Mid-Day Update - SPNG

SPNG - This stock has seen some steady accumulation, coupled with a press release onslaught typical of a company looking for an increase in their stock price for fund raising purposes. Volume has been impressive and as the interest in this stock peaks look for the selling pressure to slowly drag the price of this stock down.

For now this stock is an excellent one or two day play, certainly not a long term hold. Trade it accordingly.

A copy of their latest release is below

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SpongeTech(R) Delivery Systems, Inc. Clarification of Yesterday's $7,500,000 Order of Uncle Norman's(TM) Pet SpongePR Newswire "US Press Releases "
NEW YORK, April 30 /PRNewswire-FirstCall/ -- ...CLARIFICATION OF YESTERDAY'S PRESS RELEASE SpongeTech(R) Delivery Systems, Inc. (OTC Bulletin Board: SPNG) On Tuesday, April 29, SpongeTech announced a new order for Uncle Norman's(TM) Pet Sponge, SpongeTech(R) has received a signed purchase order, along with a letter of credit, from the buyer. The total amount of product purchased by the buyer exceeds $7,500,000. We have begun production with shipping to begin in July 2008.
SpongeTech(R)'s customer is a well-known and established Media Marketing Company with many products now sold through television infomercial marketing. The Uncle Norman's(TM) Pet Sponge will be added to their growing list of products. For contractual, as well as marketing reasons, we have agreed not to disclose their identity of our customers. This is a normal business procedure in the Media Marketing industry.
SpongeTech(R) COO Mr. Moskowitz said, "Our contract with the buyer stipulates that it is the client's obligation to pay for all media and marketing costs. SpongeTech(R)'s obligation is to simply supply our products on a timely basis. I hope this clears up any questions concerning yesterday's release."
The new Uncle Norman's(TM) Pet Sponge can be pre-ordered through the website www.spongetech.com .
For more information please contact Investor Relations at 1- 877- SPONGE T and ask for Bill Young or visit the company website at: www.spongetech.com .
About SpongeTech(R) Delivery Systems, Inc.
SpongeTech(R) Delivery Systems, Inc. is a development stage company, which designs, produces, and markets a unique line of reusable cleaning products for the automotive aftermarket parts industry. These sponge-based products utilize SpongeTech(R)'s proprietary, patent (and patent-pending) technologies involving hydrophilic (liquid absorbing) foam and polyurethane matrices. The Company's sponges are specially configured with an outer contact layer and an inner matrix, the latter of which comes pre-loaded with specially formulated soaps and wax that are released when the sponge is wetted and applied to a surface with minimal pressure. The Company's primary product line has been designed specifically for automotive/vehicle applications, however, SpongeTech(R) 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.
"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.