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WirelessDevNet.com Press Release
Delaware Chancery Court Dismisses Proxy Solicitation against SmartVideo with Prejudice
ATLANTA-- Nov. 21, 2005 -- SmartVideo Technologies, Inc. (OTCBB: SMVD.OB), announced today that Forte Capital's claim that it obtained sufficient votes to replace the board of directors of SmartVideo was dismissed with prejudice by the Delaware Chancery Court. As a result of this action, Forte Capital has for the second consecutive time lost in its attempt to take control of the Company with its own representatives. Under the court order, SmartVideo has reserved any and all rights to pursue any claims it may have against Forte Capital for damages, attorney's fees and/or costs relating to Forte Capital's claim.
"The Delaware Court's dismissal of Forte's claim that it obtained sufficient shareholder votes to replace the board of directors of SmartVideo and the Court's cancellation of its November 3, 2005 Status Quo Order just days before the case was scheduled to go to trial sent Forte a clear message that they did not have sufficient votes to successfully takeover the Company. Needless to say, I am extremely pleased with this outcome and I look forward to focusing our efforts on the business opportunities at hand and repairing the damage caused by Forte's actions," said Richard E. Bennett, Jr., president and CEO of SmartVideo Technologies, Inc. "We also plan to aggressively pursue all legal remedies at our disposal to recover the damages that SmartVideo and its shareholders have suffered as a result of Forte Capital's actions. I am delighted to put this unfortunate episode behind us and to continue our efforts to build long-term shareholder value without further distractions."
About SmartVideo Technologies, Inc.
SmartVideo Technologies offers the first and best-in-class services for broadcasting live, on-demand and download-and-play television content for mobile video consumers around the world. SmartVideo's television solutions deliver sharp video images with fully synched audio for broadcast to video-enabled cell phones and other handheld devices, via current and next-generation cellular and Wi-Fi systems. SmartVideo's proprietary technologies include a full suite of television content management services for wireless telco carriers as well as content owners, to provide an end-to-end mobile television broadcast and business solution. SmartVideo's robust library of content includes news, weather, sports, children's programming and more, from such leading international brands as ABC News, NBC Universal, Fox Sports, The Weather Channel and dozens of others. SmartVideo's mobile video solutions provide exceptional image quality on all existing 2.5G and Edge cellular networks, and near-broadcast quality on 3G and Wi-Fi networks. SmartVideo is a Microsoft Windows Media(R) 9 Series Certified Hosting Provider. For additional information and to subscribe to SmartVideo's Live TV content packages visit www.smartvideo.com or using your smartphone visit www.windowsmedia.com/mobile.
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