SpongeTech® Delivery Systems, Inc. Reports Record Booked Orders of $70 Million during the First Quarter of FY ‘10
SPNG11:30 EDTBusiness 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
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Originally Posted by billhart22
