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      8-K</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
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      TO SECTION 13 OR 15(d) OF THE</font></div>
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      EXCHANGE ACT OF 1934</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
      28, 2006</font></div>
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      earliest event reported)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Smart
      Video Technologies, Inc.</font></div>
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      name of Registrant as specified in its charter)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">Delaware</font></div>
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                000-26809</font></div>
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                91-1962104</font></div>
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                (Commission File No.)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">(IRS
                Employer Identification
                No.)</font></div>
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    <div align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3505
      Koger Boulevard</font></div>
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      400</font></div>
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      GA 30096</font></div>
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      279-3100</font></div>
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      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: </font></div>
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              <div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)</font></font></div>
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                material pursuant to Rule 14a-12 under the Exchange Act
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            <td align="left" style="width: 36pt;"><font style="FONT-FAMILY: Wingdings">o</font></td>
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              <div align="left"><font style="FONT-FAMILY: Times New Roman" size="2">Pre-commencement
                communications pursuant to Rule 13e-4(c) under the
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    <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"><strong>ITEM
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      Into a Material Definitive Agreement</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      5.02<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Departure of
      Directors or Principal Officers; Election of Directors; Appointment <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>of
      Principal Officers</strong></font></strong></font></div>
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    <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">On
      February 28, 2006, SmartVideo Technologies, Inc. (the &#8220;Company&#8221;) and David R.
      Ross entered into an employment agreement (&#8220;Employment Agreement&#8221;), pursuant to
      which Mr. Ross will serve as the Company&#8217;s President for a period of two years.
      Mr. Ross is entitled to a base salary of $200,000 per annum, which may be
      increased at the discretion of the Compensation Committee of the Board of
      Directors. The Company also granted Mr. Ross an Incentive Stock Option (&#8220;ISO&#8221;)
      to purchase an aggregate of 476,190 shares of the Company&#8217;s common stock
      (&#8220;Common Stock&#8221;) and a Non-qualified Stock Option (&#8220;NQSO&#8221;) to purchase an
      aggregate of 523,810 shares of the Common Stock. The ISO and the NQSO are each
      exercisable at $2.10 per share for a period of ten years from the grant date.
      The ISO vests in the following percentages and at the following times: (1)
      10%
      of the shares vested on February 28, 2006, and (2) 10% of the shares vest on
      each anniversary date thereof for the succeeding nine years. The NQSO vests
      in
      the following percentages and at the following times: (1) 50% of the shares
      vested on February 28, 2006, and (2) the balance of the shares vest on February
      28, 2007. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company will reimburse Mr. Ross the rental costs of an apartment or condominium
      unit in Atlanta, Georgia, not to exceed $1,500 per month. The Employment
      Agreement may be terminated with or without &#8220;cause&#8221; (as defined in the
      agreement) and contains customary non-competition, confidentiality and
      indemnification provisions. If the Employment Agreement is terminated by the
      Company without cause or by Mr. Ross with advance &#8220;Notice of Termination,&#8221; a pro
      rata portion of Mr. Ross&#8217;s unvested&#160;options will vest immediately. If the
      Employment Agreement is terminated by the Company with cause or by Mr. Ross
      without advance Notice of Termination, then Mr. Ross forfeits the options that
      have not vested as of the date of termination or resignation. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the appointment of&#160;Mr. Ross as President, Richard E.
      Bennett, Jr., who has served as the Company&#8217;s President since November 2002,
      resigned from that position. However, Mr. Bennett will remain with the Company
      as its Chief Executive Officer and a member of the Board of Directors.
</font></div>
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      1994 to February 2006, Mr. Ross served in various capacities at Clear Channel
      Communications, Inc., a diversified media company involved in radio
      broadcasting, outdoor advertising and live entertainment. From October 2003
      to
      February 2006, Mr. Ross served as a Regional Vice-President and was responsible
      for managing a division of Clear Channel consisting of 25 radio properties
      grossing in excess of $82 million annually. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      9.01<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
      Statements and Exhibits</strong></font></div>
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          <tr valign="top" style="line-height: 1.25;">
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            </td>
            <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font></td>
            <td align="left">
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            <tr valign="top" style="line-height: 1.25;">
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              <td style="width: 36pt;">
                <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>
              </td>
              <td>
                <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">Employment
                  Agreement dated February 28, 2006 between SmartVideo Technologies
                  Inc. and
                  David R. Ross.</font></div>
              </td>
            </tr>

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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">99.1</font></div>
              </td>
              <td>
                <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">Press
                  release issued by SmartVideo Technologies, Inc. on March 6,
                  2006.</font></div>
              </td>
            </tr>

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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">3</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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. </font></div>
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          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">SMARTVIDEO
              TECHNOLOGIES, INC.</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td>&#160;</td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Richard
              E. Bennett, Jr.</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Name:
              Richard E. Bennett, Jr.</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Title:
              Chief Executive Officer&#160;&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2">&#160;</td>
            <td>&#160;</td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font size="2">Date: March 6, 2005</font></td>
            <td>&#160;</td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
      INDEX</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit</u></font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></div>
              <div align="left">&#160;</div>
            </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>
            </td>
            <td>
              <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">Employment
                Agreement dated February 28, 2006 between SmartVideo Technologies
                Inc. and
                David R. Ross.</font></div>
            </td>
          </tr>

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            <td align="left" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                release issued by SmartVideo Technologies, Inc. on March 6,
                2006.</font></div>
            </td>
          </tr>

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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": "06667357"}, "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
February
      28, 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
                organization)
(Commission File No.)
(IRS
                Employer Identification
                No.)
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
ITEM
      5.02
Departure of
      Directors or Principal Officers; Election of Directors; Appointment
of
      Principal Officers
On
      February 28, 2006, SmartVideo Technologies, Inc. (the "Company") and David R.
      Ross entered into an employment agreement ("Employment Agreement"), pursuant to
      which Mr. Ross will serve as the Company's President for a period of two years.
      Mr. Ross is entitled to a base salary of $200,000 per annum, which may be
      increased at the discretion of the Compensation Committee of the Board of
      Directors. The Company also granted Mr. Ross an Incentive Stock Option ("ISO")
      to purchase an aggregate of 476,190 shares of the Company's common stock
      ("Common Stock") and a Non-qualified Stock Option ("NQSO") to purchase an
      aggregate of 523,810 shares of the Common Stock. The ISO and the NQSO are each
      exercisable at $2.10 per share for a period of ten years from the grant date.
      The ISO vests in the following percentages and at the following times: (1)
      10%
      of the shares vested on February 28, 2006, and (2) 10% of the shares vest on
      each anniversary date thereof for the succeeding nine years. The NQSO vests
      in
      the following percentages and at the following times: (1) 50% of the shares
      vested on February 28, 2006, and (2) the balance of the shares vest on February
      28, 2007.
The
      Company will reimburse Mr. Ross the rental costs of an apartment or condominium
      unit in Atlanta, Georgia, not to exceed $1,500 per month. The Employment
      Agreement may be terminated with or without "cause" (as defined in the
      agreement) and contains customary non-competition, confidentiality and
      indemnification provisions. If the Employment Agreement is terminated by the
      Company without cause or by Mr. Ross with advance "Notice of Termination," a pro
      rata portion of Mr. Ross's unvested options will vest immediately. If the
      Employment Agreement is terminated by the Company with cause or by Mr. Ross
      without advance Notice of Termination, then Mr. Ross forfeits the options that
      have not vested as of the date of termination or resignation.
In
      connection with the appointment of Mr. Ross as President, Richard E.
      Bennett, Jr., who has served as the Company's President since November 2002,
      resigned from that position. However, Mr. Bennett will remain with the Company
      as its Chief Executive Officer and a member of the Board of Directors.
From October
      1994 to February 2006, Mr. Ross served in various capacities at Clear Channel
      Communications, Inc., a diversified media company involved in radio
      broadcasting, outdoor advertising and live entertainment. From October 2003
      to
      February 2006, Mr. Ross served as a Regional Vice-President and was responsible
      for managing a division of Clear Channel consisting of 25 radio properties
      grossing in excess of $82 million annually.
2
ITEM
      9.01
Financial
      Statements and Exhibits
(c)
Exhibits:
10.1
Employment
                  Agreement dated February 28, 2006 between SmartVideo Technologies
                  Inc. and
                  David R. Ross.
99.1
Press
                  release issued by SmartVideo Technologies, Inc. on March 6,
                  2006.
3
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: March 6, 2005
4
EXHIBIT
      INDEX
Exhibit
Description
10.1
Employment
                Agreement dated February 28, 2006 between SmartVideo Technologies
                Inc. and
                David R. Ross.
99.1
Press
                release issued by SmartVideo Technologies, Inc. on March 6,
                2006.
5