Attached files
| file | filename |
|---|---|
| 8-K - SPONGETECH DELIVERY SYSTEMS INC | v165164_8k.htm |
| EX-10.1 - SPONGETECH DELIVERY SYSTEMS INC | v165164_ex10-1.htm |
| EX-10.2 - SPONGETECH DELIVERY SYSTEMS INC | v165164_ex10-2.htm |
SpongeTech®
Delivery Systems, Inc. and GetFugu, Inc. Reach Amicable Accord
Litigation
Dismissed
NEW YORK,
NY - SpongeTech®
Delivery Systems, Inc. (“SpongeTech”) “The Smarter
Sponge™”, (OTC:
SPNG), provides shareholders an update regarding its dispute with GetFugu, Inc.
(OTCBB: GFGU). Both companies have come to terms on the original
investment of $1,750,000 that was advanced by SpongeTech and its affiliates back
in September. Management of both SpongeTech and GetFugu feel it is in the best
interest of both parties to move forward in good faith for the mutual benefit of
the companies and their respective shareholders. The aforementioned lawsuit will
be dismissed and SpongeTech will proceed with their investment, which
will immediately be converted into shares of GetFugu common
stock.
GetFugu, Inc.
(“GetFugu”), is one of the first technology architect’s 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.
GetFugu's
unique “See It,” vision recognition (ARL) ”Say It,” voice recognition (VRL);
”Find It,” location recognition (GRL); and “Get It,” Hot-Spotting services is
targeted at the growing surge of the world’s population that regularly utilize
mobile phones to search for entertainment, news, sports, shopping, and every
other thing available on the Internet.
Under the
terms agreed to by the parties, SpongeTech will be one of the first companies to
utilize GetFugu’s innovative mobile search platform. GetFugu will point
SpongeTech consumers to the nearest retail location that carries SpongeTech
products based on the GPS functionality available in most mobile phones and/or
be automatically connected to SpongeTech’s corporate internet e-commerce portal
where they can purchase SpongeTech products on-line.
SpongeTech
increased its national marketing and advertising budget this year and has
successfully partnered with numerous NBA, NFL and NHL sports teams which include
NBA teams: Charlotte Bobcats, Cleveland Cavaliers and New York Knicks, NHL
teams: Chicago Blackhawks and New York Rangers and eight NFL teams for the
2009 season. The Company has grown its impressive sports sponsorship
portfolio, previously leveraging Major League Baseball teams, the World Football
Challenge, the US Open and professional boxing.
"We are
pleased that we can move forward with GetFugu and see their platform in action,"
commented COO of SpongeTech, Steven Moskowitz. “Our marketing strategy has
placed the SpongeTech brand name in various sporting venues across the U.S. and
we believe GetFugu will increase the excitement in our brand and help bring our
brand to the next level.”
The
following video, http://spongetech.getfugu.com,
demonstrates how a consumer seeing a SpongeTech TV ad utilizes the GetFugu
platform to purchase a SpongeTech product. SpongeTech: See It, Say It, Find It,
Get It!
About
SpongeTech® Delivery Systems, Inc.
SpongeTech
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'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 is
currently exploring additional applications for its technology in the health,
beauty, and medical markets. SpongeTech Delivery Systems, Inc. intends to
globally brand its products as The Smarter Sponge™ .
For more
information, please visit the Company’s website at: www.spongetechinc.com
Safe Harbor
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 Third quarter
ended February 28, 2009. 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®
Delivery Systems, Inc.
Investor
Relations
info@spongetech.com
1-877-776-6438