LOS ANGELES, USA: GetFugu Inc., the revolutionary new method of accessing the Internet through mobile phones, today entered into an agreement to receive up to $10,000,000 in funding through a private placement transaction with institutional investor Hutton International Investments Ltd.
“Our ability to obtain a significant capital commitment on favorable terms during a tough economy is a testament to the quality of our product and service offering and the strength of our team,” stated Michael Jay Solomon, Chairman of GetFugu.
“We are excited about our cross-platform launch, and confident GetFugu will transform the mobile search space. We look forward to helping consumers and content providers fully realize the advantages of our application.”
“Implementation of the GetFugu application will be one of the most important mobile search technology initiatives of the coming decade,” commented Wan-Chun Huang, Managing Director of Hutton. “GetFugu has emerged as one of the Mobile Vision Recognition pioneers and our investment will help them recognize their full potential.”
The Company may issue one or more tranches of 10% redeemable convertible perpetual preferred stock, or debentures convertible into such preferred stock, subject to the terms and conditions set forth in the securities purchase agreement.
The securities are not registered under the Securities Act of 1933, as amended, or any state securities laws, and were issued pursuant to Section 4(2) of the Securities Act, as a transaction not involving a public offering.