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SpongeTech Delivery Systems, Inc. (SPNG: Summary, Messages, Articles), a development stage company, which designs, produces, and markets a unique line of reusable cleaning patented and patent-pending products that utilize hydrophilic (liquid absorbing) foam and polyurethane matrices, recently announced that the company’s president and chief executive officer, Michael Metter, appeared on Steve Crowley’s American Scene Radio Show earlier this week.

Mr. Metter stated, “We are taking steps to really expand our business. Things that we have been working on over the last year are starting to come to fruition.” The company also announced its financial results for the first the first quarter ended August 31, 2008. SpongeTech’s first quarter revenues totaled $5.54 million, a significant increase from $64,000 in revenues during the same period in 2007.

Commenting on the financial results, Mr. Metter, stated, “During this first quarter, we produced as much revenues as we did in all of 2007. We earned a little over $1 million and are planning for immense growth with $35 million to $40 million this year.” Steve Crowley, the radio host, commented, “I am a CPA, and I have never seen a company become this profitable so fast out of the box. This company has a very strong balance sheet and income statement. The success that this company is having with orders, re-orders, revenue growth and profitability will blow you away.”

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