SpongeTech(R) Delivery Systems, Inc. Announces Quarterly Results!Wednesday April 16, 2008, 8:30am ET
NEW YORK, April 16 /PRNewswire-FirstCall/ -- SpongeTech(R) Delivery Systems, Inc. Revenues for the quarter ending on February 28, 2008, were $1,281,704 versus $12,585 for the corresponding period last year. Net income for the same period this year was $188,482, versus a loss of ($534,715) last year for the same period. Revenues for the nine-month period, ending February 28, 2008, were $1,560,680 versus $25,799 last year. A net profit of $197,150 was realized in this period versus a net loss of ($89,742) for the corresponding period last year. Shareholder equity increased to $2,162,869 at February 28, 2008, from a deficit of ($158,519) at May 31, 2007. Chief Operating Officer of SpongeTech(R), Steven Moskowitz, stated, "I am pleased with the acceptance of our cleaning products in the marketplace and I am looking forward to continued positive gains in both revenues and earnings. Revenue growth came from increased marketing efforts online and from our infomercials, as well as, from orders from normal retail channels. Our business plan calls for increased advertising and the introduction of new, unique, cleaning products, using our proprietary and patented technology." Please see our website (www.spongetech.com) for our recently filed Sec form 10Q for full and complete financial details. 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(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 the automotive aftermarket parts industry. These sponge-based products utilize SpongeTech's(R) 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 primary product line has been designed specifically for automotive/vehicle applications, 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. "Safe Harbor Statement" Under The Private Securities Litigation Reform Act of 1995: The statements in the press release 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 December 31, 2005, the Company's Quarterly Report on Form 10-QSB for the first quarter ended March 31, 2006. 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.
Contact:
SpongeTech(R) Delivery Systems, Inc.
Investor Relations
(877) 776-6438
info@spongetech.com
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