NEW YORK, Dec. 14, 2006 (PRIME NEWSWIRE) -- Spongetech Delivery Systems, Inc. (OTCBB:SPNG), a company focused on the design, production, marketing and distribution of cleaning products for vehicular use utilizing patented technology relating to hydrophilic sponges, announced today that the company's shares are now quoted on the Over-the-Counter Bulletin Board.
"We are very excited that our shares are now quoted on the OTCBB," said Michael Metter, the President of Spongetech Delivery Systems. "The company has been looking forward to this move for many months. Obtaining OTCBB status is an integral part of our company's growth strategy, allowing us access to additional capital markets as we continue to pursue the next phase of our growth strategy."
About Spongetech Delivery Systems
Spongetech Delivery Systems is a development stage company which 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.
Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995:
The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2005, the Company's Quarterly Report on Form 10-QSB for the first quarter ended March 31, 2006. The company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the company's plans or expectations.