Spongetech Raises Authorized Shares AGAIN!

It was only a matter of time -

"Effective May 19, 2009, Spongetech Delivery Systems, Inc. (the "Company") amended its Certificate of Incorporation to increase its authorized capital from 1,860,000,000 shares to 2,060,000,000 shares consisting of 2,000,000,000 shares of Common Stock having a par value of $0.001 per share, 20,000,000 shares of Class B Stock having a par value of $0.001 per share, and 40,000,000 shares of Preferred Stock having a par value of $0.001 per share.

The action had been approved on May 18, 2009 by Company stockholders holding a majority of the voting power by written consent in lieu of a meeting."

http://biz.yahoo.com/e/090526/spng.ob8-k.html

As you can see by viewing any SPNG chart, the PPS peaked for a split second on May 19th at 0.056 and then started it's decent,,,, once again. And let us not forget that 0.056 was our peak PPS last time on June 9, 2008. 

It would seem that 0.056 is a HUGE RESISTANCE for SPNG.

or maybe that is just the PPS that management likes to open the floodgates at.

I guess we can safely assume that the Bank Line-of-Credit we heard about on April 23, 2009 is a no-go.

"Final execution of a definitive agreement with regards to the credit facility is subject to completion of due diligence and negotiation of definitive loan documentation, among other things."

http://finance.yahoo.com/news/SpongeTechR-Delivery-Systems-prnews-15015573.html?.v=1

I bet it was the "among other things" clause that got us.

Of course I have no proof of this as Steven Moskowitz will no longer answer my email questions. I can only assume he does not like being quoted in the press.

So lets see, on May 18th 2009 the action to approve the A/S increase passed a vote and on May 19th 2009 the PPS started to TANK!!!!!!!!!!!

What a coincidence.

Damn the luck.

I am going to cut this post short and while you folks chew over these facts I will do some serious in-depth research on dates and figures and Press Releases and I will get back to you, my readers, in due time.

Thank You,,,Moe Speeks

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.