Los Angeles-based GetFugu, which trades on the over-the-counter bulletin board, said it has secured commitments to receive $10 million in a private placement from institutional investor Hutton International Investments. In an 8-K filed today with the SEC, GetFugu said it can not issue stock right now, so it will consider the investment a debt, which will automatically convert as soon as it’s authorized to do so. Release.
The company has launched an app on the iPhone, Android and some BlackBerry’s. It says users can find results by “Seeing It,” “Saying It” and “Getting It.” It also explains that consumers are asked to submit logos to GetFugu from brands that are important to them. Getfugu will compensate consumers for any brands they bring to Getfugu that become advertisers.