SOURCE: GetFugu, Inc.

November 09, 2010 06:00 ET

Getfugu Announces Voluntary Filing of Form 15 to Suspend SEC Reporting Obligations

NEW YORK, NY--(Marketwire - November 9, 2010) -  Getfugu, Inc. (OTCBB: 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: www.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 http://www.sec.gov. Except as required by law, the Company undertakes no obligation to update any information.

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