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SpongeTech Delivery Systems, Inc. Message Board

  • stoxmagic stoxmagic Feb 1, 2010 12:27 AM Flag

    Two part post XLII.

    Part 1:



    Not going to happen.

    A 100% buyout of America's Cleaning Company, at this juncture, being a massively expensive endeavor. Not coming cheap.

    Do the math, as an example, at just $0.50 per common share outstanding. An Outstanding count of 500m as an example.

    That which you ask about would be counterproductive. Making no fundamental sense whatsoever. And, certainly, were any such to transpire we'd be talking a merger and not an acquisition.

    The reasoning being obvious.

    We'll see what happens as regards the advent of the MOASS once the coming breakout emerges. Once market level starts to far exceed our interim High of $0.2851.

    The advent of the MOASS won't exactly be a difficult read.

    Dollar$ no end.

    And you're welcome.


    The identity(ies) of any/all recipients of the securities in question is a definite unknown. As is the full extent of the distribution. What does add up though is that said distribution, in relative terms, is minor and that liquidation via the open market has long since transpired. No actual disgorgement being likely. Though there could come a call for management to pay a civil penalty(ies) specific to the monies involved.

    As for that which you "believe"?

    A need of bearing in mind that the 'forged' opinion letters goings-on dates back to May of last year and earlier.

    And we have from July 27, 2009...


    SPNG ... is pleased to announce that the Company is taking action to amend its Articles of Incorporation to reduce the number of common shares that the Company has authorized to 900,000,000 (nine hundred million) shares. In addition, the Company has also begun the process to lower its outstanding shares to approximately 500,000,000 (five hundred million) shares.

    As reported in the Company's 8-K filing on May 26, 2009, SpongeTech® amended its Certificate of Incorporation to increase its authorized common shares from 1,800,000,000 (one billion, eight hundred million) to 2,000,000,000 (two billion). The increase was to provide the Company with the ability to pursue a transaction such as the acquisition of Dicon Technologies. Subsequently, the Board of Directors had approved the acquisition of Dicon Technologies which was completed on July 9, 2009 as a cash transaction, without any shares to be issued for the acquisition and without any dilution to its current shareholders; therefore enabling the Company to take action and reduce the authorized shares substantially. Furthermore, as reported in the Company's 3rd Quarter Form 10-Q filing on April 20, 2009, SpongeTech® had 722,866,061 shares of common stock issued and outstanding and the Company is also taking action to lower its outstanding shares by 30%. The Company's actions in this regards will include the continuation of the common stock repurchase and retirement program from the open market as well as the retiring of restricted (144R) shares of common stock currently owned by the Company and its affiliates.


    It being necessary that the numbers add up. That which you again "believe" simply not fitting. Not given the above stated intent, and means, of the time. Realizing, again, that the referenced recommendation makes no direct mention of any materially misleading PR's and such.

    As for "other companies"?

    There being no shortage of examples if you're willing…

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    • Part 2:

      And we'll take Universal Express (USXP) as an example…


      The Commission's action seeks a temporary restraining order and order for accounting against Universal, Altomare, and Gunderson for the ongoing securities registration violations. The Commission is also seeking preliminary injunctive relief against all defendants. The Commission's action alleged that Universal, Altomare, Gunderson, Neuhaus, and Sandhu violated 17(a) of the Securities Act of 1933 and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder; that Universal, Altomare, Gunderson, and each of the Resellers violated Sections 5(a) and 5(c) of the Securities Act; that Universal violated Section 13(a) and 13(b)(2) of the Exchange Act and Rules 12b-20, 13a-1, and 13a-13 thereunder; that Altomare and Gunderson aided and abetted such violations; that Altomare and Gunderson violated Section 13(b)(5) of the Exchange Act and Rule 13b2-1 thereunder; and that Altomare violated Rules 13a-14 and 13b2-2 under the Exchange Act.


      Our talking some truly egregious violative behaviors in the overall.

      While as for remedy sought by the SEC we have…


      WHEREFORE, the Commission respectfully requests that the Court:

      Find that the defendants committed the violations alleged.

      Enter a Temporary Restraining in a form consistent with Rule 65(d) of the Federal Rules of Civil Procedure, enjoining Universal, Altomare and Gunderson, from violating, directly or indirectly, Sections 5(a) or 5(c) of the Securities Act.

      Enter a Preliminary Injunction, and a Permanent Injunction, in a form consistent with Rule 65 (d) of the Federal Rules of Civil Procedure, enjoining all defendants from violating, directly or indirectly, each of the provisions of law and rules alleged in this complaint.

      Order that each of the defendants disgorge all ill-gotten gains, including pre-judgment and post-judgment interest, resulting from the violations alleged herein.

      Order all defendants to pay third tier civil penalties pursuant to Section 20(d) of the Securities Act and Section 21(d)(3) of the Exchange Act in an amount to be determined by the Court.

      Order that all defendants except Universal be barred from participating in an offering of penny stock pursuant to Section 20(g) of the Securities Act and Section 21(d)(6) of the Exchange Act.

      Order that Universal and Altomare provide an accounting to the Commission itemizing all monies or anything of value they received, directly or indirectly, from the re-sellers and all other persons or entities who received Universal stock since January 1, 2000 to the present and anything of value received, directly or indirectly by Altomare or any member of his immediate family from Universal since January 1, 2000.

      Order that Altomare be barred from acting as an officer or director of any issuer that has a class of securities registered pursuant to Section 12 of the Exchange Act or that is required to file reports pursuant to Section 15(d) of the Exchange Act, pursuant to Section 20(e) of the Securities Act and Section 21(d)(2) of the Exchange Act and the Court's equitable powers.

      Grant such other relief as this Court may deem just or appropriate.


      You can read about the full complaint here...

      A little putting things in perspective.

      The USXP goings-on in the overall having been a world different than that which SPNG is experiencing.

      Onward and upward.

      • 3 Replies to stoxmagic
      • autistic savant- its apparent in the writing.

      • Then why did they increase the AS to over 3 billion shares? If I had to guess they don't give a crap about their shares or the shareholders. If they were able to dump 2.3 billion shares going off of the last confirmed OS shares of 722 million then they make out big. On top of the products selling, now they have money from the shares they sold and money from the products selling. Am I missing something here or are they just plain crooks. Unfortunately I stuck with 300k shares. GLTA, but Stoxmagic is a moron!

      • It is interesting to note that while the officers of USXP were indeed involved in stock market misdeeds, two seperate court trials by jury awarded the company something like $7 million dollars for naked short selling abuses intended to destroy the company.

        The latest FTD Data released by the SEC today shows MASSIVE FTD for SPNG in early January of this year. One day there were nearly 20% of the entire traded shares FTD. Remembering that FTD only represent the tip of the iceburg, the indications are that possibly a majority of shares trading hands in the last month have been shorted shares. People buying in the days and weeks ahead may be purchasing shares in competition with the nss buying to cover as required by SEC rules. Though the rules are so easily circumvented I make no solid predictions of any MOASS or even a significant buying to cover activity.

        Good luck to all honest investors.

    • danielmont Feb 1, 2010 1:04 AM Flag

      Stox .please speak in plain English, I dont even bother reading your posts anymore, its like its a game to you, I dont have time for that crap man.

      • 1 Reply to danielmont
      • I agree...this crap of speaking in tongues is either fradulent or childish...take your pick...if you cannot speak in plain english on such serious matters as money, then you are better off sticking to your job as resident bard at some antiquated english department...Stox..if you wish to help any longs, please speak in plain and legible english and put aside the mumbo jumbo for a bit...thank you (note the borrowed phrase of gratitude)

    • Stox as always; well done and thanks.

      • 1 Reply to zase_77
      • That is right where you are going to take it; right up the PIKE.

        PIKE was paid by M&M to buy this garbage to make it look like an investment. It is not. PIKE's purchases are driving fools out there to buy this or at least not sell it making it easier for these crooks to dump the stock.

        They are no longer a reporting company and they will add shares all they want. Didn't CMKX dump 800 BILLION into the market under similar circumstances?

    • Stox, I am so tired of people asking me, "How's that SPNG stock doing that you bought?"
      I have to relay all of the "goings on" that sound quite negative with no up to date financials from management.
      Then they shake their head like, "I feel sorry for you."

    • Actually I defended Altomare (USXP) against all of those bashers even when Judge Lynch put him in jail, and that attorney sold all of USXP's assets.
      It was so sad to see a promising company like USXP be shredded to nothing.

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