Dallas, TX 11/16/2007 2:50:41 AM
OTCPicks.com - SpongeTech Delivery Systems (SPNG) Poised for a Surge
Spongetech Delivery Systems (OTCBB: SPNG)
Detailed Quote: http://www.otcpicks.com/quotes/SPNG.phpCompany Profile: http://www.otcpicks.com/spongetech/spongetech.htmThe US market dominates the global car market by a sizeable margin. Forty-nine (49) million new cars were sold worldwide in 2006 of which 16.5 million or around 30 per cent were sold in the US alone. Capitalizing on the strength of its domestic base, which kept the US auto industry afloat, 11.8 million of these vehicles were manufactured in the US, 2.6 million in Canada and 2.0 million in Mexico. Increases in car sales figures each year reflect corresponding increases in the demand for car care products for the maintenance of these units. SpongeTech Delivery Systems, Inc. (SPNG), a car care company, designs, produces, markets and distributes cleaning products for vehicular use, utilizing patented technology relating to sponges containing hydrophilic (liquid absorbing) foam polyurethane matrices. The Company’s sponges are specially configured with an outer contact layer and an inner matrix, which is loaded with specially formulated soaps and wax that are released when the sponge is applied to a surface with minimal pressure. This product is uniquely designed to meet the delicate needs of the market.
SpongeTech Delivery Systems, Inc. recently announced that it has been granted permission to trade its shares on the Open Market Segment of the Frankfurt Stock Exchange. The Frankfurt trading symbol will be "KBT.F" and the German securities code (WKN) will be A0MR0J. The Frankfurt Stock Exchange or FWB Frankfurter Wertpapierborse is the world's third largest organized Exchange-trading market in terms of turnover and dealings in securities. It accounts for more than 75 percent of the total securities turnover in Germany and is therefore the most important of the eight German stock exchanges.
SpongeTech Delivery System's CFO Steven Moskowitz commented, "We are very pleased to have been approved for trading on the Frankfurt Stock Exchange. The Frankfurt Exchange will make obtaining our shares less problematic for German and European potential stockholders and will provide substantially improved liquidity in our common stock overall."
Mr. Moskowitz said: "Additionally, We are striving to enhance our corporate visibility in Germany and expand our corporate image to a broader investor community in Europe. We believe that the Frankfurt Stock Exchange listing will assure that our compelling story will now reach a much larger European investor audience."
About Spongetech Delivery Systems (OTCBB: SPNG)
Spongetech Delivery Systems Inc., a car care company, was established in July 1999. It designs, produces, markets and distributes cleaning products for vehicular use, utilizing patented technology relating to sponges containing hydrophilic (liquid absorbing) foam polyurethane matrices. The Company’s sponges are specially configured with an outer contact layer and an inner matrix, which is loaded with specially formulated soaps and wax that are released when the sponge is applied to a surface with minimal pressure. The Company’s products are currently designed specifically for vehicular cleaning use. However, the Company is exploring the possibility of using its patented technology for the development of sponges for other uses, including for use with anti-bacterial, bath and kitchen soaps for household uses, as well as for use as a children’s bath foam sponge.
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Disclosure: OTCPicks.com has been compensated eight thousand five hundred dollars by the company for SPNG advertising and promotional services.
