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SpongeTech Delivery Systems announces temporary suspension of common stock trading

Posted on: Wed, 07 Oct 2009 08:27:00 EDT

Symbols: SPNGE

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Oct 07, 2009 (M2 EQUITYBITES via COMTEX) --
SPNGE | Quote | Chart | News | PowerRating -- ReusableAcleaning products company SpongeTech Delivery Systems Inc's
(OTCBB:SPNGE.OB) common stock, trading on the OTC Bulletin Board, was
temporarily suspended from trading by the US Securities and Exchange
Commission (SEC) on Monday. The company expects the suspension to end
at 23:59 EDT on 16 October 2009, it said on Tuesday.

SpongeTech expects to file its 2008 financial statements with the SEC
by 16 October 2009.

The SEC suspended the trading due to queries raised about the accuracy
and adequacy of the amount of sales and customer orders received,
investment agreements entered into and revenues of SpongeTech as
reported in its financial statements. Additionally, the SEC noted non
filing of any periodic reports since the Quarterly Report on Form 10-Q
for the period ended 28 February 2009.

The company's press release on 2 October 2009 stated that the delay in
filing its Annual Report on Form 10-K for year ended 31 May 2009 is due
to a change in auditors as the former auditor had its registration
revoked by the PCAOB (Public Company Accounting Oversight Board).
SpongeTech's new financial statements for fiscal 2008 are being
re-audited and the financial statements for fiscal 2009 are being
audited by its new auditing firm, Robison Hill & Co.

Comments on this story may be sent to admin@m2.com

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