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Article Excerpt
SpongeTech[R] Begins Process to Lower Outstanding to Approximately 500 Million Shares
NEW YORK -- SpongeTech[R] Delivery Systems, Inc., "The Smarter Sponge[TM]", (OTCBB: SPNG) is pleased to announce that the Company is taking action to amend its Articles of Incorporation to reduce the number of common shares that the Company has authorized to 900,000,000 (nine hundred million) shares. In addition, the Company has also begun the process to lower its outstanding shares to approximately 500,000,000 (five hundred million) shares.
As reported in the Company's 8-K filing on May 26, 2009, SpongeTech[R] amended its Certificate of Incorporation to increase its authorized common shares from 1,800,000,000 (one billion, eight hundred million) to 2,000,000,000 (two billion). The...
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