NEW YORK (Oct. 2, 2009)—Polyurethane sponge maker SpongeTech said it has sued a mobile-based Web search and e-commerce technology company in federal court to recover $1.75 million.
SpongeTech said it had advanced the amount to GetFugu Inc. in anticipation of entering into an investment agreement. However, GetFugu in late September told SpongeTech it couldn't replay the $1.75 million and is seeking alternate financing to reimburse the company, according to the complaint.
The suit was filed in U.S. District Court for the Southern District of New York.