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NEW YORK, Jan 15, 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 the company's current share structure. The total authorized shares as of second quarter ending November 30, 2008 were approximately 960,000,000 common shares issued and outstanding. Since then, the Company has retired seventy-nine million shares (79,000,000) of SpongeTech(R)'s restricted common shares (R144) stock from RM Enterprises last week and another forty-six million shares (46,000,000) of SpongeTech(R)'s restricted common shares (R144) stock from RM Enterprises this week, which reduces RM Enterprises total holding to approximately 560,000,000 of SpongeTech(R)'s restricted common shares (R144) stock.
The Company has also completed a stock repurchase plan of fifty-five million shares (55,000,000) of common shares from the open market.
As of January 15, 2009 the share structure has been reduced to approximately 780,000,000 common shares issued and outstanding.
SpongeTech(R) Delivery Systems, Inc., CEO, Michael Meter said, "In an effort to position ourselves favorably among our investors, shareholders, and the public market, we have significantly reduced the Company's share structure with the cooperation of our largest shareholder RM Enterprises and we will continue to do so."
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.
Safe Harbor Statement
Under The Private Securities Litigation Reform Act of 1995: The statements in this presentation that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-KSB for the year ended May 31, 2008, the Company's Quarterly Report on Form 10-QSB for the first quarter ended August 31, 2008. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
Contact: SpongeTech(R) Delivery Systems, Inc. Investor Relations: Bill Young, 1-877-776-6438 wayoung55@aol.com or info@spongetech.com
SOURCE SpongeTech(R) Delivery Systems, Inc.
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