Results from Advertising on Sirius Radio
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SpongeTech(R)'s Auto and Pet Sponge Sales Hit a Grand Slam over the Past Few Days
NEW YORK, Sept 18, 2008 /PRNewswire-FirstCall via COMTEX/ --
SpongeTech(R) Delivery Systems, Inc. (SPNG) is pleased to announce that this past weekend the company started an aggressive marketing campaign utilizing the combined values of Howard Stern, Chris Russo, and NASCAR Radio on SIRIUS Satellite Radio. As a result of this, coupled with our aggressive TV advertising, SpongeTech(R) has booked in the past five days over $1,000,000 in gross internet sales. We are extremely excited about how we are positioning and marketing our product, and feel very strongly that we are on our way to another record quarter. This, combined with our on hand orders that will be shipped this year, could bring our total revenue in excess of $35,000,000, with a proportionate EBITDA to last year's P/L.
Our Stock Buyback
With such a volatile stock market comes tremendous opportunity. In light of that, coupled with the change in the SEC shorting rules, the Board has decided to increase our corporate stock buyback in the open market from 25,000,000 shares to 50,000,000 shares effective immediately. We have to date purchased in the open market over 10,000,000 shares thus leaving 40,000,000 more shares to buy. We will continue to communicate with our shareholders, and we thank you all for your support.
Michael L. Metter SpongeTech(R) CEO
Steven Y. Moskowitz SpongeTech(R) COO
For more information, please contact Investor Relations at 1-877-SPONGE-T, and/or visit the Company's website at: .
About SpongeTech(R) Delivery Systems, Inc.
SpongeTech(R) Delivery Systems is a development stage 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 Uncle Norman's(TM) Pet Sponge, 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.