SpongeTech Delivery Systems Inc. (SPNG.OB) is a company which designs, produces, and markets innovative, cost-effective, and environmentally sensitive sponge-based cleaning products. These sponge-based products utilize SpongeTech’s proprietary, patented technologies involving liquid absorbing foam and polyurethane matrices.
The company’s sponges are specially configured with an outer contact layer and an inner matrix. The sponge’s inner matrix comes pre-loaded with specially formulated soaps that are released when the sponge is wetted and applied to a surface with minimal pressure. SpongeTech’s current product line includes products for car care and pet care. The company is exploring additional applications for its technology including an anti-bacterial, kitchen and bath cleaner, as well as a unique foaming bath sponge for children.
On September 2, 2008 SpongeTech announced its financial results for the 12 month period ended May 31, 2008. Revenues for the period were $5.6 million, an increase of $5.5 million year over year. Net income for the period increased to $1.24 million versus a loss of $817,000 in 2007.
These substantial increases were due to the company aggressively marketing and selling their products on a global scale. SpongeTech’s CEO Michael Metter said, “What a great first year as a public company. We are determined to continue to market and sell unique products that have great value as we continue to build SpongeTech into America’s cleaning company. We look forward to our future.”
Let us hear your thoughts below: