The parents of the toddler who was dragged and killed by an alligator at a Disney resort in Florida will not file a case against the company.

Addressing the lawsuit controversy, Matt and Melissa Graves of Nebraska said in a statement that they will not pursue a lawsuit; rather they will focus on a memorial foundation they created in behalf of their son. According to the website, the funds that will be gathered by the foundation would be directly donated to several charitable organizations.

"We know that we can never have Lane back, and therefore, we intend to keep his spirit alive through the Lane Thomas Foundation. It is our hope that through the foundation we will be able to share with others the unimaginable love Lane etched in our hearts," the statement read.

"In addition to the foundation, we will solely be focused on the future health of our family and will not be pursuing a lawsuit against Disney," it added.

The two-year-old Lane Graves was playing in a lagoon at Disney's Grand Floridian Resort & Spa when he was snatched by an alligator. His father tried to retrieve the boy from the gator's mouth but was unsuccessful.

After the grueling search that lasted almost 15 hours, divers of Orange County Sheriff found Lane's remains at Seven Seas Lagoon, 15 feet from where he was dragged by the gator. According to The New York Times, the divers found the body of the toddler about six feet below the murky waters.

A complete autopsy revealed Lane died as a result of "drowning and traumatic injuries." Several punctures were found on the boy's body.

Meanwhile, the Florida Fish and Wildlife Conservation Commission said the alligator responsible for Lane's death has been caught.

Orange County Sheriff Jerry Demings said it might have been the first time an incident like that occurred in the Disney property. Following the attack, Walt Disney World added signboards warning visitors about alligators to promote safety within the vicinity.