it's almost back already :shrug: now I can go shopping :mj07:
Form 8-K for SPONGETECH DELIVERY SYSTEMS INC
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3-Dec-2009
Entry into a Material Definitive Agreement, Financial Statements
Item 1.01 Entry Into a Material Definitive Agreement
Effective as of November 14, 2009 (the "Effective Date"), SpongeTech Delivery Systems, Inc. ("SpongeTech") entered into a license agreement (the "Agreement") with Marvel Characters B.V., a wholly owned subsidiary of Marvel Entertainment, Inc. (formerly known as Marvel Enterprises, Inc.) ("Marvel"). Although, the Agreement was effective on November 14, 2009, Spongetech only received the countersigned agreement on December 2, 2009. Pursuant to the Agreement, SpongeTech was granted a non-exclusive license to use the Marvel Spider-Man and Marvel Super Hero Squad characters in the manufacture, promotion, sale and distribution of sponges for SpongeTech's child care bath sponge line in the United States, its territories, and Canada. The term of the license commenced on the Effective Date of the Agreement and expires on December 31, 2011, unless earlier terminated upon the terms and conditions set forth in the Agreement. All intellectual property rights related to the characters remain the property of Marvel.
SpongeTech agreed to pay the following royalties to Marvel under the Agreement:
(1) 12% of Net Sales (as such term is defined in the Agreement) of sales directly to customers, and in connection with all distributions; and (2) an additional 4% added to the royalty rates if the Licensed Articles (as defined in the Agreement) are sold F.O.B. In addition, SpongeTech agreed to a minimum royalty guarantee of $80,000 (allocated at $72,000 for the U.S. and its territories, and $8,000 for Canada), payable as follows: (1) $28,000 advance, which was paid by SpongeTech upon execution of the Agreement; (2) $26,000 payable on or before each of July 1, 2010 and January 1, 2011. These advances will offset actual royalties owed. In the event that the minimum royalty guarantees are not paid, Marvel has the right to terminate the Agreement. Marvel also has other rights to terminate the Agreement as set forth therein.
SpongeTech also agreed to purchase a banner advertisement on Marvel's website, and to contribute certain funds to Marvel's Common Marketing, Brand Equity, and Participation Fund.
The foregoing summary of the agreements and transactions described in above is qualified in its entirety by reference to the definitive transaction document, a copy of which are attached as exhibits to the this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description
10.1 License Agreement by and between Marvel Characters B.V.
and SpongeTech Delivery Systems, Inc
Holiday Stocking Stuffer" Promotion Announced by SpongeTech(R) Delivery Systems, Inc. Thursday December 03, 2009 12:30:02 EST
NEW YORK, Dec 03, 2009 (BUSINESS WIRE) --
SpongeTech(R) Delivery Systems, Inc. ("SpongeTech") "The Smarter Sponge(TM)", (OTC:SPNG) today announced a "Holiday Stocking Stuffer" online promotion for the holiday season. SpongeTech is offering "FREE" gift wrap, shipping and handling for every eligible order received by December 31, 2009 on the Company's e-commerce site, www.spongetech.com.
Consumers need to purchase at least two (2) single products listed for the "Stocking Stuffer" promotion with a double asterisk ** beside the single product (combination packs excluded from the promotion) to receive the "Stocking Stuffer" special. In addition, the consumer will receive 10% off of this order and 10% off on the next online order. For those who purchase five (5) or more single items, the consumer will receive a total of 15% off of this order and a total of 15% off on the next online order. The coupon codes are posted on the website. This offer only applies to single product purchases in a quantity greater than 2 single items. This "Stocking Stuffer" offer is only effective for online sales from our site, www.spongetech.com, received by December 31, 2009.
SpongeTech's products are a "one-step" product with multiple usages that
save you time and is affordable. The exceptional hydrophilic foam product is patented with pre-loaded specially formulated soap, conditioner and/or wax ingredients that are released when the sponge is soaked and applied to a surface with minimal pressure. Self-cleaning and inhibiting the growth of bacteria, these sponges are earth-friendly and recyclable and fun for everyone in the family! Perfect as a holiday stocking stuffer gift for friends and family.
To receive the "Holiday Stocking Stuffer" promotion, please visit SpongeTech's site at: www.spongetech.com.
About SpongeTech(R) Delivery Systems, Inc.
SpongeTech Delivery Systems is a company which designs, produces, and markets unique lines of reusable cleaning products for Car Care, Child Care, Home Care and Pet Care usages. These sponge-like products utilize SpongeTech's proprietary, patent (and patent-pending) technologies and other technologies involving hydrophilic (liquid absorbing) foam, polyurethane matrices or other ingredients. The Company's sponge-like products are pre-loaded with specially formulated ingredients such as soap, conditioner and/or wax that are released when the sponge is soaked and applied to a surface with minimal pressure. SpongeTech is currently exploring additional applications for its technology in the health, beauty, and medical markets. SpongeTech Delivery Systems, Inc. intends to globally brand its products as The Smarter Sponge(TM) .
For more information, please visit the Company's website at: www.spongetechinc.com
Safe Harbor Statement
Under The Private Securities Litigation Reform Act of 1995: The statements in this presentation 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 May 31, 2008, the Company's Quarterly Report on Form 10-QSB for the Third quarter ended February 28, 2009. 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.
SOURCE: SpongeTech(R) Delivery Systems, Inc.
SpongeTech(R) Delivery Systems, Inc.
Investor Relations, 877-776-6438
info@spongetechs.com
Been doing very well with my TD Ameritrade account right now but I went to go buy a stock mid day today. What do you know, it drops like a fuckin rock and I lose $416 on the day. Oh well, I've made 10x that this month trading stocks but it still pissed me off. Jobs report better be better than expected tomorrow. If people are just "somewhat satisfied" with it, market will rally.
kurby kurby
kneifl
Been doing very well with my TD Ameritrade account right now but I went to go buy a stock mid day today. What do you know, it drops like a fuckin rock and I lose $416 on the day. Oh well, I've made 10x that this month trading stocks but it still pissed me off. Jobs report better be better than expected tomorrow. If people are just "somewhat satisfied" with it, market will rally.
kurby kurby
kneifl
Jack,
Did you guys dump that Lear stock way back when?????
A year later, it sits at $63 a share!
Your $7,000 12 months ago, would be worth $378,000 right now.
:0corn
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