Investors ditch troubled SmartVideo

Shares of SmartVideo Technologies Inc. tanked after the company said it was seeking an infusion of cash.
SmartVideo, which operates under the brand uVuMobile, is hoping to find “additional capital to fund the roll-out of new products and applications” for its Mobilecasting offering, which was unveiled last month. Mobilecasting is a multimedia wireless platform that includes instant messaging, m-commerce and audio and video; SmartVideo hopes to use the technology to deploy streaming music services and other offerings.
The company also offers a video broadcast service for smartphone users that includes content from ABC, Discovery Mobile, NBC Universal and Fox Sports.
“The board believes that it is in the best interest of all stockholders to undertake the exploration of these strategic options,” said Glenn Singer, SmartVideo’s chairman. “Although the company is still in the course of reviewing these options, it is a very important decision and one that is necessary to enable us to take full advantage of the capabilities of our unique technology platform.”
Shares of the company, which are traded on the Over the Counter Bulletin Board, fell more than 24 percent on the news, losing 10 cents to 31 cents a share.