Published: September 01, 2009
SpongeTech Delivery Systems, Inc. Reports Record Booked Orders of $70 Million during the First Quarter of FY '10
NEW YORK - (BUSINESS WIRE) - SpongeTech
Delivery Systems, Inc. ("SpongeTech") "The Smarter
Sponge " , (OTCBB: SPNG
- News)
is pleased to announced that the Company has booked approximately $70
million in orders during the first quarter of FY '10; having another
record month bringing in approximately $29 million in new orders for the
month of August compared to July's orders of approximately $23.5
million. As SpongeTech has matured its sales and distribution channels,
we can now appreciate a "seasonal effect" on the demand for our
specialized products. Our fiscal Q1 which occurs between June and August
is typically the timeframe for winter and holiday season pre-orders from
retailers. The tremendous growth that the Company is experiencing this
quarter has been partially due to increased commercial demand for out
complete line of medical and household cleaning products from school
systems as well as sporting venues. We feel that this demand is likely
in response to the high level of awareness surrounding the upcoming flu
season in the northern hemisphere.
SpongeTech's products are being ordered and reordered by various major
national retail outlets including drugstores, supermarkets, membership
warehouse clubs, and big box stores and online at www.spongetech.com.
The Company's Direct Response marketing program has also been showing
increase return from its commercials that are aired nationally on cable
and satellite channels for its Car Care and Pet Care products as well as
its newest Children's Bath Sponge. The Company's marketing campaign
continues to support the retail distribution with its sports sponsorship
portfolio which includes leveraging several NFL teams, MLB teams, the
World Football Challenge, Sarah Fisher Racing and the US Open.
"The first quarter has been a monumental success in the growth phase of
our Company," commented Michael Metter, CEO of SpongeTech. "Within the
quarter, we have had a tremendously successful release of our Children's
Bath Sponge Product into the marketplace. We also remain very confident
that we will meet our goal of having our complete line of products sold
in over 100,000 retail locations nationwide by the end of this year."
Metter continues, "We are in the process of finalizing our Annual Report
for the fiscal year ending May 31, 2009 and expect to file the Form 10-K
with the SEC shortly. We remain focused and committed to building
SpongeTech into a globally recognized Company and continue to work
towards building shareholder value."
"This is a great way to end our first quarter period, booking
approximately $70 million in orders which represents an exponential
increase in orders over Q1 FY '09," added SpongeTech's COO, Steven
Moskowitz. "We believe that we will continue to see strong growth within
the Company going into the holiday season. Our brand marketing strategy
has been successful thus far and we believe we are positioning
SpongeTech to become the next household brand name."
For more information, please contact Investor Relations at 1-877-SPONGE-T,
and/or visit the Company's website at: www.spongetechinc.com
About SpongeTech Delivery Systems, Inc.
SpongeTech Delivery Systems is a company that 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
involving hydrophilic (liquid absorbing) foam, polyurethane matrices or
other ingredients. The Company's 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 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.
SpongeTech Delivery Systems, Inc.
Investor Relations:
1-877-776-6438
info@spongetech.com
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
info@cmir.de
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