DALLAS, Oct. 6, 2009 (GLOBE NEWSWIRE) -- StockPreacher.com announces an investment report featuring specialty/cleaning sponge maker SpongeTech Delivery Systems Inc. (OTCBB:SPNGE). The report includes financial and investment analysis, analyst consensus, and pertinent industry information you need to know to make an educated investment decision.
The investment report on SpongeTech Delivery Systems Inc. (OTCBB:SPNGE) should be of particular interest to other cleaning products makers: Zep Inc. (NYSE:ZEP), Ecolab Inc. (NYSE:ECL), Stepan Company (NYSE:SCL) and The Clorox Company (NYSE:CLX).
The full report is available at: http://www.stockpreacher.com/n/SPNGE
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SpongeTech Delivery Systems Inc. (SPNGE), a company focused on earth-friendly products, engages in the design, development and deployment of a broad-based series of branded and private label packaging solutions for consumer products and industrial applications. It offers a unique line of reusable cleaning products for Car Care, Child Care, Home Care and Pet Care usages. These sponge-based products utilize the Company's proprietary, patent (and patent-pending) technologies involving hydrophilic (liquid absorbing) foam and polyurethane matrices. SPNGE plans to globally brand its products as The Smarter Sponge.
Message Board Search for SPNGE: http://www.boardcentral.com/boards/SPNGE
In the report, the analyst notes:
"In a letter updating shareholders on its progress and strategy, the Company stated that it expects approximately $50 million in revenue for fiscal 2009, an 888% increase from last year's $5.6 million. SPNGE has yet to file its Form 10-K for its fiscal year 2009 ended May 31, as its new auditing firm re-audits its financial statements for the 2008, which the Company must undertake following the revocation of its former auditor's registration by the PCAOB.
"On October 1, the Company announced it has submitted a lawsuit in the U.S. District Court for the Southern District of New York against GetFugu, a technology company focused on developing mobile search tools, alleging a breach of contract, breach of fiduciary duty, common law fraud, conversion, willful misconduct and unlawful appropriation of funds by GetFugu. SPNGE previously agreed to invest approximately $4 million in GetFugu following the latter's successful customization of its mobile-based Web search and e-commerce technology for the Company."
To read the entire report visit: http://www.stockpreacher.com/n/SPNGE
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