Spongetech Delivery Systems, Inc. (fka SPNGQ)

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News for 'SPNG' - (SpongeTech(R) Delivery Systems, Inc. and GetFugu, Inc. Reach Amicable Accord Litigation Dismissed)

SPNG News -- SpongeTech(R) Delivery Systems, Inc. and GetFugu, Inc. Reach Amicable Accord Litigation Dismissed.

Friday, November 6, 2009 3:32 PM

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News for 'SPNG' - (SpongeTech(R) Delivery Systems, Inc. and GetFugu, Inc. Reach Amicable Accord Litigation Dismissed)

NEW YORK, Nov 06, 2009 (BUSINESS WIRE) -- SpongeTech(R) Delivery Systems, Inc.
("SpongeTech") "The Smarter Sponge(TM)", (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(R) 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(TM) .

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.

SOURCE: SpongeTech(R) Delivery Systems, Inc.




CONTACT:
SpongeTech(R) Delivery Systems, Inc.
Investor Relations, 1-877-776-6438
[e-mail]




Copyright Business Wire 2009

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KEYWORD: United States

North America

New York

INDUSTRY KEYWORD: Technology

Other Technology

Mobile/Wireless

Manufacturing

Other Manufacturing

Retail

Communications

Advertising

Marketing

Specialty

SUBJECT CODE: Contract/Agreement

Source: Comtext Market News