As of two days ago SpongeTech Delivery Systems, Inc. entered into a Settlement Agreement and Release with Sponge Tech, Inc., Spongeables LLC., and Michael Popovsky, an officer of STI and Spongeables.
After the Settlement Agreement, the parties agreed to a dismissal of the Lawsuit with prejudice within five business days after execution of the Settlement Agreement, and SpongeTech released the Defendants, and the Defendants released SpongeTech, from any claims, demands and causes of action, whether in law or equity, that arise out of or relate to the claims in the Lawsuit or either were asserted or could have been asserted in the Lawsuit.
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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™ .
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