Rochester, NY 7/29/2009 1:51:35 AM
SpongeTech Delivery Systems, Inc. SPNG, Plans To Reduce Common Shares to 900 Million
SpongeTech®
SpongeTech® is begining the process that will eventually lower outstanding shares to approximately 500 million shares of common stock
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SpongeTech® announced it is will amend its Articles of Incorporation to reduce the number of common shares to 900,000,000 (nine hundred million) shares. Additionally they will lower its outstanding shares to approximately 500,000,000 (five hundred million) shares.
"We are excited to be moving quickly to complete the process of reducing both our authorized and outstanding shares as well as provide clarity," commented Michael Metter, CEO of SpongeTech®. "This significant reduction is an expression of both the progress that the Company and its innovative product lines have made to date. We are confident that there will be more advances to come in the near future with regards to our product development and penetration of what we fell is currently a targeted market that is extremely large, yet grossly underserved." Metter continues, "I have always commented that it is SpongeTech®'s commitment to shareholders to gain their trust through transparency, progress and hard work. It always has been and always will be our goal to constantly build on our shareholders confidence."
"The reduction of the Company's authorized shares is being done to assure our shareholders that we are careful and prudent with the issuance of our stock," stated SpongeTech®’s COO Steven Moskowitz. "The significant reduction in both the authorized as well as outstanding share structure will serve to further enhance our overall earnings per share and make our stock more attractive to own for both current as well as prospective investors."
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