Spongetech Delivery Systems, Inc. (fka SPNGQ)

[CheezBurgers]

GetFugu "Rescinds" [Really??] Investment Transactions With Spongetech Delivery Systems

and Vanity Events Holdings

Question- Does a startup tech company ever refuse investment money?? Maybe they found better terms?? Good, I'd rather SPNG not screw around in anything other than the sponge business

GetFugu Rescinds Investment Transactions With Spongetech Delivery Systems and Vanity Events Holdings

Sep. 24, 2009 (GlobeNewswire) --
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 that it has rescinded the previously announced financing arrangements with Spongetech and Vanity under which they would invest an aggregate of $5,000,000 in GetFugu.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.