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Thanks for your well thought out comments, cmos. And I apologize for not including the link in the original posting!

http://itunes.apple.com/WebObjects/MZStore.woa/wa/viewSoftwa...

Location based chat is a feature, not a company (let alone an app). Eventually, location features will be integrated into regular sms, mms, facebook, whatever and they will wipe your clock. Just think about paid email vs. gmail or quicksilver vs. spotlight, list is long.

Do contract work to float yourself. And charge for your app. Integrate with Twitter, Facebook chat, etc. OK, I'm done my rant, sorry.

Can somebody who can actually click on iTunes links where they are tell me what this thing is?

If you've built a successful iPhone application, you're a marketable contracting operation. Stop talking about getting funding.

It appears to be a chat application.

Which naturally raises the question: "Doesn't the iPhone already have a perfectly usable chat application built in?"

Correct: we are a chat message application. You can find friends and exchange messages with online/offline users based on location-based proximity. Offline messaging is available in the next iteration, v.1.2.

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