SpongeTech(R) Delivery Systems, Inc. Submits Lawsuit Against GetFugu, Inc.
Thu. October 01, 2009; Posted: 01:03 PM
NEW YORK, Oct 01, 2009 (BUSINESS WIRE) -- SPNGE | Quote | Chart | News | PowerRating -- SpongeTech(R) Delivery Systems, Inc. ("SpongeTech") "The Smarter Sponge(TM)", (OTCBB: SPNGE), today announced that the Company has filed a lawsuit in the United States District Court for the Southern District of New York against GetFugu, Inc. (OTCBB: GFGU). The complaint alleges a breach of contract, breach of fiduciary duty, common law fraud, conversion, willful misconduct and unlawful appropriation of funds by GetFugu and that SpongeTech is seeking to recover funds which were delivered to GetFugu. An aggregate of $1,750,000 had been advanced to GetFugu in anticipation of the entry into a definitive investment agreement.
On September 8, 2009, SpongeTech had announced that it was going to invest $4 million into GetFugu's mobile-based web search and e-commerce technology, and that SpongeTech would be the first company to utilize GetFugu's innovative mobile search platform.
On September 24, 2009, SpongeTech announced the rescission of investment plans in GetFugu and that GetFugu had advised the Company that it currently did not have the funds to repay the $1,750,000 and that it was seeking alternative financing sources to fund a reimbursement.
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