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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">______________________</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">FORM
8-K</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_____________________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
of report: May 21, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Date of
earliest event reported)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman">IMPART
MEDIA GROUP, INC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
name of Registrant as specified in its charter)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Nevada</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State or
other jurisdiction of incorporation)</font></div>
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            <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0-09358</font></div>
            </td>
            <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">88-0441338</font></div>
            </td>
            <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
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      </font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
      File No.)</font></div>
            </td>
            <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
      Employer Identification No.)</font></div>
            </td>
            <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1300
North Northlake Way</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Seattle,
Washington 98103</font></div>
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of principal executive offices; zip code)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(206)
633-1852</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant&#8217;s
telephone number, including area code)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</font></div>
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Name or Former Address, if changed Since Last Report)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Company under any of the following
provisions (<font style="DISPLAY: inline; FONT-STYLE: italic">see</font> General
Instruction A.2. below):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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      </font></td>
            <td align="left" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#168;</font></div>
            </td>
            <td align="left" valign="top" width="66%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><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></div>
            </td>
          </tr>
      </table>
    </div>
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    <div>
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            <td align="left" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#168;</font></div>
            </td>
            <td align="left" valign="top" width="66%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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            <td align="left" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td align="left" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#168;</font></div>
            </td>
            <td align="left" valign="top" width="66%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 14-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></div>
            </td>
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    </div>
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    <div>
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            <td align="left" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td align="left" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#168;</font></div>
            </td>
            <td align="left" valign="top" width="66%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 13-4(e) under the Exchange Act (17 CFR
      240.13e-4(c))</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1 &#8211; Registrant&#8217;s Business and Operations</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Item 1.03 Bankruptcy or
Receivership.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Following
the filing of an involuntary petition on February 14, 2008, Impart Media Group,
Inc. (the "Company") consented to bankruptcy relief, and the United States
Bankruptcy Court for the Southern District of New York entered an order for
relief under Chapter 11 on May 21, 2008.&#160;&#160;Thereafter, the Company has
operated as a debtor-in-possession pursuant to 11 U.S.C. &#167;&#167; 1107 and
1108.&#160;&#160;Additionally, one of the Company's subsidiaries, Impart, Inc.,
filed its own voluntary petition under Chapter 11 on May 21, 2008 and is
likewise operating as a debtor-in-possession.&#160;&#160;Both Chapter 11 cases
are pending before the Hon. Robert E. Gerber and are being administered jointly
under Case No. 08-10510.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
bankruptcy, the Company moved for authorization to sell substantially all of its
assets comprising the Seattle operations to Novus Communication Technologies,
Inc. ("Novus") for the sum of $390,000, free and clear of all liens, taxes and
encumbrances (the "Asset Sale").&#160;&#160;The Asset Sale is subject to higher
and better offers and is scheduled to be heard by the Bankruptcy Court on June
19, 2008 at 10:30 a.m.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the involuntary petition and subsequent voluntary petition under Chapter 11,
the Company and Enable Growth Partners, L.P., Enable Opportunity Partners, L.P.,
Pierce Diversified Strategy Master Fund, ENA, Hudson Bay Fund, L.P., Hudson
Overseas Fund, Ltd.<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>(the &#8220;Participating
Holders&#8221;) entered into a Restructuring Agreement, which should be reviewed in
its entirety, a copy of which is&#160;attached as an exhibit to this Current
Report.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Restructuring Agreement provides that the Company and the Participating Holders
will implement a financial restructuring (the &#8220;Restructuring&#8221;) of the Company
that is consistent with the terms and conditions set forth in the term sheet
(together with the Exhibits and Schedules attached thereto, the &#8220;Term Sheet&#8221;)
attached to the Restructuring Agreement</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In order
to implement the Restructuring, the Company has agreed, on the terms and
conditions set forth in the Restructuring Agreement and the Term Sheet, to use
its best efforts to consummate the Restructuring through a pre-negotiated plan
of reorganization (the &#8220;Reorganization Plan&#8221;) under the Bankruptcy Code, the
requisite acceptances of which shall be solicited following commencement of
cases (the &#8220;Chapter 11 Cases&#8221;) by the Company and the Subsidiary under Chapter
11 of the Bankruptcy Code in the United States Bankruptcy Court for
the&#160;Southern District of&#160;New York.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Term
Sheet, which is annexed to the Restructuring Agreement, sets forth the principal
terms with respect to the treatment of claims and equity interests under the
Reorganization Plan and certain matters to be addressed or contained in the
Reorganization Plan.&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;The
Restructuring Agreement further provides that the Participating Holders
shall&#160;have made a senior secured loan in the amount of $25,000 to the
Company prior to the bankruptcy filings.&#160; This loan was made pursuant
to&#160; that certain&#160; Secured Promissory Note and Security Agreement, date
May 7, 2008.&#160; The loan carries interests at 12 % per annum and matures on
the earlier of August 15, 2008 or the effective date of a plan of
reorganization.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">After the
commencement of the bankruptcy cases, the Company&#160;determined and agreed
to&#160;sell substantially all of its non E&amp;M Advertising Inc. assets to
Novus Communications Technologies, Inc, or a higher or better bidder at an
auction conducted pursuant to the Bankruptcy Code.&#160;&#160;</font></div><br>
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          <hr style="COLOR: black" noshade size="2">
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subject
to the conditions in the Restructuring Agreement, the Participating Holders have
agreed to waive distributions on account of their pre-petition unsecured claims,
in return for the right to convert their debts into equity of the reorganized
debtor.&#160; A bankruptcy plan may be filed which contemplates a merger or
similar transaction which preserves the public entity nature of the Debtor
for&#160;the benefit of the reorganized debtor, its creditors and the other
parties to the transaction.&#160; The plan may issue securities to the
Participating Holders and third parties, and the plan proponents&#160;may seek
relief under the exemptions set forth in Section 1145 of the Bankruptcy
Code.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
authorized capital stock of the Company consists of 100,000,000 shares of common
stock, par value $.001 per share, of which 24,085,417 shares are outstanding,
and 25,000,000 shares of preferred stock, par value $.001 per share, of which
4,500,000 shares are designated as Series A convertible preferred stock, par
value $.001 per share, of which 2,903,229 shares are outstanding, and which are
convertible into 8,653,856 shares of common stock.&#160; There are currently no
plans to issue any of the remaining 75,914,583 shares of authorized common stock
or 22,096,771shares of preferred stock in respect of claims and interests under
the restructuring plan.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
9 &#8211; Financial Statements and Exhibits</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Item 9.01 Financial Statements and
Exhibits</font></div>
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No.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Description&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date
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herewith</font></div>
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to the requirements of the Securities Exchange Act of 1934, as amended, the
Company has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.</font></div>
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      MEDIA GROUP, INC.</font></div>
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      Joseph Martinez</font></div>
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form8-k.htm
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: May 21, 2008
(Date of
earliest event reported)
IMPART
MEDIA GROUP, INC.
(Exact
name of Registrant as specified in its charter)
Nevada
(State or
other jurisdiction of incorporation)
0-09358
88-0441338
(Commission
      File No.)
(I.R.S.
      Employer Identification No.)
1300
North Northlake Way
Seattle,
Washington 98103
(Address
of principal executive offices; zip code)
(206)
633-1852
(Registrant's
telephone number, including area code)
N/A
(Former
Name or Former Address, if changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Company under any of the following
provisions (
see
General
Instruction A.2. below):
¨
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
¨
Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
¨
Pre-commencement
      communications pursuant to Rule 14-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))
¨
Pre-commencement
      communications pursuant to Rule 13-4(e) under the Exchange Act (17 CFR
      240.13e-4(c))
Section
1 – Registrant's Business and Operations
Item 1.03 Bankruptcy or
Receivership.
Following
the filing of an involuntary petition on February 14, 2008, Impart Media Group,
Inc. (the "Company") consented to bankruptcy relief, and the United States
Bankruptcy Court for the Southern District of New York entered an order for
relief under Chapter 11 on May 21, 2008.  Thereafter, the Company has
operated as a debtor-in-possession pursuant to 11 U.S.C. §§ 1107 and
1108.  Additionally, one of the Company's subsidiaries, Impart, Inc.,
filed its own voluntary petition under Chapter 11 on May 21, 2008 and is
likewise operating as a debtor-in-possession.  Both Chapter 11 cases
are pending before the Hon. Robert E. Gerber and are being administered jointly
under Case No. 08-10510.
In
bankruptcy, the Company moved for authorization to sell substantially all of its
assets comprising the Seattle operations to Novus Communication Technologies,
Inc. ("Novus") for the sum of $390,000, free and clear of all liens, taxes and
encumbrances (the "Asset Sale").  The Asset Sale is subject to higher
and better offers and is scheduled to be heard by the Bankruptcy Court on June
19, 2008 at 10:30 a.m.
Pursuant
to the involuntary petition and subsequent voluntary petition under Chapter 11,
the Company and Enable Growth Partners, L.P., Enable Opportunity Partners, L.P.,
Pierce Diversified Strategy Master Fund, ENA, Hudson Bay Fund, L.P., Hudson
Overseas Fund, Ltd.
(the "Participating
Holders") entered into a Restructuring Agreement, which should be reviewed in
its entirety, a copy of which is attached as an exhibit to this Current
Report.
The
Restructuring Agreement provides that the Company and the Participating Holders
will implement a financial restructuring (the "Restructuring") of the Company
that is consistent with the terms and conditions set forth in the term sheet
(together with the Exhibits and Schedules attached thereto, the "Term Sheet")
attached to the Restructuring Agreement
In order
to implement the Restructuring, the Company has agreed, on the terms and
conditions set forth in the Restructuring Agreement and the Term Sheet, to use
its best efforts to consummate the Restructuring through a pre-negotiated plan
of reorganization (the "Reorganization Plan") under the Bankruptcy Code, the
requisite acceptances of which shall be solicited following commencement of
cases (the "Chapter 11 Cases") by the Company and the Subsidiary under Chapter
11 of the Bankruptcy Code in the United States Bankruptcy Court for
the Southern District of New York.
The Term
Sheet, which is annexed to the Restructuring Agreement, sets forth the principal
terms with respect to the treatment of claims and equity interests under the
Reorganization Plan and certain matters to be addressed or contained in the
Reorganization Plan.
The
Restructuring Agreement further provides that the Participating Holders
shall have made a senior secured loan in the amount of $25,000 to the
Company prior to the bankruptcy filings.  This loan was made pursuant
to  that certain  Secured Promissory Note and Security Agreement, date
May 7, 2008.  The loan carries interests at 12 % per annum and matures on
the earlier of August 15, 2008 or the effective date of a plan of
reorganization.
After the
commencement of the bankruptcy cases, the Company determined and agreed
to sell substantially all of its non E&M Advertising Inc. assets to
Novus Communications Technologies, Inc, or a higher or better bidder at an
auction conducted pursuant to the Bankruptcy Code.
Subject
to the conditions in the Restructuring Agreement, the Participating Holders have
agreed to waive distributions on account of their pre-petition unsecured claims,
in return for the right to convert their debts into equity of the reorganized
debtor.  A bankruptcy plan may be filed which contemplates a merger or
similar transaction which preserves the public entity nature of the Debtor
for the benefit of the reorganized debtor, its creditors and the other
parties to the transaction.  The plan may issue securities to the
Participating Holders and third parties, and the plan proponents may seek
relief under the exemptions set forth in Section 1145 of the Bankruptcy
Code.
The
authorized capital stock of the Company consists of 100,000,000 shares of common
stock, par value $.001 per share, of which 24,085,417 shares are outstanding,
and 25,000,000 shares of preferred stock, par value $.001 per share, of which
4,500,000 shares are designated as Series A convertible preferred stock, par
value $.001 per share, of which 2,903,229 shares are outstanding, and which are
convertible into 8,653,856 shares of common stock.  There are currently no
plans to issue any of the remaining 75,914,583 shares of authorized common stock
or 22,096,771shares of preferred stock in respect of claims and interests under
the restructuring plan.
Section
9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and
Exhibits
Exhibit
No.                                           Description                                                                           Date
Filed
10.34                                           Restructuring
Agreement                                                                           Filed
herewith
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Company has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
IMPART
      MEDIA GROUP, INC.
Date:  June
      9, 2008
By:
/s/
      Joseph Martinez
Joseph
      Martinez
Chief
      Executive Officer