SpongeTech(R) Delivery Systems Announces Delay in Filing of Its Form 10-K
Last update: 9/16/2009 7:30:01 AM
NEW YORK, Sep 16, 2009 (BUSINESS WIRE) -- SpongeTech(R) Delivery Systems, Inc. ("SpongeTech") "The Smarter Sponge(TM)", (SPNG) today announced that it requires additional time to file its Annual Report on Form 10-K for the fiscal year ended May 31, 2009.
As previously announced, SpongeTech retained Robison, Hill & Co., a Professional Corporation, following the resignation of Drakeford & Drakeford, LLC on July 16, 2009. Drakeford resigned as a result of the revocation of its registration by the Public Company Accounting Oversight Board ("PCAOB") which occurred on June 16, 2009. The transition to the new auditor has resulted in delays in completing the audit of SpongeTech's financial statements for fiscal 2009, as well as the re-audit of its financial statements for fiscal 2008, which the SEC notified SpongeTech on September 11, 2009 would be required as a result of the revocation of Drakeford's PCAOB registration.
CEO Michael Metter said, "We recognize that our shareholders have been waiting patiently for the filing of the fiscal 2009 Form 10-K. Unfortunately the requirement to re-audit the 2008 financial statements has caused the process to take longer than we expected. We are working with our current independent auditors to file the Form 10-K as quickly as possible."
Last update: 9/16/2009 7:30:01 AM
NEW YORK, Sep 16, 2009 (BUSINESS WIRE) -- SpongeTech(R) Delivery Systems, Inc. ("SpongeTech") "The Smarter Sponge(TM)", (SPNG) today announced that it requires additional time to file its Annual Report on Form 10-K for the fiscal year ended May 31, 2009.
As previously announced, SpongeTech retained Robison, Hill & Co., a Professional Corporation, following the resignation of Drakeford & Drakeford, LLC on July 16, 2009. Drakeford resigned as a result of the revocation of its registration by the Public Company Accounting Oversight Board ("PCAOB") which occurred on June 16, 2009. The transition to the new auditor has resulted in delays in completing the audit of SpongeTech's financial statements for fiscal 2009, as well as the re-audit of its financial statements for fiscal 2008, which the SEC notified SpongeTech on September 11, 2009 would be required as a result of the revocation of Drakeford's PCAOB registration.
CEO Michael Metter said, "We recognize that our shareholders have been waiting patiently for the filing of the fiscal 2009 Form 10-K. Unfortunately the requirement to re-audit the 2008 financial statements has caused the process to take longer than we expected. We are working with our current independent auditors to file the Form 10-K as quickly as possible."
