NEW YORK, April 23 /PRNewswire-FirstCall/ -- SpongeTech(R) Delivery Systems, Inc. America's Cleaning Company(TM), (OTC Bulletin Board: SPNG), is pleased to announce that the Company has signed a Letter of Intent ("LOI") with a bank credit facility for a $5 Million accounts receivable financing. As proposed, the financing would provide the Company with accelerated liquidity for working capital based on the amount of SpongeTech(R)'s qualified accounts receivable and inventory. Final execution of a definitive agreement with regards to the credit facility is subject to completion of due diligence and negotiation of definitive loan documentation, among other things.

"We are pleased to have received this financing proposal at this stage of our growth," said SpongeTech(R)'s COO, Steven Moskowitz. "This LOI validates our growth plan to expand our product line and distribution and we expect to close on this agreement within the next 30 days."

For more information, please contact Investor Relations at 1-877-SPONGE-T, and/or visit the Company's website at: www.spongetech.com

About SpongeTech(R) Delivery Systems, Inc.

SpongeTech(R) 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(R)'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(R) is currently exploring additional applications for its technology in the health, beauty, and medical markets. SpongeTech(R) Delivery Systems, Inc. intends to globally brand its Company as America's Cleaning Company(TM).

SafeHarbor 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 second quarter ended November 31, 2008. 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.

    Contact:

    SpongeTech(R) Delivery Systems, Inc.
    Investor Relations:
    Bill Young, 1-877-776-6438
    wayoung55@aol.com or info@spongetech.com

SOURCE SpongeTech Delivery Systems, Inc.