SpongeTech(R) Delivery Systems Takes Steps to Reduce Authorized Common Shares to 300 Million

CEO Michael Metter commented, "This is another significant reduction in SpongeTech's authorized share structure. The actions we have taken demonstrate that we are prudent with the issuance of our stock and committed to making the right decisions for the Company's long-term interests."

COO Steven Moskowitz added, "The reduction illustrates our determination to provide clarity with respect to SpongeTech's capital structure and enhance our stock's desirability for both current and prospective investors. We believe this step, combined with our planned listing on NASDAQ and our many initiatives to expand the company's product portfolio and market penetration, will help elevate SpongeTech's profile and gradually establish our Company as a global player."

SpongeTech's authorized common shares refer to the maximum number of common shares that the Company is permitted to issue. The term outstanding shares refers to the number of shares the Company has issued and are currently held by investors and shareholders. The Company's outstanding shares are the shares that will be subject to the previously announced reverse stock split.

In addition to the 300 million shares of common stock, SpongeTech's post-split authorized capital will include 25 million shares of Class B Stock and 40 million shares of preferred stock.

About SpongeTech(R) Delivery Systems, Inc.

SpongeTech(R) 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(R)'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(R) Delivery Systems, Inc. intends to globally brand its products as The Smarter Sponge(TM).

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.

SOURCE: SpongeTech(R) Delivery Systems, Inc.

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