SpongeTech(R) Delivery Systems, Inc. Expands Product Portfolio to Include Dicon Products
3:00p ET August 7, 2009 (Business Wire)
SpongeTech(R) Delivery Systems, Inc. ("SpongeTech") The Smarter Sponge(TM), (OTCBB: SPNG) is pleased to announce that the Company has expanded its portfolio of products to include over 40 additional products with the Company's acquisition of Dicon Technologies ("Dicon") on July 9, 2009. Dicon's product line currently focuses within the cosmetic, footwear, and medical markets.
Dicon's cosmetic product line utilizes a patented, latex-free hydrophilic foam material in a wide variety of sizes and shapes for Dicon's Just For You(R) line as well as several private label brands. Dicon has over 15 products that include applicators, cleansing sponges, buffs, puffs, and wedges for various skin care and cosmetic applications.
Dicon is also an original equipment manufacturer ("OEM") of footwear components and retail replacement insoles called DRYZ IntelliTemp(R). This temperature regulating composite inhibits the growth of odor-causing bacteria and can be found in various footwear brand names including Born(R), Matterhorn(R), Carolina(R), Corcoran(R), Bostonian(R), Timberland(R) and Puma(R).
The unique and patented hydrophilic foam technology is also ideally suited for use as medical bandages, medical wraps, and as liner for casts and braces. This technology is used in Andover Medical Inc.'s CoFlex AFD Absorbent Foam Dressing. This product is applied to both human and animal care markets. Dicon is currently working with key players in the advance wound care market and making great strides in this business segment.
Dicon established channels of distribution in the U.S., including traditional food, drug and mass market stores such as CVS, Walgreens, Kmart, Safeway, Publix, Big Lots and Wal-Mart as well as direct sales to large commercial clients; all of which SpongeTech intends to immediately utilize. In addition to the U.S. distribution, Dicon currently has distribution in Canada and Asia.
"The expansion of the Company's product portfolio will certainly enhance the bottom line and as we look to combine both Dicon's and SpongeTech's distribution channels, we expect to aggressively expand our presence into over 100,000 retail locations by the end of the year," commented SpongeTech's COO, Steven Moskowitz. "Dicon's products provide us the ability to tap into markets SpongeTech has yet to enter and together we have the ability to develop a broad range of product lines that we will bring to the marketplace over the next several years."
Dicon's CEO, Wayne Celia comments, "Our products have been known to be the 'hands down' choice among many end users within the cosmetic, footwear, and medical markets and we will continue to create products that are not only technologically advanced but provide the end user benefits unforeseen in previous products in the marketplace."
For more information, please contact Investor Relations at 1-877-SPONGE-T, and/or visit the Company's website at:
www.spongetech.com.
