SpongeTech Delivery Systems Gets Another $5,000,000 (USD) Sale for Asian Market Showing Its’ Continuous Worldwide Expansion!
NEW YORK--SpongeTech Delivery Systems, Inc. (OTCBB: SPNG - News) the Company announced today that it has just received a new order from a South Korean Distributor for 500,000 units of its SpongeTech Car Care Delivery System product. The total order value on this new distribution order is over $5,000,000 (USD) and is scheduled for delivery from March 2008 through July 2008 to the company's new Asian distributor in Seoul, South Korea.
This order, when added to the previous sales order backlog stated in the company's 10KSB last week, brings the company's current sales backlog up to approximately $10,552,180.
SpongeTech Delivery Systems’ CFO, Steven Moskowitz commented, "We are happy to be able to announce this new order for SpongeTech Car Care Delivery Systems products with our new Asian distribution partner in Seoul, South Korea. This new order effectively doubles our sales order backlog and demonstrates the rapid growth we are currently experiencing. Additionally, it further validates our efforts to open new sales, marketing and distribution channels on a global basis." Mr. Moskowitz further states, "As we have moved from a development stage company, into a full production stage company, it has been rewarding to us to see that our vision and efforts are starting to pay off for us and our investors. To see the company grow from basically a very small sales base, to a sales backlog of approximately $10.5M over the course of several months, is exciting. We are just at the very beginning stages of what we can achieve. We have dozens of other countries and regions to open up new distribution channels in, and we are just at the beginning stages of signing new sales and distribution agreements with domestic distributors and retailers as well. Additionally, we just launched a new product line in a new vertical market segment for us, Children's Bath Products, which should also open up new sales and distribution channels for the company. Stay tuned! Good things are happening at SpongeTech!"
For more information please contact Investor Relations at 1-877-SPONGE T or visit the company website at: www.spongetech.com.
About SpongeTech Delivery Systems
SpongeTech Delivery Systems designs, produces, markets, and distributes cleaning products for vehicular use utilizing patented technology relating to sponges containing hydrophilic (liquid absorbing) foam polyurethane matrices. The Company's sponges are specially configured with an outer contact layer and an inner matrix, which is loaded with specially formulated soaps and wax that are released when the sponge is applied to a surface with minimal pressure. The Company's products are currently designed specifically for vehicular cleaning use. However, the Company is exploring the possibility of using its patented technology for the development of sponges for other uses, including for use with anti-bacterial, bath and kitchen soaps for household uses, as well as for use as a children's (child-safe) bath foam sponge. Each SpongeTech Delivery System sponge is fully biodegradable and is designed with their cutting-edge technology and environmentally friendly.
“Safe Harbor Statement” Under The Private Securities Litigation Reform Act of 1995: The statements in the 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 year ended December 31, 2005, the Company's Quarterly Report on Form 10-QSB for the first quarter ended March 31, 2006. 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.