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NEW YORK, Jul 09, 2009 (BUSINESS WIRE) -- SpongeTech(R) Delivery Systems, Inc.,
America's Cleaning Company(TM), (OTCBB: SPNG) is pleased to announce that the
Company has acquired Dicon Technologies ("Dicon"), a company that specializes in
research and development of products derived from hydrophilic urethane
chemistry. The Board of Directors of SpongeTech(R) and Dicon have approved and
completed the transaction. SpongeTech(R) acquired Dicon for $4.45 million in
cash only. The Company has immediately picked up approximately $10 million in
revenues and approximately $1.5 million in pre-tax earning from the acquisition.
Dicon currently sells various products including private label brands for
multiple industries through established channels of distribution in the U.S.,
including traditional food, drug and mass market stores such as CVS, Walgreens,
Kmart and Wal-mart as well as direct sales to large commercial clients; all of
which SpongeTech(R) intends to immediately utilize. In addition to the U.S.
distribution, Dicon currently has distribution in Asia.
"Due to the overwhelming increase in sales and demand for our products, we felt
the best interest for the Company was to acquire Dicon," said SpongeTech(R)'s
CEO, Michael Metter. "The acquisition of Dicon benefits SpongeTech(R) along
multiple parallels. With this acquisition, SpongeTech(R) will obtain the
technology that we have had exclusive rights to utilize in the manufacturing of
our products and enable a more efficient and expeditious R&D process for the
expanding of our product lines. In addition, SpongeTech(R) will acquire all
current and future products within Dicon's portfolio."
"We are energized at the potential unleashed by the union of our two companies,"
commented SpongeTech(R)'s COO, Steven Moskowitz. "The growth of the Company has
given us the ability to acquire Dicon without dilution. We believe that this
acquisition places SpongeTech(R) in an excellent position to maximize the value
of our Company and its future."
Established in 1975, Dicon Technologies has been researching, developing and
producing some of the most innovative and successful products for multiple
industries including agriculture, cosmetic, household and medical. Today, Dicon
is recognized as an innovator in product development, setting new standards and
creating products with far-reaching implications throughout these industries.
Headquartered in Black Creek, Georgia, Dicon operates a new, state-of-the-art
30,000 sq. ft. research and manufacturing facility where over 65 researchers,
product development and manufacturing personnel work on multiple, current, and
future products.
Dicon's President, Wayne Celia, comments, "We have always strived to create
products that are not only technologically advanced but provide the end user
benefits unforeseen in previous products in the marketplace. Teaming up with
SpongeTech(R) is the perfect solution to providing a strong portfolio of
innovative products that management believes will blow the marketplace out of
the water."
Details to the acquisition of Dicon Technologies will be in the Company's Form
8-K filing at sec.gov/.
For more information, please contact Investor Relations at 1-877-SPONGE-T,
and/or visit the Company's website at: www.spongetech.com.
America's Cleaning Company(TM), (OTCBB: SPNG) is pleased to announce that the
Company has acquired Dicon Technologies ("Dicon"), a company that specializes in
research and development of products derived from hydrophilic urethane
chemistry. The Board of Directors of SpongeTech(R) and Dicon have approved and
completed the transaction. SpongeTech(R) acquired Dicon for $4.45 million in
cash only. The Company has immediately picked up approximately $10 million in
revenues and approximately $1.5 million in pre-tax earning from the acquisition.
Dicon currently sells various products including private label brands for
multiple industries through established channels of distribution in the U.S.,
including traditional food, drug and mass market stores such as CVS, Walgreens,
Kmart and Wal-mart as well as direct sales to large commercial clients; all of
which SpongeTech(R) intends to immediately utilize. In addition to the U.S.
distribution, Dicon currently has distribution in Asia.
"Due to the overwhelming increase in sales and demand for our products, we felt
the best interest for the Company was to acquire Dicon," said SpongeTech(R)'s
CEO, Michael Metter. "The acquisition of Dicon benefits SpongeTech(R) along
multiple parallels. With this acquisition, SpongeTech(R) will obtain the
technology that we have had exclusive rights to utilize in the manufacturing of
our products and enable a more efficient and expeditious R&D process for the
expanding of our product lines. In addition, SpongeTech(R) will acquire all
current and future products within Dicon's portfolio."
"We are energized at the potential unleashed by the union of our two companies,"
commented SpongeTech(R)'s COO, Steven Moskowitz. "The growth of the Company has
given us the ability to acquire Dicon without dilution. We believe that this
acquisition places SpongeTech(R) in an excellent position to maximize the value
of our Company and its future."
Established in 1975, Dicon Technologies has been researching, developing and
producing some of the most innovative and successful products for multiple
industries including agriculture, cosmetic, household and medical. Today, Dicon
is recognized as an innovator in product development, setting new standards and
creating products with far-reaching implications throughout these industries.
Headquartered in Black Creek, Georgia, Dicon operates a new, state-of-the-art
30,000 sq. ft. research and manufacturing facility where over 65 researchers,
product development and manufacturing personnel work on multiple, current, and
future products.
Dicon's President, Wayne Celia, comments, "We have always strived to create
products that are not only technologically advanced but provide the end user
benefits unforeseen in previous products in the marketplace. Teaming up with
SpongeTech(R) is the perfect solution to providing a strong portfolio of
innovative products that management believes will blow the marketplace out of
the water."
Details to the acquisition of Dicon Technologies will be in the Company's Form
8-K filing at sec.gov/.
For more information, please contact Investor Relations at 1-877-SPONGE-T,
and/or visit the Company's website at: www.spongetech.com.
