LOS ANGELES, Sept. 24, 2009 (GLOBE NEWSWIRE) -- GetFugu, Inc. (OTCBB:GFGU) www.getfugu.com, the revolutionary new method of accessing the Internet through mobile phones, announced today that it has notified Spongetech Delivery Systems, Inc. and Vanity Events Holdings, Ltd. that it has rescinded the previously announced financing arrangements with Spongetech and Vanity under which they would invest an aggregate of $5,000,000 in GetFugu.
To date, GetFugu has received only $1,750,000 of the proposed $5,000,000 from these investment transactions. GetFugu has informed Spongetech and Vanity that it will not accept any further funds and that it will return the amounts received to date, plus accrued interest, as soon as it is able.
About GetFugu
GetFugu, Inc. is the first technology architect to provide a carrier agnostic, platform agnostic mobile search platform. GetFugu will change the way people access the web with their mobile phones. It is designed to encourage use of its applications by simply integrating the mobile phones' core strengths (image recognition, voice recognition, location recognition) into a single customizable application. Additionally, GetFugu offers the only mobile hot-spotting ecommerce platform available worldwide today. The GetFugu platform will be available for 97% of the mobile phones available (over 3.3 billion handsets) worldwide.
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Disclaimer
Some statements contained herein may contain so-called "forward- looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made herein. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a companies' annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and GetFugu undertakes no obligation to update such statements. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities.