SpongeTech® Delivery Systems, Inc. CEO and COO Purchase Company's Stock
Market Purchases by Management and Board Members Reflect Confidence in Company's Future and its Long Term Success
SpongeTech® Delivery Systems, Inc., The Smarter Sponge™, (OTCBB: SPNG) is pleased to announce that its Chief Executive Officer, Chief Operating Officer and Board Members have been purchasing SpongeTech®’s common shares in the open market. Together the team has purchased approximately 18.2 million (eighteen million two hundred thousand) shares of the 722.86 millions shares issued and outstanding as reported in the Company's 3rd Quarter 2009 filing. The purchasing of the Company's stock in the open market reflects the management's confidence in the Company's long-term prospects.
The Company announced last month that it expects fiscal 2009 gross revenues of approximately $50 million with record profitability of approximately $10 million pre-tax. “This fiscal year was a great year for the Company and our shareholders," stated CEO Michael Metter. “Based on the investment opportunity, our operating conditions and our confidence in the long term success of SpongeTech®, we have purchased these shares in the open market. I believe our stock is very much undervalued and we will continue to buy stock in the open market from time to time and continue to enhance shareholder value." The Fiscal Year 2009 and the 4th Quarter numbers are expected to be released in its Annual Report on Form 10-K at the end of August 2009.
"I am very excited about the Company's prospects for fiscal 2010," added Steven Moskowitz, COO of SpongeTech®. "We believe that our shares represent an attractive investment especially at its current market value. We are very confident with the continued strong demand for our product lines, along with our future anticipated sales growth and market penetration across the world.
