Video ringtone microcap Vringo (VRNG) announced a $2.5M investment by two VC firms, and a letter...

|By:, SA News Editor

Video ringtone microcap Vringo (VRNG) announced a $2.5M investment by two VC firms, and a letter of intent to acquire mobile messaging startup Zlango. At first glance, the acquisition and new investment will lead to the issuance of about 5M new shares, diluting current Vringo shareholders down to slightly more than half the company. Neither the press release nor Zlango's website suggest it has any revenues.