Monday, November 30, 2009

Carl Freer Comments on $35 Million Loss and Davis-Warnock's Lawsuit

We asked Carl Freer to expand a little bit on the recent 10Q report for GetFugu, Inc, which indicates that the company balances on the brink of bankruptcy. Here is his comment:

"The 2009 losses has to do with the fact that Getfugu is a startup company, and that we chose not to rely on dilutive Venture Capital backing. Its typical and quite normal to book most of the expenses early on instead of amortizing it, because you can then start a clean year with profit (2010). We are moving forward with Getfugu, but there is no reason to pretend that times aren’t challenging. Heck, even Apple struggled at one point when Jobs came back in the 80’s... But we are very confident about our space and what we have to offer. Running a public company is not for the fainthearted...”
And here is his comment to the lawsuit against Carl Freer, and 33 other people/companies brought on by Simon Davis and John Warnock:
“You can sue anyone for anything in this great country... Now they have to make their case, and we will make ours. All the lawyers are telling me we win hands down. Let's see what happens.

In the meantime, I’m continuing to build Getfugu into a growing business addressing a big vacuum in the mobile space."
Didn't you recently file a lawsuit against Simon Davis and John Warnock?
"Yes, we filed suit two months ago, but without all the anonymous 'press releases.' Getfugu v Simon Davis, California Superior Court case no BC42175."
Hans Sandberg

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