|By Marketwired .||
|January 10, 2014 02:28 PM EST||
FORT LAUDERDALE, FL -- (Marketwired) -- 01/10/14 -- FONU2 (OTCQB: FONU) (OTCBB: FONU) announced today that CEO Robert Lees invested $100,000 in FONU2. In exchange for these funds Mr. Lees received 2,500,000 shares of FONU2 restricted stock.
The funds were used to mainly to retire debt and to provide working capital to continue the development and launch of FONU2's Social Commerce web-site and mobile app.
In a recent Form 5 filed on December 5th, 2013, Mr. Lees also discloses that during the past year he has acquired an additional 2,747,500 restricted shares of FONU2 stock. A large portion of this was compensation for unpaid salary, the rest was additional investment.
"The company has been focused on developing its Social Commerce platform for some time now and we are quickly approaching our launch date," said Mr. Lees. "The additional investment will help us reach our goal."
About FONU2 Inc.:
FONU2 is a social commerce company that provides a precision mobile sales and marketing platform that functions like an order reservations and booking system. Members via their mobile phones and computers list, buy, sell, and trade services and items locally in any neighborhood, anywhere in the world. Transactions are paid with the FONU2 end-to-end mobile phone payment card system. Visit www.FONU2.com.
This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.