An Interesting Article about Spongetech -

Please follow the link to read a very interesting article concerning Spongetech.

http://collegestock.com/blog/penny-stock-failures-bad-management-on-wall-street-spng/

Help Make The Federal Reserve Transparent

Here is an excellent article from Zero-Hedge you all should read -

""And so it begins. Rep. Alan Grayson has distributed the letter below to all Democrats in the House and will use it to generate Democratic co-sponsorship for the HR1207 Bill, aka The Federal Reserve Transparency Act, allowing the GAO to audit the Federal Reserve, and also require a Fed report to Congress by the end of 2010.""

http://zerohedge.blogspot.com/2009/05/time-to-make-federal-reserve.html

Please follow the links and sign the petition

http://action.firedoglake.com/page/s/Fed1207

This is what we like to see, our tax dollars at work....

Maybe someday soon we will see these headlines about Spongetech

SEC Charges Eight Participants in Penny Stock Manipulation Ring

FOR IMMEDIATE RELEASE
2009-117

Washington, D.C., May 21, 2009 — The Securities and Exchange Commission has charged eight participants in a penny stock manipulation ring that allegedly pumped the market prices of at least four stocks and generated more than $6.2 million in illicit profits when they dumped shares on the market......

http://sec.gov/news/press/2009/2009-117.htm

Quick Note To My Readers

I have received many many many emails thanking me for helping to keep things real concerning Spongetech. As a general rule I do not personally respond to emails that are sent to me. There are too many to respond to each and every one of them so I chose long ago to respond to none of them. This does not mean I do not appreciate your comments and suggestions. Please feel free to write to me with your thoughts and suggestions, for Spongetech and for other companies that need looked into.

As for Spongetech,,, I will say that I am not aware of any litigation that involves Spongetech.

I have always said that I feel that Spongetech is a real company with real products and SOME real sales, but also, with a very "poor" management. I believe these real sales are now starting to skyrocket. I also believe that the PPS is running so as to draw in new investors to start the cycle all over again. Please view SPNG's chart from last year at this general time. 

I do not believe that SPNG will ever be eligible for a NASDAQ listing without a Reverse Split.

I do not believe SPNG management wishes to be a NASDAQ listed company. That would very seriously interrupt the share structure game they have going.

Gagged T/A.

Bullshit "SPNG - NASDAQ" on their television commercial, (which was removed)

Super Secret buyers named,,,SA Trading, Dubai Export Import Co and US Asia Trading. (why the big secret still????)

Still no word on the Bank Line-of-Credit,, ( 30 days almost up on that self-imposed time limit.)

etc etc etc.....

People, just be aware. you can make some cash on trading this stock. But as long as the Transfer Agent is gagged, you have to assume the management is playing with the share structure and this is a very bad investment in my opinion.....

Spongetech commercial corrected

I just wanted to give Spongetech it's due as this morning I saw that Spongetech's commercial that they run on CNBC no longer had the " SPNG - NASDAQ " on the screen.

Now it just said that it was a publicly traded company.

All I ask is for some truth in advertising,  and Spongetech delivered,,,,for once.

Now deliver me an up-to-date O/S count on a daily basis with an ungagged Transfer Agent and we may be on our way to respectability.

Thank You Steven Moskowitz for truth in advertising.

When did Spongetech become a NASDAQ Stock??????

Moskowitz and Metter got some balls on them.

I was watching CNBC, the Financial Propaganda News Channel and as usual I saw the Spongetech commercial trying to lure unsuspecting people into buying their crap.

And then I saw it,,,,,,,,,,, right there on the screen for the whole world to see.

it said - 

SPNG - NASDAQ

hahahahahahahahahahha

what a bunch of shit.

if that right there does not prove how deceitful and deceptive these two crooks are I do not know what does.

I have neither seen nor heard any Official announcement that SPNG.OB has been approved for NASDAQ.

On May 7, 2009 Spongetech issued a Press Release that in part read -

" announced today that its Board of Directors has voted to seek a listing for SpongeTech®'s common stock on the NASDAQ Capital Market. As part of this process, SpongeTech® will prepare and submit an application for a NASDAQ Capital Market listing."

http://finance.yahoo.com/news/SpongeTechR-Delivery-Systems-prnews-15164449.html?.v=1

So as of May 7, 2009 they had not even prepared nor submitted an application, but here we are less then a week later and they are advertising themselves as a NASDAQ company.

Damn, that was quick.

The NASDAQ is NOT going to accept a 2 cent penny stock....

The only shot in hell that Spongetech has of becoming a NASDAQ stock is when Management does a Reverse Split.

Which they have repeatedly said they will not.

But then again, Moskowitz repeatedly said he was going to lift the Gag Order on May 5th and he did not do that,,, so his word cannot be trusted.

What a bunch of thieves.

You folks can rest easy as I have sent another letter to the SEC pointing out this transgression.

As well as another letter to CNBC to let them know they are partaking in Fraud.

More Spongetech Delivery Systems Inc. Discrepancy

On February 2, 2009 Spongetech issued a Press Release that states in no uncertain terms that the company's Issued and Outstanding shares were approximately 700,000,000.
"This leaves the company's shares, issued and outstanding, at approximately 700,000,000."
http://studio-5.financialcontent.com/ir/?Module=MediaViewer&GUID=7862813&Ticker=SPNG&Client=ir

On March 18, 2009 Spongetech issued a Press Release that once again states in no uncertain terms that the Issued and Outstanding shares are roughly 700,000,000, the same as they were on February 2nd, and that nothing of significance had occurred in the mean time.
"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."
http://studio-5.financialcontent.com/ir/?Module=MediaViewer&GUID=8302990&Ticker=SPNG&Client=ir

In Spongetech's most recent 10Q report for the quarter ending February 28, 2009 it clearly states on page F-2 under Balance Sheet - Liabilities and Stockholders' Equity - that the Issued and Outstanding share count on February 28, 2009 was 1,249,451,605
"Common stock, $0.001 par value, 1,250,000,000 shares authorized, 1,249,451,605 and 365,473,214 shares issued and outstanding at February 28, 2009 and May 31, 2008"
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6548765

Now whether or not this is an allowed accounting practice or just pure fraudulent, I do not know. For all we know Spongetech may have issued approximately 500,000,000 shares after February 2nd and then reacquired them before March 18th. (I fear we will never know since the Transfer Agent is still Gagged,, long after May 5th I might add.)

Maybe they consider issuing 500,000,000 shares as being of "no significant change"
I wonder what they do consider "significant"????????

What I do know is that it is my personal belief that this is most certainly deceptive.

As per Wikipedia -
Deception (also called beguilement, deceit, bluff, or subterfuge) is the act of convincing another to believe information that is not true, or not the whole truth as in certain types of half-truths.
http://en.wikipedia.org/wiki/Deception

As far as I am concerned this falls directly under the Fraud definition as stated on the FBI website for Securities Fraud concerning the word "deceptive"
" Securities fraud can be described as deceptive practices in the stock and commodity markets. Generally, securities fraud occurs when investors are enticed to part with their money based on untrue statements. "
http://sanfrancisco.fbi.gov/securitiesfraud.htm

Spongetech did roughly $5,000,000 in revenue with a profit of aprox. $1,200,000 for Fiscal Year 2008.
They are claiming they will do over $40,000,000 in revenue with a profit of aprox. $7,000,000 for Fiscal Year 2009.

AND YET THE PPS CONTINUES TO DROP LIKE A STONE WITH HUGE VOLUME AND A GAGGED TRANSFER AGENT... AND ALL THE WHILE MANAGEMENT BLAMES SHORT SELLERS.
WHAT IS THAT ALL ABOUT?
EITHER THERE IS A HUGE NAKED SHORT POSITION,,,WHICH IS ILLEGAL,,
OR ??????????? IS MANIPULATING THE PPS THRU SHARE MANIPULATION.(which is my guess by the way)

Who this person or persons is may never be known since Spongetech Management continues to hide it's actions behind a Gagged Transfer Agent.

I continue to ask myself, as well as asking management, why the need for a Gagged Transfer Agent.
WHY????????
I have been unable to answer this question to my satisfaction.

If any of my readers out there have the answer please feel free to educate me.

Thank You,,,Moe Speeks