intends to globally brand its Company asAmerica's Cleaning Company(TM)."Safe Harbor Statement"Under The Private Securities Litigation Reform Act of 1995: The statements inthis presentation that relate to the Company's expectations with regard to thefuture impact on the Company's results from new products in development areforward-looking statements within the meaning of the Private SecuritiesLitigation Reform Act of 1995. SpongeTech(R) is currently exploring additionalapplications for its technology in the health, beauty, and medical markets.SpongeTech(R) Delivery Systems, Inc. These sponge-like products utilizeSpongeTech(R)'s proprietary, patent (and patent-pending) technologies andother technologies involving hydrophilic (liquid absorbing) foam, polyurethanematrices or other ingredients. The Company's sponge-like products arepre-loaded with specially formulated ingredients such as soap, conditionerand/or wax that are released when the sponge is soaked and applied to asurface with minimal pressure. Oursponge is not just a sponge, but The Smarter Sponge(TM)." For more information please contact Investor Relations at 1-877- SPONGE T orvisit the company website at: SpongeTech(R) Delivery Systems, Inc.SpongeTech(R) Delivery Systems is a company which designs, produces, andmarkets unique lines of reusable cleaning products for Car Care, Child Care,Home Care and Pet Care usages. The new offices will provide the European, Middle Eastern andAfrican markets with SpongeTech(R)'s unique and innovative reusable cleaningproduct line that currently includes the Car Care, Child Care, Home Care andPet Care sponges."We have existing strong relationships with key European retailers," saidSpongeTech(R)'s COO, Steven Moskowitz. "By committing to a European presence,we are expanding our footprint and leveraging our relationships, resources andexperience to create further success for SpongeTech(R)'s products globally.There is a growing demand for our unique and innovative product line and webelieve that demand will continue to spread through the markets overseas.

The company will open anew office in Switzerland.They will also be opening the Asian Market -updates will be coming soon.Management has determined that having a physical presence in Europe will serveto expedite sales in this market and provide stronger service to our Europeancustomers. America's Cleaning Company(TM), (OTC Bulletin Board: SPNG) is pleased toannounce that the company has expanded its operation into Europe, formingSpongeTech(R) Europe.This expansion is in response to the growing demand forSpongeTech(R)'s products in the European marketplace. SpongeTech(R) Forms SpongeTech(R) EuropeNEW YORK, July 6 /PRNewswire-FirstCall/ -- SpongeTech(R) Delivery Systems,Inc. Nowotny said Austrian banks would see their Tier 1capital ratios drop to just over 5 percent unless they raisedcash. [ID:nL6147440] (Reporting by Boris Groendahl, writing by Marc Jones; editingby David Stamp) Italy. Nowotny, who took the top job at the Austrian central banklast year, also touched on the ongoing worries for hard-hitcentral and eastern European economies.

"We see no substantial risks for (emerging European states)that are members of the European Union; for the others it needsto be viewed differently," he said. "We assume that central and eastern European countries areof course impacted by the current economic downturn, but we alsobelieve that there are signs of stabilisation in some areas." Austria's banks remain highly exposed to the situationhaving lent there heavily during boom years earlier in thedecade. Nowotny said earlier the bank would "participate on asubstantial scale," but declined to comment on how much it wouldspend. "It is mostly divided according to the ECB's capital key,but not only according to it," a spokesman for the Austriancentral bank said. we will look atthe development over the summer and then have a review in theautumn.

It's too early to speculate about further steps,"Nowotny said. CEEU STABILISATION The ECB kicked off the 60 billion euro buy on Monday butmany of the details surrounding the plan remain a mystery. The Austrian central bank backed recent comments fromItalian monetary sources, that the 60 billion total would besplit based on the amount of Eurosystem capital countries have. "A strategy of taking money from the ECB and then putting itback into the deposit facility can only be short-term," he said It is also too early to think about scaling up the ECB's 60billion euro kitty to buy covered bonds "I expect that it will increase credit...