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Thread: Market Watch for week of 9/8/2009

  1. #21
    Los Tiburones is offline
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    Quote Originally Posted by ShotsII View Post
    SpongeTech® Delivery Systems Announces Reverse Stock Split to Move Closer to NASDAQ Listing
    SPNG06:00 EDTBusiness Wire
    SpongeTech® Delivery Systems, Inc. (“SpongeTech”) “The Smarter Sponge™”, (OTCBB: SPNG) today announced that its Board of Directors has unanimously approved a reverse split of SpongeTech®’s issued and outstanding capital stock at a 1-for-100 split ratio. The reverse stock split, which is expected to take effect on September 22, 2009, subject to receipt of necessary regulatory approvals, has also been approved by the holders of more than a majority of SpongeTech’s voting capital stock.

    The same 1-for-100 reverse stock split ratio will be used to effect the reverse stock split of SpongeTech®’s issued and outstanding common stock, Class B Stock and preferred stock. Accordingly, all stockholders will be affected proportionately.

    “This reverse stock split – which we believe will bring our company’s Wall Street profile in synch with our business profile – is another important step in the development of SpongeTech,” said CEO Michael Metter. “Combined with our recent engagement of Deloitte Touche LLP as our public accountants and our plan to apply for a NASDAQ listing, the reverse stock split demonstrates our commitment to establishing SpongeTech as a world-class company whose capital structure, operations and infrastructure all match the impressive sales growth we are achieving.

    “We continue to expand our product portfolio, licensing agreements, and sales and marketing programs, and are very excited about the record-breaking order flow these efforts are producing. Our July 2009 acquisition of Dicon Technologies, a recognized product innovator with exceptional R&D capabilities, established distribution channels in the U.S. and Asia, and many large, direct commercial customers, perfectly positions us to leverage the many exceptional opportunities in our targeted marketplace. We’re committed both to building SpongeTech into a global player and building shareholder value, and this step will help us realize each of these goals.”

    An amendment has been filed with the Delaware Secretary of State that amends SpongeTech’s certificate of incorporation for the reverse stock split, effective as of 5:00 pm ET on September 22, 2009. SpongeTech has also begun the approval process with the appropriate regulatory authorities.

    In conjunction with the reverse stock split, the Board of Directors and the holders of more than a majority of SpongeTech’s voting capital stock have approved a decrease in SpongeTech®’s authorized capital. The post-split authorized capital will be 900 million shares of common stock, 25 million shares of Class B Stock and 40 million shares of preferred stock.

    As a result of the reverse stock split, every 100 shares of SpongeTech’s stock will be combined into one share. Options, warrants and other stock-based awards will be adjusted on a similar basis. SpongeTech will not issue fractional shares in connection with the reverse stock split. Any fractional share which might result from the reverse stock split will be rounded up to the nearest whole share.
    Whoa ... What a way to start off the alternative Monday. This should be very interesting to watch especially with that much of a leeway, 11 trading days. With these R\S's almost always sounding the alarm bell's or the death knell ... I would like to think this would be different with their exposure and certainly their want of getting on to the NASDAQ, which I had been wondering about ... I am absolutely clueless here, and yeah, that share count ... ?

    In case anyone missed it from last weeks thread - The "new" MGLG site;

    http://magellan-energy.com/mg/faisal_test/home.asp

    A work in progress ... If you sign up for the newsletter, it takes you to the old site.

  2. #22
    thetree is offline
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    Romo, Dont know how worried you are about this, but you could probably get a pre-market trade if you call your broker. SPNG is one of the only pinks that i see traded pm on a regular basis.

  3. #23
    thetree is offline
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    Tib, What do you think of the new MGLG site? It looks good to me . I would love to hear a recorded interview. Any added transparency will immediately impact the PPS, which would be really helpful. Have you seen a new share structure anywhere?

  4. #24
    Los Tiburones is offline
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    For some reference on the shrub ... Backtracked to where the news broke, it starts somewhere around #187640.

    This is interesting, #187651 re; The PR from July 27...

    Old news, but may clarify the new news

    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

    Press Release
    Source: SpongeTech Delivery Systems
    On Monday July 27, 2009, 11:30 am EDT
    Buzz up! 5 Print
    Companies:SpongeTech Delivery Systems, Inc.
    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.

    Related Quotes
    Symbol Price Change
    SPNG.OB 0.2040 0.0000


    {"s" : "spng.ob","k" : "c10,l10,p20,t10","o" : "","j" : ""} 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.

  5. #25
    just sirius is offline
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    SPNG- I believe that after the R/S, they are increasing the outstanding back to 900M shares. This would allow institutional buyers plenty of stock to buy after listing on Nasdaq. Worried is not the word for it!
    PURCHASED THE CABIN IN THE WOODS...THANKS MEL, MALONE, AND THE BLUE DOG

  6. #26
    Los Tiburones is offline
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    Post#187685

    The 8k says it all: O/S reverse split of 100 to 1. "A/S reduced to 900 mill"

    On August 28, 2009, Spongetech Delivery Systems, Inc. (the “Company”) filed a Certificate of Correction to the Certificate of Amendment to its Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Delaware that effects a one-for-one hundred reverse split (the “Reverse Split”) of all of the issued and outstanding shares of each of the Company’s common stock, par value $0.001 (the “Common Stock”), Class B stock, par value $0.001 (the “Class B Stock”) and preferred stock, par value $0.001 (the “Preferred Stock”). Any fractional shares will be rounded up to the next highest whole share. The Amendment also reduces the aggregate number of authorized shares of the Company’s capital stock to 965,000,000 shares, consisting of 900,000,000 shares of Common Stock, 25,000,000 shares of Class B Stock, and 40,000,000 shares of Preferred Stock (the “Authorized Share Reduction”).

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    Just prior to this, was the following comment;

    2.75 billion to 900 million...i thought this reduction was to reduce just the AS. it appears it is for the split. 1:100 split and a reduction ONLY to 900 million. geesh.

    It must just be to the Authorized shares, otherwise it makes no sense at all.

  7. #27
    ShotsII is offline
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    So Tib, you think the r/s will only apply to the A/S? Can't they just amend that? I dnt think a r/s I neccessary just to reduce a/s.
    Or perhaps m reading your post wrong and am a bit confused.

    Romo, sorry for not answering sooner. I was on the subway. And who knows what to think of this. I have have to watch n see. But then, I don't have as much in it as you. What's your move?

  8. #28
    ShotsII is offline
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    I think it's time to jump into AMNE. This could be rock bottom.

    NEW HAVEN, CT -- (Marketwire) -- 09/08/09 -- American Green Group, Inc. (PINKSHEETS: AMNE) (www.americangreengroup.com) is pleased to announce they have delivered the outfitted Sprinter truck ordered by Ecosafe Insulation of Florida, LLC (ECOFL) and have certified the first installer.

    The Truck was delivered to Hernando County located on the West Coast of Florida. The certification was done on the home of the sales rep. The team from AMNE went down to FL to certify the first installer in Hernando, a licensed contractor who two years ago saw his mason business come to a halt.

    Two more installations are planned in Hernando and Broward Counties over the next few weeks at which time a film crew will be on hand to document the process for FL style homes, which are built using cement blocks and stucco coating on the outside. The new video will demonstrate to homeowners that when the job is complete their home will look the same.

    ECOFL plans on ordering two new trailers from AMNE, one to be located on the West Coast of FL, the other to be located in Broward County, FL as it begins to ramp up operations.

    The Company believes all other remarks made in the release to be accurate to the best of their knowledge.

    The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

  9. #29
    notwal is offline
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    Bcle pr

    Bio-Clean International, Inc. Affiliated Entities and ACS One, Inc. Bidding on Over $20M in New Construction Contracts

    Bio-Clean International, Inc. (Pink Sheets: BCLE) (www.bio-cleanintl.com) announced today that its affiliated entities, American Bio-Clean Corporation (www.americanbioclean.com), and American Construction Services, Inc., (www.americanconstructionservices.net) have entered into a joint venture consulting agreement with ACS One, Inc., already resulting in over $20 million in contract bids.

    John P. Finn, President of American Bio-Clean, and American Construction Services, stated, “ACS One, Inc., is a construction sales organization with an experienced staff with over twenty years experience in a wide variety of construction projects. They provide all the necessary personnel for various jobs, including oil and tank clean up, teardown or repair of old structures, and new commercial construction from start to finish.”

    Mike Chacon, President of ACS One, said, “Our professionals have had many successful years in bidding and receiving awards of various government and non-government jobs; however, the advantage our Bio-Clean joint venture affiliate has is the Service-Disabled Veteran-Owned Small Business (SDVOSB) certification. The $20+ million we are presently bidding is only scratching the surface. We could be bidding in excess of $100 million before the end of the year.” Mr. Chacon went on to say, “By no means is there any guarantee that we will be awarded any of the contracts on which we bid, but we feel confident that the SDVOSB certifications of the Bio-Clean International affiliates give us an added advantage. We are looking forward to working with everyone at ABC and ACS.”

  10. #30
    imromo24 is offline
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    Quote Originally Posted by ShotsII View Post
    So Tib, you think the r/s will only apply to the A/S? Can't they just amend that? I dnt think a r/s I neccessary just to reduce a/s.
    Or perhaps m reading your post wrong and am a bit confused.

    Romo, sorry for not answering sooner. I was on the subway. And who knows what to think of this. I have have to watch n see. But then, I don't have as much in it as you. What's your move?
    im not sure, i believe there is a large naked short share count that will be squeezed because a reverse split causes shares to be counted, so we may see a large buy in to cover at the current price and a huge pop in the pps....on the other hand if the O/S was 90 billion (which is far less possible because the price would have dropped with that much dilution not gone up)

    the likely scenario is up but im not excited because i am confused. i guess im going to watch and see

  11. Ad Fairy Senior Member
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