Pending resolution of a proxy fight, SmartVideo technologies (OTCBB: SMVD.OB) has lined up $8 million in financing from two Florida entrepreneurs.
According to SmartVideo, Glenn Singer and Michael Criden have committed $8 million to be invested in the firm. Some 10.7 million shares of preferred SmartVideo stock and five-year warrants would be involved.
The first $4 million will be released to the company once the proxy fight with Forte Capital Partners is settled in a Delaware court, SmartVideo said.
SmartVideo: www.smartvideo.com
