SPNG - Huge potential for long term investors

[Canada]

You have already seen that price has already been dropped huge to today for this stock. So lots of investors are really worried about this stock or even some of them are really frustrated. But trust me, this is a good sign to me. I am following this stock for long time and found the potentiality of this stock. If you go back to couple of months earlier, this stock was little more than a penny stock. Trading between 1 to 5 cents and then starts increasing the price like skyrocket and at one point it reached 28 cents. However as usual it drops quickly. But it got some strong resistance between 10 to 14 cents. Today last trading price was .085. I think this price dropped was necessary to get the big investors involved in this share. I found there was lots of big volume buying last couple of days.
This company has really good vision for future, they have nice products in the market, they are doing profit and their sell is increasing rapidly. Most important is they are planning to be listed in NASDAQ. Since everything is positive, I believe this is the time to buy this stock, it may go little down tomorrow and Thursday, but since then it will bounce back and will go higher. But if you do some research you could easily find that this company is going to be huge within couple of years. So I recommend this is one of the most potential stocks for the long term investors. However day traders and short term investors could make money from this stock too.

Good luck.

[pablohoney]

I believe in this stock also. it has huge potential. cvs and shop-rite have both bought this and people will love to be able to buy just a sponge for all uses, and only need a sponge/water, and use it over and over, very convenient and marketable GLTA!

[Kronborg]

Yep good outlook for this stock, actually just placed an order of 120.706 shares @ 0.1 so just hope it will get filled.

Kronborg

[shivy]

its an ok stock

[xiejiang]

Good news is coming again. Hope walmart deal will come soon

StreetInsider.com - SpongeTech(R) Delivery Systems, Inc. Authorizes Increase in Stock Buyback Program to 150 Million Shares

[pablohoney]

Nice!!! That would be a plus

[rdooski3]

lol. Here you go. The Smarter Sponge™, (OTCBB: SPNG), today announced that its Board of Directors has authorized an increase in its stock repurchase program from 100 million to a maximum of 150 million common shares. As reported in the Company's 3rd Quarter 2009 filing for the period ended February 28, 2009, the Company repurchased 55,824,336 shares of common stock at an average price per share of $0.0308 under its original repurchase program of up to 100 million shares of stock. The repurchase program authorizes management and its affiliates, at its discretion, to repurchase shares from time to time, in the open market or in privately negotiated transactions as permitted by securities laws and other legal requirements, and subject to market conditions and other factors.

Repurchased stock would be returned to SpongeTech®’s Treasury; reducing the number of outstanding shares of the Company stock, thereby decreasing the Company’s overall market cap and reducing the trading float. Management and the Board of Directors feel strongly about the Company and its growth prospects, and believe that an increase in the Company’s repurchase program is justified and prudent in its development as well as enhancing shareholder value.

SpongeTech®’s CEO, Michael Metter stated, “Based on our sell-through rates across our product lines and the success of out marketing campaign, we are anticipating strong growth within the Company this fiscal year. Even at current market price, we feel the stock is very much undervalued and we are committed to support and maintain the fundamental value of our Company’s stock.”

“Today’s action demonstrates the Management and Board of Directors strong confidence in the long term strength of the Company’s cash flow generation as we intend to continue reducing our share structure. We remain focused and committed to building SpongeTech® into a globally recognized Company, therefore enhancing shareholder value,” added SpongeTech®’s COO, Steven Moskowitz.

[ctmoney]

It has over 700 million shares out before this buyback. Does that slow anyone down for investing? Or just make it take that much longer before the rewards start to show up? Also maybe bigger rewards?

[Canada]

I think SPNG is going back to track again. Stock price increased almost 30% in this week. If we receive some good news, we could see another train next week. I love this stock.

[royaltycruises]

The 10K comes out then.