outstanding shares of the company stock thereby decreasing the company's overall market cap and reduce the trading float.
SpongeTech(R) Delivery Systems, Inc., COO, Steven Moskowitz said, "The management is committed and prepared to support any and all permissible actions to maintain the fundamental value of our common stock. We 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."
For more information, please contact Investor Relations at 1-877- SPONGE-T, and/or visit the Company's website at: www.spongetech.com
About SpongeTech(R) Delivery Systems, Inc.
SpongeTech(R) Delivery Systems is a company, which designs, produces, and markets a unique line of reusable cleaning products for household use. These sponge-based products utilize SpongeTech(R)'s proprietary, patent (and patent-pending) technologies involving hydrophilic (liquid absorbing) foam and polyurethane matrices. The Company's sponges are specially configured with an outer contact layer and an inner matrix, the latter of which comes pre-loaded with specially formulated soaps and wax that are released when the sponge is wetted and applied to a surface with minimal pressure. The Company's current product line is designed for Car Care and Pet Care, however, SpongeTech(R) is currently exploring additional applications for its technology including an anti-bacterial, kitchen and bath cleaner, as well as a unique 'foaming' bath sponge for children.
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