Getfugu Announces Voluntary Filing of Form 15 to Suspend SEC Reporting
Obligations
NEW YORK, NY, Nov 09, 2010 (MARKETWIRE via COMTEX) -- Getfugu, Inc. (GFGU), the
next generation mobile search tool, announced today the filing of a Form 15 with
the Securities and Exchange Commission (the "SEC"). Getfugu filed the Form 15
with the SEC in order to effect a termination of registration of its common stock
under the Securities and Exchange Act of 1934.
Upon the filing of Form 15, the Company's obligation to file periodic and current
reports with the SEC, including Forms 10-K, 10-Q and 8-K, were immediately
suspended. The Company expects the registration of its common stock will be
terminated 90 days after the filing of Form 15 with the SEC.
The Board had considered many factors in making this decision, including the
following:
--The high cost associated with preparing and filing periodic reports
and other filings with the SEC;
--The demands placed on management to comply with SEC reporting
obligations, which detract them from the time available for overseeing
the Company's operation and growth;
--Ever since the global financial crisis and slow down of the US
economy, the many typical advantages of being a public company are not
currently available to the Company, including access to capital,
trading liquidity and share price stability.
Richard Jenkins, Chief Executive Officer, said, "After careful consideration of
its cost and benefit, the Board of Directors made a necessary decision, and
believe it is in the best interest of Company. The significant management time
and financial resources could be re-directed to improving and growing the
Company's business. This action will allow us to focus our attention and
resources on implementing business strategy and improvement work that helps
building long-term enterprise value to the benefit of the Company and our
shareholders."
Getfugu does not intend to provide current financial information about the
Company going forward.
About Getfugu
Getfugu, Inc.'s revolutionary "See It, Say It, Get It" technology is the first
carrier agnostic, platform agnostic mobile search platform. Getfugu will change
the way people access the web with their mobile phones. It is designed to
facilitate and encourage users by integrating the mobile phone's core strengths
-- image, voice and location recognition -- into a single customizable
application. Additionally, Getfugu offers mobile e-commerce platforms.
For more information on Getfugu, please visit our website at:
getfugu.com
Forward-Looking Statements
Except for statements of historical fact, the matters discussed above are
forward-looking and made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
reflect numerous assumptions and involve a variety of risks and uncertainties,
many of which are beyond the Company's control that may cause actual results to
differ materially from stated expectations. These risk factors include, among
others, limited operating history, intense competition, and difficulty in
developing, exploiting and protecting proprietary technologies; as well as
additional risk factors discussed in the reports filed by the Company with the
Securities and Exchange Commission, which are available on its website at
sec.gov. Except as required by law, the Company undertakes no
obligation to update any information.
Contact:
Getfugu, Inc.
press@getfugu.com
SOURCE: Getfugu, Inc.
mailto:press@getfugu.com |
