SpongeTech Delivery Systems, Inc. (OTC:SPNG) had come to a solution with their dispute with GetFugu, Inc. (OTCBB: GFGU). The companies have come to terms on the original investment of 1,750,000 that was advanced by SpongeTech and their affiliates back in September. Both companies 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 previously announced lawsuit will be dismissed and SpongeTech will proceed with their investment. The investment is to be converted into shares of GetFugu stock immediately.
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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) .
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