|
|
 | | | |
- close
- close
- close
- close
Spongetech Delivery Systems (SPNG) |
Suggest other news sources for this topic
WIKI ANALYSIS
Spongetech Delivery Systems, Inc. (OTCBB: SPNG) designs, produces, markets, and distributes cleaning products for vehicular, pet cleaning and bath use, utilizing patented technology relating to sponges containing hydrophilic, or liquid absorbing, foam polyurethane matrices and other technologies. The company's products can be pre-loaded with detergents and waxes, which are absorbed in their core then gradually released during use. [1]
The company was incorporated in Delaware in 1999 and the address of the principal executive office is 43 West 33rd Street, Suite 600 New York, New York 10001. [2]
In May 2010, the SEC charged the company with operating a "massive pump-and-dump scheme".[3]
Business Overview
Spongetech Delivery Systems, Inc. designs, produces, markets, and distributes sponge cleaning and waxing products that utilize the company's proprietary, patent (and patent-pending) technologies involving hydrophilic (liquid absorbing) foam and polyurethane matrices.[4]
The Company’s current product line is designed for Car Care and Pet Care. However, SpongeTech is currently exploring additional applications for its technology including an anti-bacterial, kitchen and bath cleaner, as well as a unique ’foaming’ bath sponge for children.[5]
Marketing
Spongetech Delivery Systems, Inc. markets its products in automotive stores, retail stores, home improvement stores, convenience stores, mass markets, catalogs, drug chains, dollar stores and specialty stores. These efforts have resulted in shipments to Kroger, Ace Hardware, LTD, Bashas', Price Chopper and other distributors. In addition, the company participating in numerous local and national trade shows throughout the USA including the AAPEX Auto Show.[6]
Spongetech also expanded its sponsorship of professional sports teams by entering agreements with the New York Islanders[7], the New York Rangers[8], the New York Knicks [9], the New York Mets and the New York Yankees.[10]
On September 18, 2008 Spongetech entered into an agreement with the New York Islanders Hockey Club for the term of the 2008-2009 NHL season. Pursuant to the agreement, the company was granted the right to display advertising at the Nassau Veterans Memorial Coliseum during New York Islanders regular season home games including a :30 second video to air at ten regular season home games and one pair of dasherboard panels during each regular season home games. Spongetech will also sponsor promotions at regular season home games. The company will also receive one :30 second radio spot on each regular season broadcast and will be the presenting sponsor of the "Post Game Radio Show" during the season.
Spongetech entered into an agreement on October 1, 2008, with MSG Media, a division of Madison Square Garden, on behalf of Spongetech Pets, Inc. The term of the agreement commenced on October 1, 2008 and will continue through April 30, 2009. Pursuant to the agreement, the company was granted a license to display certain advertising at Madison Square Garden during New York Rangers home games. Spongetech Pets will receive a total of eighty-two :30 second advertising spots on Rangers Radio including opening and closing broadcast mentions. Spongetech will hold a promotional day at a New York Rangers home game where representatives will hand out a giveaway item to 20,000 fans. MSG Media will promote the giveaway through on-air mentions, in-arena announcements and on the Rangers website.
On October 14, 2008, Spongetech entered into a license agreement with MTV Networks, a division of Viacom International, Inc. ("MTVN"). [13]The agreement granted the company a license to use the name, trademark, and logos, and likeness of characters associated with the MTV Network television series "Dora the Explorer", "Go Diego Go" and "SpongeBob Squarepants", which celebrates its 10th anniversary in 2009.[14] Under the agreement the license may be used for bath sponges and packaging using the 3 trademarks owned by Viacom International, Inc. As per the deal, SpongeTech will bring SpongeBob SquarePants to bathtubs and beaches in the form of soap and sunscreen infused sponges for kids.[15] The term of the agreement commenced on October 1, 2008 and expire on December 31, 2010.[16]
Products
Spongetech Auto Wash & Wax System
Spongetech Delivery System, Inc. uses technology that locks the car wash and car wax into the sponge when it is formed, insuring 8 or more washes and waxes. This same Technology holds the auto wash and car wax in the sponge until it is activated by a combination of adding water and then repeatedly squeezing the sponge to activate the wash and wax. As a result the wash and wax fluids stay inside the sponge and won't run out or dry up in-between uses.[17]
The Auto Wax & Wash System is sold as either 1 Pack Sponge Kit and a 3 Pack Sponge Kit.[18] Both are sold online at Spongetech.com and through licensing partners.
The 3 Pack Sponge Kit for cars comes with:
- An Auto Sponge for washing your car with wash and carnauba wax built in.
- A detail sponge with an all-purpose cleaner and degreaser to clean hubcaps and hard to clean places. Removes the “love bugs” from your car.
- A high-tech chamois to dry your car to a high shine
SpongeTech is gentle enough for all vehicle finishes, yet strong enough to clean the toughest dirt.
Puddle Pals Bath Sponges
Uncle Norman's Pet Sponge
As a season sponsor of the New York Mets, Spongetech Delivery Systems, Inc. had a Pet Sponge Day at Shea Stadium on September 10, 2008.[22]. This wasn't the company's first sponsorship with the New York Mets. On May 13, 2008, SpongeTech sponsored the New York Mets baseball game at Shea Stadium and distributed t-shirts to the first 12,000 kids ages 12 and under.[23]
Technology
Spongetech Delivery System, Inc. bases its products on proprietary technologies involving hydrophilic (liquid absorbing) foam and polyurethane matrices. This allows the company to embed dehydrated active product ingredients including soap and wax right into the sponge, allowing multiple uses of the sponge with the application of water and squeezing.[24]
The Company’s sponges are configured with an outer contact layer and an inner matrix, the latter of which comes pre-loaded with soaps and wax that are released when the sponge is soaked and applied to a surface with minimal pressure.[25]
References
- ↑ 10-Q, 1/14/08
- ↑ EDGAR Online, 2008 Annual Report
- ↑ SEC. (5 May 2010). SEC Charges Spongetech and Senior Executives in Pump-and-Dump Scheme.
- ↑ [1]
- ↑ Spongetech Company Website, About Us
- ↑ Yahoo Finance, News Release
- ↑ 10-Q 1/14/09
- ↑ 10-Q 1/14/09
- ↑ 10-Q 1/14/09
- ↑ Spongetech News Release, 4/9/08
- ↑ Company News Release, Yahoo Finance
- ↑ http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6346743-842-97201&type=sect&dcn=0001144204-09-002030 10-Q 1/14/08]
- ↑ http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6346743-842-97201&type=sect&dcn=0001144204-09-002030 10-Q 1/14/08]
- ↑ Indian Television, Kids Section
- ↑ Indian Television, Kids Section
- ↑ http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6346743-842-97201&type=sect&dcn=0001144204-09-002030 10-Q 1/14/08]
- ↑ ShazamStocks.com, Company Profile
- ↑ ShazamStocks.com, Paid Research Report
- ↑ ShazamStocks.com, Paid Research
- ↑ Spongetech.com Company Website, Pet Care
- ↑ Spongetech.com Company Website, Pet Care
- ↑ Spongetech Company News Release, TradingMarkets.com
- ↑ Company Press Release, Reuters
- ↑ Spongetech.com Company Website, Technology
- ↑ Spongetech.com Company Website, Technology
| |||||||
