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SPNG: Crown Equity Holdings, Inc.: SpongeTech Delivery Systems Announces Reverse Stock Split to Move Closer to NASDAQ Listing.

Sep 08, 2009 (M2 PRESSWIRE via COMTEX) -- Las Vegas CRWENews.com is pleased to announce a stock highlight on SpongeTech Delivery Systems, Inc. ("SpongeTech") "The Smarter Sponge", (OTCBB: SPNG) today September 8, 2009 announced that its Board of Directors has unanimously approved a reverse split of SpongeTech 's issued and outstanding capital stock at a 1-for-100 split ratio.
The reverse stock split, which is expected to take effect on September 22, 2009, subject to receipt of necessary regulatory approvals, has also been approved by the holders of more than a majority of SpongeTech's voting capital stock.

The same 1-for-100 reverse stock split ratio will be used to effect the reverse stock split of SpongeTech 's issued and outstanding common stock, Class B Stock and preferred stock.

Accordingly, all stockholders will be affected proportionately. "This reverse stock split - which we believe will bring our company's Wall Street profile in synch with our business profile - is another important step in the development of SpongeTech," said CEO Michael Metter. "Combined with our recent engagement of Deloitte Touche LLP as our public accountants and our plan to apply for a NASDAQ listing, the reverse stock split demonstrates our commitment to establishing SpongeTech as a world-class company whose capital structure, operations and infrastructure all match the impressive sales growth we are achieving.

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SpongeTech(R) Delivery Systems, Inc. Invests $4 Million in GetFugu, Inc.

SpongeTech(R): See It, Say It, Find It, Get It!
NEW YORK, Sep 08, 2009 (BUSINESS WIRE) -- SpongeTech(R) Delivery Systems, Inc. ("SpongeTech") "The Smarter Sponge(TM)", (OTCBB: SPNG - News) announced today that the Company has agreed to invest $4 million in GetFugu, Inc. ("GetFugu"), a technology company that focuses on developing mobile search tools. The investment is a result of GetFugu's successful customization of its mobile based web search and e-commerce technology specifically designed for SpongeTech. Investment banking firm, Cresta Capital Strategies LLC, was the advisor on the transaction. SpongeTech will be the first company 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 to buy SpongeTech products on-line. The 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.

"SpongeTech expects to be in over 100,000 locations nationwide by the end of the year. Purchases of our products are primarily impulse oriented, driven by our extensive branding and advertising campaigns. As we look to immediately satisfy our customers demand, utilizing the most personal and accessible device available, GetFugu will literally change the way consumers behave," commented COO of SpongeTech, Steven Moskowitz.

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!

"Since SpongeTech derives most of their revenue from television advertising, it makes sense for them to partner with a company they believe could accomplish this breakthrough in technology, which will result in a sales engine never before seen," commented Rich Jenkins, GetFugu's co-founder and head of business development.

GetFugu, Inc. (OTCBB: GFGU.OB) 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. For more information on GetFugu, visit: www.getfugu.com.

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