SpongeTech® Delivery Systems Announces Delay in Filing of Its Form 10-K
September 16 2009 - 7:30AM
Business Wire
SpongeTech® Delivery Systems, Inc. (“SpongeTech”) “The
Smarter Sponge™”, (OTCBB: SPNG) today announced that it
requires additional time to file its Annual Report on Form 10-K for
the fiscal year ended May 31, 2009.
As previously announced, SpongeTech retained Robison, Hill &
Co., a Professional Corporation, following the resignation of
Drakeford & Drakeford, LLC on July 16, 2009. Drakeford resigned
as a result of the revocation of its registration by the Public
Company Accounting Oversight Board (“PCAOB”) which occurred on June
16, 2009. The transition to the new auditor has resulted in delays
in completing the audit of SpongeTech’s financial statements for
fiscal 2009, as well as the re-audit of its financial statements
for fiscal 2008, which the SEC notified SpongeTech on September 11,
2009 would be required as a result of the revocation of Drakeford’s
PCAOB registration.
CEO Michael Metter said, “We recognize that our shareholders
have been waiting patiently for the filing of the fiscal 2009 Form
10-K. Unfortunately the requirement to re-audit the 2008 financial
statements has caused the process to take longer than we expected.
We are working with our current independent auditors to file the
Form 10-K as quickly as possible.”
About SpongeTech® Delivery Systems, Inc.
SpongeTech® Delivery Systems, Inc. designs, produces, and
markets unique lines of reusable cleaning products for Car Care,
Child Care, Home Care and Pet Care usages. These sponge-like
products utilize SpongeTech®'s proprietary, patent and
patent-pending technologies and other technologies involving
hydrophilic (liquid-absorbing) foam, polyurethane matrices or other
ingredients. The Company's sponge-like products are pre-loaded with
specially formulated ingredients such as soap, conditioner and/or
wax that are released when the sponge is soaked and applied to a
surface with minimal pressure. SpongeTech is currently exploring
additional applications for its technology in the health, beauty,
and medical markets. SpongeTech® Delivery Systems, Inc. intends to
globally brand its products as The Smarter Sponge™.
Safe Harbor Statement
Under The Private Securities Litigation Reform Act of 1995: The
statements in this 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 fiscal year ended May 31, 2008 and the Company's
Quarterly Report on Form 10-Q for the third fiscal quarter ended
February 28, 2009. 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.