Market Watch for week of 9/13/09

Here's a little positive news about the Sponge!

SpongeTech(R) Delivery Systems, Inc. Announces Phillips Feed & Pet Supply as Pet Care Product Line Distributor
7 minutes ago - Businesswire

Related Companies
Symbol Last %Chg
SPNG 0.0949 -16.02%

As of 3:07 PM ET 9/17/09
SpongeTech(R) Delivery Systems, Inc., ("SpongeTech") "The Smarter Sponge(TM)", (OTCBB: SPNG) announced that the Company has a distribution agreement with Phillips Feed & Pet Supply ("Phillips") to distribute SpongeTech's Uncle Norman(TM)'s Pet Care product line to its various client base located up and down the eastern coastline.

Phillips Feed & Pet Supply has been a family owned and operated business since 1938 and today is one of the largest distributors of pet products on the east coast, with 3 distribution sites that are strategically located in Easton, PA, Greenville, SC and Lakeland, FL. Phillips services retailers from New York to the Florida Keys. Phillips distributes to over 3,000 clients including Pet Stores, Feed & Farm stores, Groomers, Veterinarians and Humane Organizations.

Valley Pet Supply, Phillip's grocery chain distribution arm, will be marketing SpongeTech's products to its grocery chain clients. "We are excited to market such a nationally recognized brand of pet care products to our customers," commented William Clark, General Manager for Valley Pet Supply. "Our clients are always looking for the next innovative pet product and we have already seen strong interest in SpongeTech's Uncle Norman(TM)'s Pet Care products by our clients including the grocery chain customers."

SpongeTech's COO, Steven Moskowitz stated, "Expanding our distribution outreach continues to play an important role in reaching our goal of 100,000 locations. The product acceptance has continued to increase among all distribution channels and we are making great strides in reaching our goal by the end of this year."

how long can it take to reaudit 2 years of data?

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Originally Posted by imromo24

how long can it take to reaudit 2 years of data?

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I hope not too long Romo... I feel like I'm drowning in my bubble bath! LOL

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Originally Posted by candleman

I hope not too long Romo... I feel like I'm drowning in my bubble bath! LOL

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yeah, totally suckin....

if someone has any idea please jump in....IMO they are only auditing $5MM or so in transactions, shouldn't take long but i doubt its done before the RS, has me concerned a teeny weeny little amount :o

The real problem is the big d word if they don't get them done in time.

Sponge Bath Has Been More Like It.

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Originally Posted by socalrunningfool

Sponge Bath Has Been More Like It.

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LOL. love it.

I have extremely renewed confidence check out the ITWO stock, they went through nearly the exact same thing, they did a reaudit of 4 years of books, in fact they came out worse because of it having lost $359MM off the earnings...

then they got delisted because it took too long, (you don't lose your shares in a delisting)

THEN....they went from .57 to $11.75 in ONE MONTH!! http://www.computerworld.com/s/artic...taxonomyId=070

look at ITWO 5 year chart!! (the delisting was may 2003) the reaudit finished July 2003

The reaudit of spngs books should not take long, its only 2 years and the last 2 years the books are really small, very little sales etc....

Im holding spng through everything and ill buy more the day the 10k is released whatever that day happens to be....:D

feelin' good...but i probably have a time to wait

Romo

SP will probably cont to drop near term...with a couple small pops here and there...I plan on doubling my shares if sp drops to .05 or less...Not chasing here...will just let powder sit until sp reaches my threshold! Still learning patience!

Once they get there stuff together...I think your .30-.50 projections are not out of the question...Only big concern is R/S...I hope that they put it off until after 10k is reported...let the stock run...then R/S to prepare for Nasdaq listing.

Question...anyone know how long it would take to get listed on Nasdaq after meeting $4.00 listing price...Can they do all of the leg work first...set up the R/S and immediately be listed.

My gut feeling is that getting listed on the Nasdaq will cause a significant pop to sp! Any thoughts!

Overheard this side of the hedgerow ...

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Posted by: jackg152004 Date: Thursday, September 17, 2009 10:32:08 PM
In reply to: None Post # of 29289

FWIW, I have a sister who is a former OTCBB MM for Schwab and later Hudson. She rarely buys pennies in her personal account even though every time I find a "gem" I hammer her to get on board with me. She usually declines but she actually purchased a decent sized position of QASP a few days ago and after discussing the fundamentals with me and reviewing the chart she set her sell at .45. I asked her why she set her sell so far above the current market and she stated that once QASP consummates the deals the share structure and momo will take care of the rest, especially if NITE has a flat or long position. Like I said take it for what its worth but she was an OTCBB MM, trading her own lists for 10 years.

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Originally Posted by just sirius

Romo

SP will probably cont to drop near term...with a couple small pops here and there...I plan on doubling my shares if sp drops to .05 or less...Not chasing here...will just let powder sit until sp reaches my threshold! Still learning patience!

Once they get there stuff together...I think your .30-.50 projections are not out of the question...Only big concern is R/S...I hope that they put it off until after 10k is reported...let the stock run...then R/S to prepare for Nasdaq listing.

Question...anyone know how long it would take to get listed on Nasdaq after meeting $4.00 listing price...Can they do all of the leg work first...set up the R/S and immediately be listed.

My gut feeling is that getting listed on the Nasdaq will cause a significant pop to sp! Any thoughts!

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Hi romo ...

Don't know the answer to the timing question for Nasdaq but have been mulling around this thought ... I wonder at the possibility that some institutional buyers could be just waiting for the listing ... If I understand it correctly many are kept out of buying due to the lower SP, regardless of where it's listed, just the low dollar aspect. Well, of course the Pinks and OTC but ... you know what I mean.

For a stock that I have zero invested in you would think I owned a million shares, have been keeping pace with everything, watching it just like all the others ... Ended up buying another 25K of QASP this morning, after, of course pulling my original order @ .022 because it was too LOW and exchanging it for .025 ... Man, I'm telling you, I got this down to a science! :rolleyes: