A Delaware court has dismissed “with prejudice” a proxy challenge to control of the board of directors of SmartVideo Technologies, the company said in a statement Monday morning.
SmartVideo (OTCBB: SMVD.OB) said the firm reserves the right to pursue further action against Forte Capital, which brought the challenge.
“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 Bennett, Jr., president and CEO of SmartVideo.
SmartVideo: www.smartvideo.com
