Spongetech Delivery Systems, Inc. (SPNG.OB) designs, produces, markets and distributes vehicular cleaning products utilizing patented sponge technology containing hydrophilic foam polyurethane matrices. This technology is specially configured to hold wash and wax fluids into the sponge until activated with water. SpongeTech’s system saves time and money with more than eight washes per sponge. In addition, the sponges are self-cleaning and are safe for all vehicle finishes.
The SpongeTech Delivery Systems, Inc. was recently featured on QVC and sold out (more than 12,000 SpongeTechs) in less than five minutes. The product will also be featured on the well-known television series, The Price Is Right! The SpongeTech will be used as a product game placement two times on either April 30th, May 7th, 14th or 21st. Additionally, SpongeTech was named as one of the seven best products at the Automotive Aftermarket Product Expo in Las Vegas.
The company became profitable last quarter and third quarter results are expected to be announced this week. SpongeTech Delivery Systems, Inc. has grown revenues steadily over the past year. Sales in the third quarter of 2007 totaled $14,000 and have grown exponentially to $279,000 in the second quarter of 2008. The company is also exploring the possibility of utilizing its patented technology for the development of sponges for other uses, such as anti-bacterial, bath and kitchen soaps, and as a children’s bath foam sponge.
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