Item 8.01. Other Events.
In July 2008, RM Enterprises International, inc., a company that is our majority stockholder
and which is controlled by certain of our officers and directors, agreed to grant us the right,
exercisable by us at any time on or prior to February 28, 2010, to repurchase all or any portion
of the 267,154,132 shares issued that RM Enterprises International had purchased from us since
January I, 2008 at the original price paid by RM Enterprises International to us for such shares,or an aggregate of$4,918,432.46 for all of such shares. On February 28,2010, RM Enterprises International agreed to extend the date by which such repurchase right may be exercised by us to August 3 1,2011. A copy of the amendment to the stock repurchase rights letter agreement is attached as Exhibit 10.1 and incorporated herein by reference.To see full report go to this link
http://studio-5.financialcontent.com/edgar?accesscode=114420410011132
SPONGETECH DELIVERY SYSTEMS INC Form 8-K Filed March 03, 2010
March 4th, 2010SpongeTech® Delivery Systems, Inc. Provides Company Progress Report
March 1st, 2010NEW YORK–(BUSINESS WIRE)–SpongeTech® Delivery Systems, Inc. (“SpongeTech”) “The Smarter Sponge™”, (OTC: SPNG - News) today provides shareholders an overview of the Company’s progress to date.
SpongeTech continues to operate its 8 wholly-owned subsidiaries that support its growing business activities. The subsidiaries are as follows:
Dicon Technologies, LLC
SpongeTech® Europe
SpongeTech® Health & Beauty, Inc.
SpongeTech® Kitchen & Bath, Inc.
SpongeTech® Auto, Inc.
SpongeTech® Medical, Inc.
SpongeTech® Pet, Inc.
The Smarter Sponge Company
To further promote the “SpongeTech®” brand name, the Company has entered into three (3) licensing arrangements as follows:
Green Bridge Industries, Inc. has entered into a licensing agreement, dated July 14, 2009, with SpongeTech in which Green Bridge Industries has the exclusive nationwide rights to produce, market, and distribute the SpongeTech® Stain Remover Pens.
Organic Product Solutions Inc. entered into a licensing agreement on July 22, 2009, for the use of the SpongeTech® trademark for home care, car care and industrial/commercial cleaning products.
Vanity Events, Inc. entered into a licensing agreement on August 10, 2009, granting an exclusive and non-transferable, limited license to use the SpongeTech’s trademark, America’s Cleaning CompanyTM, in conjunction with Vanity’s cleaning business division.
SpongeTech has engaged Greenberg Traurig, LLP on December 30, 2009 to handle the current SEC investigation and class action suits. Greenberg Traurig replaces the Company’s previous attorney, Brown Rudnick LLP.
The Company is working diligently to complete its financial reports required to file with the U.S. Securities and Exchange Commission. SpongeTech has retained James Reilly as an internal consultant to assist in these efforts. Robison & Hill remains our public accounting firm. Reilly is a licensed Certified Public Accountant (CPA) who spent 8 years with Ernst & Young LLP providing audit, accounting and tax services to publicly and privately held companies and more recently has served as CFO and/or Controller of medium sized private and public companies.
The Company will continue to update its shareholders of progress.
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.
Contact:
SpongeTech® Delivery Systems, Inc.Investor Relationsir@spongetech.com1-877-218-8393