Spongetech Delivery Systems, Inc. (fka SPNGQ)

[puppydotcom]

do you or anyone see the words RME in this PR? In fact it points out " Investment banking firm, Cresta Capital Strategies LLC, was the advisor on the transaction. " was involved ...
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NEW YORK–(BUSINESS WIRE)– SpongeTech® Delivery Systems, Inc. (”SpongeTech”) “The Smarter Sponge™”, (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

About SpongeTech® Delivery Systems, Inc.

SpongeTech® Delivery Systems is a company that 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 involving hydrophilic (liquid absorbing) foam, polyurethane matrices or other ingredients. The Company’s 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 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™.

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.