SOURCE: FONU2 Inc.

FONU2 Inc.

December 20, 2013 12:07 ET

FONU2's Improving Financial Position Helps Company Pay Off Convertible Note With Asher Enterprises

Company Continues Long Term Strategy to Prevent Unnecessary Stock Dilution

FORT LAUDERDALE, FL--(Marketwired - Dec 20, 2013) - FONU2 (OTCQB: FONU) (OTCBB: FONU) announced today that it has paid an outstanding convertible note with Asher Enterprises of Great Neck, New York.

FONU2 has settled an 8% convertible note bearing a principle amount of $53,000 with Asher Enterprises. The note was initiated on June 25, 2013 and has been paid today. Within the next week, the outstanding amount due under the note would have become convertible into common stock at a specified discount. FONU2's cash payment has rendered the note's installment paid in full prior to the eligibility date to convert the note into common stock.

CEO Robert Lees stated, "We are very pleased to have been able to get this debt satisfied, and we do appreciate Asher Enterprises and are very thankful for their financial assistance with working capital during 2013, it allowed us to get through some difficult short term liquidity issues."

FONU2 management is confident that the short term goal of the BETA launch will also be achieved and would like to extend a special thank you to our shareholders for standing by the company during the development phase of our soon to be launched Social Commerce web-site and mobile app.

About FONU2 Inc.:
FONU2 is a social commerce company that provides a precision mobile sales and marketing platform that functions like an order reservations and booking system. Members via their mobile phones and computers list, buy, sell, and trade services and items locally in any neighborhood, anywhere in the world. Transactions are paid with the FONU2 end-to-end mobile phone payment card system. Visit www.FONU2.com.

This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Contact Information

  • Contact:
    Investor Relations
    Mark Kabbash
    EquityGroups
    646.408.2661