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SpongeTech® Delivery Systems, Inc. Take Action to Reduce Number of Authorized Common Shares to 900 Million Shares
SpongeTech® Begins Process to Lower Outstanding to Approximately 500 Million Shares

NEW YORK--(BUSINESS WIRE)--SpongeTech® Delivery Systems, Inc., "The Smarter Sponge™", (OTCBB: SPNG) is pleased to announce that the Company is taking action to amend its Articles of Incorporation to reduce the number of common shares that the Company has authorized to 900,000,000 (nine hundred million) shares. In addition, the Company has also begun the process to lower its outstanding shares to approximately 500,000,000 (five hundred million) shares.

As reported in the Company's 8-K filing on May 26, 2009, SpongeTech® amended its Certificate of Incorporation to increase its authorized common shares from 1,800,000,000 (one billion, eight hundred million) to 2,000,000,000 (two billion). The increase was to provide the Company with the ability to pursue a transaction such as the acquisition of Dicon Technologies. Subsequently, the Board of Directors had approved the acquisition of Dicon Technologies which was completed on July 9, 2009 as a cash transaction, without any shares to be issued for the acquisition and without any dilution to its current shareholders; therefore enabling the Company to take action and reduce the authorized shares substantially. Furthermore, as reported in the Company's 3rd Quarter Form 10-Q filing on April 20, 2009, SpongeTech® had 722,866,061 shares of common stock issued and outstanding and the Company is also taking action to lower its outstanding shares by 30%. The Company's actions in this regards will include the continuation of the common stock repurchase and retirement program from the open market as well as the retiring of restricted (144R) shares of common stock currently owned by the Company and its affiliates.

"We are excited to be moving quickly to complete the process of reducing both our authorized and outstanding shares as well as provide clarity," commented Michael Metter, CEO of SpongeTech®. "This significant reduction is an expression of both the progress that the Company and its innovative product lines have made to date. We are confident that there will be more advances to come in the near future with regards to our product development and penetration of what we fell is currently a targeted market that is extremely large, yet grossly underserved." Metter continues, "I have always commented that it is SpongeTech®'s commitment to shareholders to gain their trust through transparency, progress and hard work. It always has been and always will be our goal to constantly build on our shareholders confidence."

"The reduction of the Company's authorized shares is being done to assure our shareholders that we are careful and prudent with the issuance of our stock," stated SpongeTech®'s COO Steven Moskowitz. "The significant reduction in both the authorized as well as outstanding share structure will serve to further enhance our overall earnings per share and make our stock more attractive to own for both current as well as prospective investors."

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® Delivery Systems, Inc.

SpongeTech® Delivery Systems is a company which designs, produces, and markets unique lines of reusable cleaning products for Car Care, Child Care, Home Care and Pet Care usages. These sponge-like 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 with minimal pressure. SpongeTech® is currently exploring additional applications for its technology in the health, beauty, and medical markets. SpongeTech® Delivery Systems, Inc. intends to globally brand its products as The Smarter Sponge™ .

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 Third quarter ended February 28, 2009. 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® Delivery Systems, Inc.Investor Relations:[email protected] or [email protected] Markets GmbHToll Free: +0800 100 42 92Fon: +49 (0) 69 21 65 59 10Fax: +49 (0) 69 21 65 59 11Email: [email protected]

SpongeTech(R) Delivery Systems, Inc. to Air on QVC...

NEW YORK, Jul 23, 2009 (BUSINESS WIRE) -- SpongeTech(R) Delivery Systems, Inc., "The Smarter Sponge(TM)", (SPNG, Trade ) is pleased to announce that QVC will be featuring SpongeTech(R)'s Uncle Norman's(TM) Pet Sponge on its "Happy Hour" program which is expected to air on July 24, 2009 at 6 pm ET.

QVC will feature SpongeTech(R)'s Pet Care Product, Uncle Norman's(TM) Pet Sponge, the "one-step" pet bath sponge that allows you to bathe your dog, cat or horse with much less hassle. Uncle Norman's "4 in 1" Pet Sponge is embedded with a gentle shampoo, coat conditioner, odor inhibitor, and 42 special massage bumps to assist the effectiveness of the bath; providing a thorough gentle cleaning for your pet. More importantly, each sponge can be used 8 times or more, depending on the size of your pet. These ingredients are embedded into a hydrophilic foam product that inhibits the bacterial growth in the sponge. Uncle Norman's(TM) Pet Sponges are earth-friendly and recyclable too.

SpongeTech(R)'s COO Steven Moskowitz said, "We are thrilled to be back on with QVC for their Happy Hour program. Our products are being accepted by our television viewers through the airing of our infomercials across the country and we are excited that QVC will introduce our product to additional viewers nationwide."

QVC is a multi-national corporation specializing in televised home shopping, broadcasting in four major countries to 141 million consumers; revenues generating over $7 billion in international and domestic sales. QVC broadcasts in the US via cable and satellite TV 24 hours a day, 364 days a year to 90 million homes.

SpongeTech(R)'s Uncle Norman's(TM) Pet Sponge will be available through QVC at 1-800-345-1515 or www.QVC.com .

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 unique lines of reusable cleaning products for Car Care, Child Care, Home Care and Pet Care usages. These sponge-like products utilize SpongeTech(R)'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 with minimal pressure. SpongeTech(R) is currently exploring additional applications for its technology in the health, beauty, and medical markets. SpongeTech(R) Delivery Systems, Inc. intends to globally brand its products as The Smarter Sponge(TM) .

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 Third quarter ended February 28, 2009. 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.

SOURCE: SpongeTech(R) Delivery Systems, Inc.


SpongeTech(R) Delivery Systems, Inc.
Investor Relations:
Bill Young, 1-877-776-6438
[email protected] or [email protected]
or
Connecting Markets GmbH
Toll Free: +0800 100 42 92
Fon: +49 (0) 69 21 65 59 10
Fax: +49 (0) 69 21 65 59 11
[email protected]

Corporate Evolutions Announces New Client Iconic Brands,...

GREAT NECK, N.Y., Jul 23, 2009 (BUSINESS WIRE) -- Corporate Evolutions, Inc., a boutique investor relations firm that specializes in corporate communication for small-cap companies, today is proud to announce its newest client, Iconic Brands, Inc. ("Iconic") (ICNB). Iconic develops, markets and distributes the highest quality, celebrity branded alcoholic beverages by capitalizing on the ability to procure superior and unique products from around the world and brand the products with internationally recognized celebrities. For more information on Iconic, please visit: www.iconicbrandsusa.com

Iconic's mission is to be the industry leader in brand development, marketing, and sales of the highest quality alcoholic beverages by capitalizing on our ability to procure superior and unique products from around the world; leveraging their relationships with internationally recognized celebrities to add value to an already extraordinary product and create brand awareness in unbranded niche categories. Current brands include globally recognized actor, comedian, producer, and director, Mr. Danny Devito and his Limoncello, NFL's premiere former defensive lineman, Tony "Goose" Siragusa and his YO Vodka and Hall of Fame MLB player, Johnny Bench and his 5 Year Old Scotch Whisky.

Corporate Evolutions currently represents emerging small-cap companies including SpongeTech(R) Delivery Systems Inc. (SPNG, Trade ), Kentucky USA Energy, Inc. (KYUS, Trade ), Nevada Gold Holdings, Inc. (NGHI, Trade ) and NXT Nutritionals, Inc. (NXTH, Trade ). For more information on these companies, please visit: www.corporateevolutions.com

About Corporate Evolutions, Inc.

Headquartered in Great Neck, New York, Corporate Evolutions, Inc. is the ultimate concierge service in the financial industry. Corporate Evolutions, Inc. specialize in providing a multi-faceted suite of services custom designed to each of our client's needs in order to increase market awareness and facilitate corporate growth. Specializing in corporate communications, Corporate Evolutions, Inc. works in close partnership with our clients to achieve maximum presence in the Wall Street community by leveraging our existing relationships with our broad based network of broker-dealers, fund managers, and Investment funds.

For more information visit: http://www.corporateevolutions.com/

Disclaimer

Some statements may contain so-called "forward- looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made herein. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a companies' annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and Corporate Evolutions, Inc. undertakes no obligation to update such statements. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Corporate Evolutions is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on www.corporateevolutions.com or mentioned herein.

SOURCE: Corporate Evolutions, Inc.


Corporate Evolutions, Inc., 516-482-0157
[email protected]

The updated chart scene...

•SpongeTech® Delivery Systems, Inc. Authorizes Increase in Stock Buyback Program to 150 Million Shares.

52wk Range: 0.01 - 0.29
Volume: 148,079,216
Avg Vol (3m): 95,243,300
Market Cap: 112.69M
P/E (ttm): 12.04
EPS (ttm): 0.011
Div & Yield: N/A (N/A)

Technicals
Most Actives
Percentage Gainer

Last Price Quote is:
35.32%above 13-day MA
56.47%above 50-day MA
RS Rating: N/A 

Fundamentals
Key Data:
Market Cap (M): $95.71 
P/E Ratio: 10.90 
PEG Ratio: N/A 
Next Earnings: N/A
Last Analyst Rating: N/A

updated chart scene...

SpongeTech(R) Delivery Systems, Inc. Expands its Marketing...

NEW YORK, Aug 20, 2009 (BUSINESS WIRE) -- SpongeTech(R) Delivery Systems, Inc. ("SpongeTech") "The Smarter Sponge(TM)", (SPNG) today announced that the Company has signed an agreement with Leading Points Corporation to market and sell SpongeTechs' products to various government and military agencies. The Company will expand its marketing initiative to utilize key military e-commerce sites aimed at gaining traction with a military demographic consisting of 34 million members; members include active duty personnel, reservists, guard members, retirees, and veterans. Leading Points will further assist the Company in developing a marketing and sales strategy for the military and government sector as well as developing key licensing partnerships such as the Green Bridge Industries production, marketing and distribution of SpongeTech Stain Remover Pens.

Founded and led by Lieutenant Colonel Kevin Sullivan U.S. Army (Retired), Leading Points' concept involves drawing on established relationships and continuously building new ones among buyers and management of the military and the government. They are considered the experts in matters of securing placement of their clients' products in the military exchange store distribution channel as well as special promotions to the military community. The company is headquartered in Centennial, Colorado. For more information on Leading Points Corporation: www.leadingpoints.com .

"I look forward to working with SpongeTech in marketing their products among the military and government sectors, both billion dollar markets. I believe SpongeTechs' products will capture the attention and interest among millions of Americans within these sectors," stated Kevin Sullivan, President of Leading Points Corporation.

"Working with Leading Points provides the Company with an important opportunity to tap into two huge markets, the government and the military. We believe that our products could be quite useful for active duty personnel as well as provide their family members with a variety of our innovative products to used at home," commented SpongeTech's COO, Steven Moskowitz. "We believe this will be a successful venture and we look forward to the expansion of our distribution channel."

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 unique lines of reusable cleaning products for Car Care, Child Care, Home Care and Pet Care usages. These sponge-like products utilize SpongeTech(R)'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 with minimal pressure. SpongeTech(R) is currently exploring additional applications for its technology in the health, beauty, and medical markets. SpongeTech(R) Delivery Systems, Inc. intends to globally brand its products as The Smarter Sponge(TM) .

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 Third quarter ended February 28, 2009. 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.

SOURCE: SpongeTech(R) Delivery Systems, Inc.


SpongeTech(R) Delivery Systems, Inc.
Investor Relations:
1-877-776-6438
[email protected]
or
Connecting Markets GmbH
Toll Free: +0800 100 42 92
Fon: +49 (0) 69 21 65 59 10
Fax: +49 (0) 69 21 65 59 11
[email protected]

updated chart look...

An FLKI Board Member asked :
   "I have heard that Falken was in talks with a company called Sponge-Tech (SPNGE). This company is currently under SEC investigation and I am concerned about my investment. I don't want to be scammed."

This is my reply to: howarde the author of the question.

Before responding to you, I've taken a careful look and spoken unofficially to a number of people which I believe in the know i.e. industry officials, trade officials etc including the communications director at FLKI.

Falken has officially not confirmed nor denied talks, but that was addressed to the "rumor" that organic styled talks were going on with two Fortune 500 which obviously would lead to a likely acquisition of FLKI.

Note however that people who know the company also know that its management has a voracious appetite for its innovative independence and that that management believes that being acquired by a major would drive Falken ingenuity into the doldrums as witness the three companies which compete with it and are owned by majors.

I believe that it is the historic strategy of management to stay independent which of course caused the rampant profit taking in FLKI that you have witnessed over the last month, crashing it to only 400% over the starting point and as of yesterday confirming this bottom - I have called the bottom at 19 cents and am not likely to be proven wrong.

By the way even when pushed, the communications officer maintained that the official position of the company is that it will not confirm or deny that talks are continuing relating to the strong interest of (he slipped on that one) three major companies.

Going to your Spongetech SPGN concerns, you should have none. While Spongetech quite smartly apparently did enter into talks (because in appearance the synergies are incredibly good), and a manufacturing proposition was possibly submitted by FLKI, it was on a money up front basis, and at a very long arms lenght. Knowing FLKI as well as I do, there is no way it will proceed during an investigation (and even less so during a suspension of trading on incredibly inflated SPGN shares), and assuming SPGN is cleared - though its reputation is forever tarnished as we know from the rules of this game - without perceiving and extracting a heavy price from SPGN.

You absolutely have nothing to worry about any rumor involving SPGN as far as I can tell if the investment you speak of is an investment in FLKI, which between you and the lamp post I propose will double by the end of the year - in fact I'd say you should add some with a .204 cent bid picking up all the stragglers under .19 and the .19.

I hope this is responsive to your question.