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<div class="Section1">
<p class="MsoNormal" align="center" style='text-align:center; margin-bottom:0'><b><font size="3" face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p class="MsoNormal" align="center" style='text-align:center; margin-top:0'><b><font size="3" face="Times New Roman">WASHINGTON, D.C. 20549</font></b></p>

<p class="MsoNormal" align="center" style='text-align:center'><b><font size="3" face="Times New Roman">FORM 8-K</font></b></p>

<p class="MsoNormal" align="center" style='text-align:center; margin-top:0; margin-bottom:0'><b><font size="3" face="Times New Roman">CURRENT REPORT</font></b></p>

<p class="MsoNormal" align="center" style='text-align:center; margin-top:0; margin-bottom:0'><b><font size="3" face="Times New Roman">PURSUANT TO SECTION 13 OR 15(d) OF</font></b></p>

<p class="MsoNormal" align="center" style='text-align:center; margin-top:0; margin-bottom:0'><b><font size="3" face="Times New Roman">THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<p class="MsoNormal" align="center" style='text-align:center'><font size="3" face="Times New Roman">Date of Report (Date of earliest event reported):&nbsp; October 6, 2006</font></p>

<p class="MsoNormal" align="center" style='text-align:center; margin-bottom:0'><b><font size="3" face="Times New Roman">PHOTOWORKS, INC.</font></b></p>

<p class="MsoNormal" align="center" style='text-align:center; margin-top:0'><font size="3" face="Times New Roman">(Exact name of registrant as specified in its charter)</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse" width="100%" bordercolorlight="#FFFFFF" bordercolordark="#FFFFFF" bgcolor="#FFFFFF" border="0">
  <tr>
    <td width="33%" align="center">
<b><font size="3" face="Times New Roman">Washington</font></b></td>
    <td width="33%" align="center"><font size="3" face="Times New Roman">000-15338</font></td>
    <td width="34%" align="center"><font size="3" face="Times New Roman">91-0964899</font></td>
  </tr>
  <tr>
    <td width="33%" align="center"><font size="3" face="Times New Roman">(State
    or other jurisdiction<br>
    of incorporation)</font></td>
    <td width="33%" align="center" valign="top"><font size="3" face="Times New Roman">
    (Commission File No.)</font></td>
    <td width="34%" align="center"><font size="3" face="Times New Roman">(IRS
    Employer<br>
    Identification No.)</font></td>
  </tr>
</table>

<p class="MsoNormal" align="center" style="margin-top: 12pt; margin-bottom: 0"><font size="3" face="Times New Roman">71 Columbia Street</font></p>

<p class="MsoNormal" align="center" style='text-align:center; margin-top:0; margin-bottom:0'><font size="3" face="Times New Roman">Seattle, Washington 98104</font></p>

<p class="MsoNormal" align="center" style='text-align:center; margin-top:0; margin-bottom:0'><font size="3" face="Times New Roman">(Address of principal executive office)</font></p>

<p class="MsoNormal" align="center" style='text-align:center; margin-bottom:0'><font size="3" face="Times New Roman">(206) 281-1390</font></p>

<p class="MsoNormal" align="center" style='text-align:center; margin-top:0'><font size="3" face="Times New Roman">(Registrant&rsquo;s telephone number including area code)</font></p>

<p class="MsoNormal"><b><font size="3" face="Times New Roman">Item&nbsp;3.02.&nbsp; Recent Sales of Unregistered Securities</font></b></p>

<p class="MsoNormal"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On October 6, 2006, the Company entered into agreements to sell for cash common stock and warrants in an aggregate amount of
$3,100,000.&nbsp; The Company will issue 8,860,714 shares of common stock at a price of $.35 per share and will issue warrants to purchase an additional 2,215,179 shares of common stock at an exercise price of $.50 per share.&nbsp; The warrants expire, if not
previously exercised, on October 9, 2011.&nbsp; The agreements are subject to customary closing conditions.</font></p>

<p class="MsoNormal"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As a result of this financing, convertible notes in the principal amount of $3,000,000 plus accrued interest in the amount of&nbsp; $122,792
will convert into 8,922,271 shares of common stock at a conversion price of $.35 per share.&nbsp; In addition, warrants to purchase an additional 357,143 shares of common stock at an exercise price of $.50 per share will be issued to holders of the notes.</font></p>

<p class="MsoNormal">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PhotoWorks will also issue an additional 670,250 warrants to Craig Hallum
Partners for investment banking services in connection with the financings.</p>

<p class="MsoNormal"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The shares and warrants are being issued in reliance on the exemption provided by Section 4(2) of the Securities Act of 1933 and Regulation D
promulgated thereunder.&nbsp; The conversion of the notes into shares of common stock and warrants is exempt from registration pursuant to Section 3(a)(9) of the Securities Act.&nbsp; The original issuance of the notes was exempt from registration under Section 4(2)
of the Securities Act and Regulation D promulgated thereunder.</font></p>

<p class="MsoNormal"><b><font size="3" color="black" face="Times New Roman">Item 9.01.&nbsp; Financial Statements and Exhibits.</font></b></p>

<p class="MsoNormal"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp; Exhibits</font></p>

<p class="MsoNormal"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.1&nbsp;&nbsp;&nbsp;&nbsp; Common Stock and Warrant Purchase Agreement dated October 5, 2006 (including the form of Warrant)</font></p>

<p class="MsoNormal" align="center" style='margin-left:.5in;text-align:center'><b><font size="3" face="Times New Roman">SIGNATURE</font></b></p>

<p class="MsoNormal"><b><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b> <font size="3">Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#FFFFFF" width="100%" bgcolor="#FFFFFF" bordercolorlight="#FFFFFF" bordercolordark="#FFFFFF">
  <tr>
    <td width="52%">&nbsp;</td>
    <td width="48%" colspan="2">
    <p style="margin-bottom: 12pt"><font size="3" face="Times New
Roman">PHOTOWORKS, INC.</font></td>
  </tr>
  <tr>
    <td width="52%">&nbsp;</td>
    <td width="8%" valign="top"><font size="3" face="Times New
Roman">By:</font></td>
    <td width="40%"><font size="3" face="Times New
Roman"> <u>/s/ Andrew Wood&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
    </u>Andrew Wood<br>
    Chief Executive Officer</font></td>
  </tr>
</table>

<p class="MsoNormal" style='margin-left:4.5pt; margin-top:0'>&nbsp;</p>

</div>
</body>
</html>
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{"company-data": {"conformed-name": "PHOTOWORKS INC /WA", "cik": "0000791050", "assigned-sic": "7384", "irs-number": "910964899", "state-of-incorporation": "WA", "fiscal-year-end": "0906"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32603", "film-number": "061137845"}, "business-address": {"street1": "1260 16TH AVE WEST", "city": "SEATTLE", "state": "WA", "zip": "98119", "phone": "2062811390"}, "mail-address": {"street1": "1260 16TH AVENUE WEST", "city": "SEATTLE", "state": "WA", "zip": "98119"}, "former-company": [{"former-conformed-name": "SEATTLE FILMWORKS INC", "date-changed": "19920703"}, {"former-conformed-name": "AMERICAN PASSAGE MARKETING CORP", "date-changed": "19890320"}]}
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
Date of Report (Date of earliest event reported):  October 6, 2006
PHOTOWORKS, INC.
(Exact name of registrant as specified in its charter)
Washington
000-15338
91-0964899
(State
    or other jurisdiction
of incorporation)
(Commission File No.)
(IRS
    Employer
Identification No.)
71 Columbia Street
Seattle, Washington 98104
(Address of principal executive office)
(206) 281-1390
(Registrant's telephone number including area code)
Item 3.02.  Recent Sales of Unregistered Securities
On October 6, 2006, the Company entered into agreements to sell for cash common stock and warrants in an aggregate amount of
$3,100,000.  The Company will issue 8,860,714 shares of common stock at a price of $.35 per share and will issue warrants to purchase an additional 2,215,179 shares of common stock at an exercise price of $.50 per share.  The warrants expire, if not
previously exercised, on October 9, 2011.  The agreements are subject to customary closing conditions.
As a result of this financing, convertible notes in the principal amount of $3,000,000 plus accrued interest in the amount of  $122,792
will convert into 8,922,271 shares of common stock at a conversion price of $.35 per share.  In addition, warrants to purchase an additional 357,143 shares of common stock at an exercise price of $.50 per share will be issued to holders of the notes.
PhotoWorks will also issue an additional 670,250 warrants to Craig Hallum
Partners for investment banking services in connection with the financings.
The shares and warrants are being issued in reliance on the exemption provided by Section 4(2) of the Securities Act of 1933 and Regulation D
promulgated thereunder.  The conversion of the notes into shares of common stock and warrants is exempt from registration pursuant to Section 3(a)(9) of the Securities Act.  The original issuance of the notes was exempt from registration under Section 4(2)
of the Securities Act and Regulation D promulgated thereunder.
Item 9.01.  Financial Statements and Exhibits.
(d)  Exhibits
10.1     Common Stock and Warrant Purchase Agreement dated October 5, 2006 (including the form of Warrant)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PHOTOWORKS, INC.
By:
/s/ Andrew Wood
Andrew Wood
Chief Executive Officer