Warren Buffet Wants To Know:
"Who The Hell Is Micheal Metter And How Did I Get Involved With This Penny Stock Promoter Who Is Selling Sponges"
Recently Greenwich Radio Station Owner Michael Metter Has Been In The News.
PLEASE SEE:
02/03/10 GREENWICH DEADBEAT REPORT: The Wanna Be Voice Of Greenwich, WGCH Owner Michael Metter, Can't Pay His Advertising Bills (Updated With Video)
The Greenwich Roundup Story Was About A Local Stock Promoter And Radio Station Owner Michael Metter.
In the business of stock promotion, an entity – such as a marketing company – will contact a stock promoter to promote a particular company – with the expectation that new investors will be attracted to the company, thereby driving the price of the stock up.
Stock promoters, like Michael Metter, are usually compensated with shares of common stock or with cash for their promotional services.
As excited investors enter into the marketplace for a promoted stock, the price of the stock will eventually reach a particular level, sometimes more than 100% increase than the price at time of promotion.
At that point, large shareholders – which may have acquired shares at much lower prices – will decide sell their shares in the open market. As a result, the large shareholders – which may include the original entity itself – will take fairly large profits nicely from the increase in stock price.
Quite simply stock promoters, like Michael Metter, are salesmen – their job is to sell their audience on a product or service at the highest price they can receive. Stock promoters and salesman both present only one point of view – and generally do not offer objective, balanced information to potential investors.
Several Greenwich Roundup Readers Have Passed On Tips About SpongeTech's Background
SpongeTech formed on June 18, 1999, under the name Romantic Scents, Inc. On June 12, 2001, Romantic Scents, Inc. changed its name to RSI Enterprises, Inc., and, on October 2, 2002, changed its name to Spongetech International Ltd. On July 15, 2002, Then they entered into a stock purchase agreement with Nexgen Acquisitions VIII, Inc., a blank check company.
A blank check company is a development stage company that has no specific business plan or purpose or has indicated its business plan is to engage in a merger or acquisition with an unidentified company or companies, other entity, or person. These very small companies typically involve speculative investments and often fall within the SEC’s definition of "penny stocks"
The sole stockholder, RM Enterprises International, Inc. received 12,000,000 shares of Nexgen Acquisitions VIII, Inc. and thereby became its majority stockholder.
However, one point of concern with RM Enterprises is the management and ownership – WGCH And Business Talk Radio Network Owner Michael Metter.
The RM Enterprises International, Inc transaction was accounted for as a reverse acquisition using the purchase method of accounting, whereby RM Enterprises International, Inc., Spongetech's sole shareholder, retained approximately 63% of the outstanding common stock.
Thereafter, on October 9, 2002, Nexgen Acquisitions VIII, Inc. changed its name to Spongetech Delivery Systems, Inc.
On December 16, 2002, Micheal Metter changed SpongeTech's domicile to Delaware.
Big Shot Greenwich Investor, Micheal Metter, Once Again Has Trouble Paying His Bills
On March 1, 2004, Sponge Tech's Certificate of Incorporation was voided by the State of Delaware for non-payment of franchise taxes in the amount of $114.40, including interest, fees and penalties for 2002 and $164.49, including taxes, fees and penalties for 2003.
On June 27, 2005, a Certificate for Renewal and Revival of our Certificate of Incorporation (the "Certificate") was filed with the State of Delaware.
Warren Buffett Gets Involved With Greenwich Stock Promoter Michael Metter.
SpongeTech entered into a license agreement on July 1, 2001 for patented technology H.H. Brown Shoe Technologies, Inc., Greenwich, Connecticut (d/b/a Dicon Technologies), a majority-owned subsidiary of Warren Buffet's Berkshire Hathaway, Inc. which owns the patent rights.
The WGCH Radio Station Owner Claims To Have An Oral Agreement With The "Oracle of Omaha"
The SpongeTech license applies to the cleaning and polishing of land, sea and air transportation vehicles. However, Greenwich Stock Promoter, Michael Metter, claims to have an oral understanding but no written agreements with Warren Buffett's company that would permit SpongeTech to develop products using the same sponge technology in other areas, including household cleaning and personal care.
The license agreement mandates that Spongetech purchase it's hydrophilic sponge products from The Warren Buffet Owned Dicon unless Dicon ceases its business operations.
Metter Begins To Take Buffett For A Ride
On January 31, 2006, Spongetech's license agreement was amended. Pursuant to the terms of the amendment, SpongeTech the right to (i) enter into arrangements or agreements with third parties to use third parties' logos, name, slogans and/or marks on our products for advertising, promotion, manufacture, distribution and sale and (ii) sublicense SpongeTech's rights pursuant
In addition, SpongeTech agreed to grant to Dicon the exclusive right to manufacture any products ordered as a result of any agreements with third parties to use third parties' logos, name, slogans and/or marks on our products for advertising, promotion, manufacture, distribution and sale.
Warren Buffett's Company Agrees To Sell Metter A Million Sponges A Year
On July 1, 2001, SpongeTech entered into an exclusive worldwide supply and requirements agreement with The Warren Buffett Owned Dicon under which Spongetech agreed to purchase from Dicon certain minimum quantities of SongeTech sponges as follows:
1st annual period 250,000
2nd annual period 500,000
and each succeeding annual period 1,000,000
Buffett's company Set The Wholesale Sponge Tech Prices At
50,000 to 100,000 $.817 per sponge
100,000 to 250,000 $.795 per sponge
Over 250,000 $.778 per sponge
But Greenwich Hustler Micheal Metter Can't Sell All Of Those Sponges That Warren Buffet Is Manufacturing And Selling For 77 Cents OR Warren Buffett Is Making Money Of Spongetech's Failure To Sell Sponges
In the event the minimum quantities were not ordered , Sponge Tech had to pay Warren Buffett's Company liquidated damages of $.20 per sponge for the deficiency.
SpongeTech ordered in 75,000 sponges in the first year.
In the second year of the contract SpongeTech ordered 229,000 sponges.
In The Third Year Sponge Tech Ordered 0 sponges from Warren Buffett
Spongetech therefore did not order the minimum quantity for the term of the agreement and in December 2003, Spongetech paid $1,894.51 to Warren Buffett's company for any and all missed requirements.
Between July 1, 2004 and July 1, 2006 Spongetech purchased 908 sponges from Warren Buffet.
Greenwich Stock Promoter Micheal Metter Ramps Up His Sales And Marketing Plan, So That He Can Get Rid Of All Those Sponges He Is Buying From Warren Buffet
In February 2004, Spongetech inaugurated a website, www.spongetech.com, to sell it's vehicular cleaning kit directly to the public. The first Two Years, Spongetech have sold approximately 509 kits for aggregate sales price of approximately $4,835.
Spongetech had to pay the website hosting company, Harbor Enterprises, a 20% royalty from the sales price on all Internet sales.
SpongeTech did not enter into a contract with Harbor Enterprises.
Either party may terminate the relationship at any time.
Here Are Some Of Michael Metter's Big Bussiness Deals That Have Helped Him Promote The Spongetech Stock
On July 18, 2005, Spongetech entered into an ORAL agreement with Lidel Fitzmaurice, Inc., a sales group that targets sales from Virginia to Vermont with eleven sales representatives.
The sales representatives will receive seven (7%) of net sales which they generate
Spongetech received orders in the approximate amount of $14,625 from the efforts of Lidel Fitzmaurice, Inc., which orders were filled in June and July 2006.
On January 27, 2006 Spongetech entered into another ORAL agreement with Bill Perry & Associates, a sales group with 9 sales representatives that will target their sales efforts to Georgia, Tennessee, Alabama, Mississippi, Florida, North Carolina, South Carolina and Virginia.
On February 22, 2006, we entered into a third ORAL agreement with Creative Marketing, a sales group with 5 sales representatives who will target their sales efforts to Arizona, California and Nevada.
BIG BUSINESS: How Is The SpongeTech Headquaters Staffed
Spongetech currently employs five people on a part-time basis - Three Of Who Are Micheal Metter And Two Other Imfamous Penny Stock Promoters
There Will Be More Information About Greenwich Penny Stock Promoter And WGCH Radio Station Owner Michael Metter In Future Greenwich Roundup Reports
Efforts To Reach Greenwich Resident Michael Metter For Comment Were Unsuccessful
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