1) SpongeTech turned the corner in 2007 from being a development stage company to moving quickly into a production stage company with significant ramp in product sales in the last two calendar quarters.
2) Since Early Q2 of 2007 the company has gone from very modest sales with virtually no backlog to a company that now has more than $10M in sales backlog at this time and rapidly growing.
3) The company is quickly signing up new domestic and internation distribution channels for it’s SpongeTech Car Care Delivery System products and this is spurring rapid increases in product sales growth.
4) The company just announced that is adding new manufacturing capabilities through a new partnership with Rogers Foam Corporation. With a growing sales backlog at SpongeTech, Rogers will help to fill a manufacturing void, and will assist the company in keeping up with its growing product manufacturing needs. SpongeTech expects Rogers to be online and manufacturing product in the Spring of 2008.
5) SpongeTech just introduced New ‘Puddle Pals’ Bath Product for Children. This new product family opens a brand new market segment for the company with incremental revenue possibilities. “Puddle Pals” is based on the company’s cutting-edge SpongeTech Delivery System technology but made into different fun shapes and colors for kids. The company received excellent retail customer feedback and response on the new “Puddle Pals” product line. People loved the new shapes and colors and the fact that the “Puddle Pals” product is 99.8% bacterial free is a big hit with retailers.
6) SpongeTech has been ramping up it’s online sales efforts in 2007 with new eCommerce sales capabilities on it’s web site and has ran several promotions and give-aways this year to increase traffic and visibility of SpongeTech and it’s products.
7) SpongeTech receives new large orders from newly signed distributors for Asia, Mexico and South America. These represent only the tip of the proverbial iceberg in terms of opportunities that are still on the table for signing up new international product distribution channels.
8) SpongeTech is finalizing a new infomercial for it’s SpongeTech Car Care Delivery Systems Products and the company recently signed an infomercial deal with Incredible Discoveries that is projected by the company to be worth an estimated $18.9M in orders for the next 18 months!
9) SpongeTech has been initially focused on the automotive cleaning products market segment with its’ Car Care Delivery Systems Products, however, the company is also currently exploring distribution and marketing opportunities for their cleaning products for use as a household/personal cleaning sponge infused with anti-bacterial bath and kitchen soaps. The company is also developing a children’s bath foam sponge, with a “safe mesh” coating in the shape of animals, infused with a gentle no-tear, non-irritating anti-bacterial soap! Other future marketing venues for their unique SpongeTech Delivery System technology include medical antibacterial cleaning applications, kitchen, bath and outdoor cleaning products, and various food service products.
10) SpongeTech recently released its latest 10KSB. In it the company reported a current sales backlog of $5,472,180 and another $5M order has been received since then. While the 10KSB does not yet report profitability, it shows the company quickly headed in that directory. With the significant rise in sales and a growing sales backlog, profitability is projected in the very near future.