NEW YORK, March 18 /PRNewswire-FirstCall/ -- SpongeTech® Delivery Systems, Inc., America's Cleaning Company(TM), (OTC Bulletin Board: SPNG - News) would like to inform shareholders of recent developments at your Company.
New orders for SpongeTech® products continue to grow at an impressive pace. From March 1 through March 17, the Company booked orders with a value of $9.6 million from well-known domestic retailers. The order agreements include the usual non-disclosure clauses to protect the competitive positions of our clients, so we are not permitted to announce the names of specific retailers until the SpongeTech® products have been shipped and appear on the store shelves. We will make further announcements when appropriate.
We noted on February 2 that there were roughly 700 million SPNG shares outstanding at that time. There have been no significant changes to date. All rumors to the contrary are unfounded and without merit.
It should be noted that on March 10 we petitioned the State of Delaware to increase the "authorized" common shares to 1.5 billion from 1.25 billion. While we have no present intention to issue more shares, we acted on the advice of legal counsel to increase the authorization to provide for possible future acquisitions, shareholder dividends, or other corporate purposes.
Thank you for your kind attention and loyalty as we continue to create "America's Cleaning Company."
Michael Metter CEO
Steven Moskowitz COO.