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      Video Technologies, Inc.</font></div>
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      wholly-owned subsidiary of the Company, Richard E. Bennett, Jr., Robert J.
      Walters and William R. Dunavant entered into an agreement, pursuant to which
      each of Messrs. Bennett, Walters and Dunavant forfeited their right to receive
      305,555 shares of the Company&#8217;s common stock which they were entitled to receive
      pursuant to the terms of that certain Amended and Restated Stock Exchange
      Agreement (&#8220;Stock Exchange Agreement&#8221;) dated as of November 19, 2002 among
      Armagh Group Inc., a predecessor to the Company, OVT, Inc., and Messrs. Bennett,
      Walters and Dunavant. In exchange for forfeiting the 916,665 shares of the
      Company&#8217;s common stock, waiving their rights to rescind the transaction set
      forth in the Stock Exchange Agreement and in consideration of the effort that
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              <td style="width: 36pt;">&#160;<font size="2">(c)</font></td>
              <td>&#160;<font size="2">Exhibits.</font></td>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
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                  E.
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                  herein by reference to Exhibit 10.13 to Post Effective Amendment
                  No. 3 to
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                  Securities
                  and Exchange Commission on April 19,
                  2006).</font></div>
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    <div>&#160;</div>
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      <div>&#160;</div>
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      to the requirements of the Securities Exchange Act of 1934, the registrant
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      duly authorized. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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          <tr bgcolor="white">
            <td width="50%">&#160;</td>
            <td width="50%">&#160;<font size="2">SMARTVIDEO TECHNOLOGIES,
              INC.</font></td>
          </tr>
          <tr bgcolor="white">
            <td width="50%">&#160;</td>
            <td width="50%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="50%">&#160;</td>
            <td width="50%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="50%">&#160;</td>
            <td width="50%">&#160;<font size="2">By: <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
              Richard E. Bennett,
              Jr.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
              </u></font></font></td>
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            <td width="50%">&#160;</td>
            <td width="50%">&#160;<font size="2">Name: Richard E. Bennett,
              Jr.</font></td>
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          <tr bgcolor="white">
            <td width="50%">&#160;</td>
            <td width="50%">&#160;<font size="2">Title: Chief Executive
              Officer</font></td>
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      </table>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
      April 20, 2006</font></div>
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{"company-data": {"conformed-name": "SMART VIDEO TECHNOLOGIES INC", "cik": "0001089525", "assigned-sic": "7389", "irs-number": "911962104", "fiscal-year-end": "1204"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26809", "film-number": "06769529"}, "business-address": {"street1": "3505 KOGER BOULEVARD", "street2": "SUITE 400", "city": "DELUTH", "state": "GA", "zip": "30093", "phone": "7072793100"}, "mail-address": {"street1": "3505 KOGER BOULEVARD", "street2": "SUITE 400", "city": "DELUTH", "state": "GA", "zip": "30093"}, "former-company": [{"former-conformed-name": "ARMAGH GROUP INC", "date-changed": "20021107"}, {"former-conformed-name": "ASPI EUROPE INC", "date-changed": "20000817"}, {"former-conformed-name": "SHOPPING SHERLOCK INC", "date-changed": "19990625"}]}
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C. 20549
FORM
      8-K
CURRENT
      REPORT
PURSUANT
      TO SECTION 13 OR 15(d) OF THE
SECURITIES
      EXCHANGE ACT OF 1934
April
      14,
      2006
(Date
      of
      earliest event reported)
Smart
      Video Technologies, Inc.
(Exact
      name of Registrant as specified in its charter)
Delaware
000-26809
91-1962104
(State
                of incorporation or
(Commission
                File No.)
(IRS
                Employer Identification No.)
organization)
3505
      Koger Boulevard
Suite
      400
Duluth,
      GA 30096
(Address
      of principal executive offices)
(770)
      279-3100
(Registrant's
      telephone number, including area code)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:
o
Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)
o
Soliciting
                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)
o
Pre-commencement
                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                CFR
                240.14d-2(b))
o
Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13e-4(c))
Item
      1.01
Entry
      into a Material Definitive Agreement.
On
      April
      14, 2006, SmartVideo Technologies, Inc. (the "Company"), OVT, Inc., a
      wholly-owned subsidiary of the Company, Richard E. Bennett, Jr., Robert J.
      Walters and William R. Dunavant entered into an agreement, pursuant to which
      each of Messrs. Bennett, Walters and Dunavant forfeited their right to receive
      305,555 shares of the Company's common stock which they were entitled to receive
      pursuant to the terms of that certain Amended and Restated Stock Exchange
      Agreement ("Stock Exchange Agreement") dated as of November 19, 2002 among
      Armagh Group Inc., a predecessor to the Company, OVT, Inc., and Messrs. Bennett,
      Walters and Dunavant. In exchange for forfeiting the 916,665 shares of the
      Company's common stock, waiving their rights to rescind the transaction set
      forth in the Stock Exchange Agreement and in consideration of the effort that
      Messrs. Bennett, Walters and Dunavant put forth to create and improve the
      Company's technology and to position the Company for growth,
the
      Company waived its right to require each of Messrs. Bennett, Walters and
      Dunavant to return 1,000,000 shares of the Company's common stock to the Company
      under the terms of the Stock Exchange Agreement.
Item
      9.01
Financial
      Statements And Exhibits.
(c)
Exhibits.
10.1
Agreement
                  dated as of April 14, 2006 among the Company, OVT, Inc., Richard
                  E.
                  Bennett, Jr., Robert J. Walters and William R. Dunavant (incorporated
                  herein by reference to Exhibit 10.13 to Post Effective Amendment
                  No. 3 to
                  the Company's Registration Statement on Form S-1 filed with the
                  Securities
                  and Exchange Commission on April 19,
                  2006).
SIGNATURE
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
SMARTVIDEO TECHNOLOGIES,
              INC.
By:
/s/
              Richard E. Bennett,
              Jr.
Name: Richard E. Bennett,
              Jr.
Title: Chief Executive
              Officer
Date:
      April 20, 2006
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