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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"><strong>UNITED
      STATES</strong></font></div>
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      AND EXCHANGE COMMISSION</strong></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"><strong>Washington,
      D.C. 20549</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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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"><strong>CURRENT
      REPORT</strong></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"><strong>Pursuant
      to Section 13 OR 15(d) of the Securities Exchange Act of
      1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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">Date
      of
      Report (Date of earliest event reported):</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>August
      18, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></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: 20pt; FONT-FAMILY: Times New Roman"><strong>Ad.Venture
      Partners, Inc.</strong></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">(Exact
      name of registrant as specified in its charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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"><strong>Delaware</strong></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">(State
      or
      other jurisdiction of incorporation)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><strong><font size="2">000-51456</font></strong></div>
            </td>
            <td width="6%">&#160;</td>
            <td width="47%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>20-2650200</strong></font></div>
            </td>
          </tr>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(Commission
                File No.)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
            </td>
            <td width="6%">&#160;</td>
            <td width="47%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                Employer Identification No.)</font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" 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"><strong>360
      Madison Avenue, 21</strong></font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><sup><strong>st</strong></sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
      Floor</strong></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"><strong>New
      York, NY 10017</strong></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">(Address
      of principal executive offices) (Zip Code)</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></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">Registrant&#8217;s
      telephone number, including area code </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(212)
      703-7241</strong></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></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"><strong>N/A</strong></font></div>
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      name or former address, if changed since last report.)</font><br></div>
    <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 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 registrant under any of the following
      provisions (see General Instruction A.2. below):</font></div>
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      Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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: Wingdings">&#168;</font><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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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: Wingdings">&#168;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act
      (17 CFR 240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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: Wingdings">&#168;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
      Act
      (17 CFR 240.13e-4(c))</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"><strong>TABLE
      OF CONTENTS </strong></font></div>
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            <td width="10%">&#160;</td>
            <td align="left" valign="bottom" width="80%">
              <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>
            <td width="10%"><font size="2">Item 4.02. </font></td>
            <td align="left" valign="top" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-Reliance
                on Previously Issued Financial Statements or a Related Audit Report
                or
                Completed Interim Review.</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font size="2">3</font></div>
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            <td width="10%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURE</font></div>
            </td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font size="2">5</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      4.02.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Non-Reliance
      on Previously Issued Financial Statements or a Related Audit Report or Completed
      Interim Review</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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: 54pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the preparation of its Current Report on Form 10-Q for the
      quarter ended June 30, 2006, and after consulting with our independent
      registered accounting firm, Eisner LLP (&#8220;Eisner&#8221;), Ad.Venture Partners, Inc.
      (the &#8220;Company&#8221;) determined, based on recent interpretations of the accounting
      for warrants under Emerging Issues Task Force No. 00-19 &#8220;Accounting for
      Derivative Financial Instruments Indexed to, and Potentially Settled in, a
      Company&#8217;s Own Stock&#8221; (&#8220;EITF 00-19&#8221;), that the fair value of the warrants issued
      as part of the units sold in our initial public offering (the &#8220;public warrants&#8221;)
      and the warrants issuable upon the exercise of the unit purchase option (the
      &#8220;embedded warrants&#8221;) issued to the underwriters in our initial public offering
      should be reported as a derivative liability rather than as equity as has been
      our practice.</font></div>
    <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: 18pt; 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">The
      Company believes that the reclassification of the warrants as a derivative
      liability is required under EITF 00-19 due to the absence in the warrant
      agreement of provisions addressing the exercise of the warrants in the absence
      of an effective registration statement. Under interpretations of applicable
      federal securities laws, the issuance of shares upon exercise of the warrants
      in
      the absence of an effective registration statement could be deemed a violation
      of Section 5 of the Securities Act of 1933, as amended. To address this issue,
      the warrant agreement requires that the Company file, and use best efforts
      to
      cause to be declared and keep effective, a registration statement covering
      the
      issuance of the shares underlying the warrants. However, the warrant agreement
      fails to specify the remedies, if any, that would be available to warrantholders
      in the event there is no effective registration statement covering the issuance
      of shares underlying the warrants. Under EITF No. 00-19, the registration of
      the
      common stock underlying the warrants is not within the Company's control. In
      addition, under EITF No. 00-19, in the absence of explicit provisions to the
      contrary in the warrant agreement, the Company must assume that it could be
      required to settle the warrants on a net-cash basis, thereby necessitating
      the
      treatment of the potential settlement obligation as a liability. Further, EITF
      No. 00-19 requires that the Company record the potential settlement obligation
      at each reporting date using the current estimated fair value of the warrants,
      with any changes being recorded in the statement of operations. The potential
      settlement obligation will continue to be reported as a derivative liability
      until such time as the warrants are exercised, expire, or the Company is
      otherwise able to modify the warrant agreement. The values assigned to the
      derivative liability at August 31, 2005 (the date of issuance), March 31, 2006
      and June 30, 2006 were $7,126,284, $11,878,143 and $7,221,032, respectively.
      The
      fair value of the warrants at August 31, 2005 was arrived at by taking the
      difference between the price of a unit and the per-share liquidation value
      of
      the common stock held in the trust account discounted to present value,
      resulting in a valuation of approximately $0.383 per warrant or a total
      valuation of $6,887,355. The fair value of the unit purchase option at August
      31, 2005 was based upon a Black Scholes pricing model, using an expected life
      of
      five years, volatility of 92.5%, and a risk-free rate of 3.87%. The fair value
      of the embedded warrants was based upon a valuation of the unit purchase option
      at&#160;August 31, 2005&#160;of $1,873,367 which was based on Black Scholes
      pricing model of the unit purchase option using the same assumptions. The
      Company then allocated $1,634,438 to the purchase option, which it determined
      was properly classified as an equity instrument, and $238,929 to the embedded
      warrants.</font></div>
    <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: 54pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      fair
      value of the public warrants at March 31, 2006 and June 30, 2006 was determined
      by the trading value of the securities closest to the balance sheet date of
      each
      period. The fair value of the embedded warrants at March 31, 2006 and June
      30,
      2006 was determined based on the Black Scholes pricing model using assumptions
      that are consistent with the assumptions used in the initial valuation of the
      unit purchase option. </font></div>
    <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: 54pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amounts
      reported as a gain (loss) on derivative liability in the Company's statements
      of
      operations resulting from the change in valuation of the warrant liability
      were
      $(4,751,859) and $4,657,111 for the period from inception through March 31,
      2006
      and the period from April 1, 2006 through June 30, 2006, respectively. The
      Company had previously issued financial statements which did not classify the
      fair value of the warrants as a derivative liability. Accordingly, the financial
      statements contained within the Company's Form 8-K dated September 6, 2005
      for
      the period of April 1, 2005 (date of inception) to August 31, 2005, and Form
      10-K for the period from inception through March 31, 2006 should no longer
      be
      relied upon.</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 id="TAB1" style="MARGIN-LEFT: 54pt"></font>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">After
      discussions with management and members of the Board of Directors of the
      Company, the Company has determined to restate its financial statements for
      such
      periods. The restated financial statements will be included in the Company's
      Form 10-K/A for the period from inception through March 31, 2006, and Form
      8-K/A
      for the period from inception through August 31, 2005 and will record the
      warrants as derivative liabilities and make additional non-operating gains
      and
      losses related to the classification of and accounting for the warrants
      described above. The Company's filings for all periods after March 31, 2006
      will
      reflect this accounting treatment.</font></div>
    <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: 54pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Company
      management has discussed the matters disclosed in this Current Report on Form
      8-K with Eisner.</font></div>
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      undersigned, hereunto duly authorized.</font></div>
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            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: "><strong>AD.VENTURE
              PARTNERS, INC. </strong></font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Dated:
              August 21, 2006</font></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;Ilan
              M.
              Slasky</font></td>
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                M. Slasky</font></div>
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{"company-data": {"conformed-name": "Ad.Venture Partners, Inc.", "cik": "0001323639", "assigned-sic": "6770", "irs-number": "202650200", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51456", "film-number": "061046613"}, "business-address": {"street1": "18 W. 18TH STREET, 11TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10011", "phone": "914-806-2307"}, "mail-address": {"street1": "18 W. 18TH STREET, 11TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10011"}}
UNITED
      STATES
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):
August
      18, 2006
Ad.Venture
      Partners, Inc.
(Exact
      name of registrant as specified in its charter)
Delaware
(State
      or
      other jurisdiction of incorporation)
000-51456
20-2650200
(Commission
                File No.)
(IRS
                Employer Identification No.)
360
      Madison Avenue, 21
st
Floor
New
      York, NY 10017
(Address
      of principal executive offices) (Zip Code)
Registrant's
      telephone number, including area code
(212)
      703-7241
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 registrant 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 14d-2(b) under the Exchange
      Act
      (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
      Act
      (17 CFR 240.13e-4(c))
TABLE
      OF CONTENTS
Item 4.02.
Non-Reliance
                on Previously Issued Financial Statements or a Related Audit Report
                or
                Completed Interim Review.
3
SIGNATURE
5
2
Item
      4.02.
Non-Reliance
      on Previously Issued Financial Statements or a Related Audit Report or Completed
      Interim Review
.
In
      connection with the preparation of its Current Report on Form 10-Q for the
      quarter ended June 30, 2006, and after consulting with our independent
      registered accounting firm, Eisner LLP ("Eisner"), Ad.Venture Partners, Inc.
      (the "Company") determined, based on recent interpretations of the accounting
      for warrants under Emerging Issues Task Force No. 00-19 "Accounting for
      Derivative Financial Instruments Indexed to, and Potentially Settled in, a
      Company's Own Stock" ("EITF 00-19"), that the fair value of the warrants issued
      as part of the units sold in our initial public offering (the "public warrants")
      and the warrants issuable upon the exercise of the unit purchase option (the
      "embedded warrants") issued to the underwriters in our initial public offering
      should be reported as a derivative liability rather than as equity as has been
      our practice.
The
      Company believes that the reclassification of the warrants as a derivative
      liability is required under EITF 00-19 due to the absence in the warrant
      agreement of provisions addressing the exercise of the warrants in the absence
      of an effective registration statement. Under interpretations of applicable
      federal securities laws, the issuance of shares upon exercise of the warrants
      in
      the absence of an effective registration statement could be deemed a violation
      of Section 5 of the Securities Act of 1933, as amended. To address this issue,
      the warrant agreement requires that the Company file, and use best efforts
      to
      cause to be declared and keep effective, a registration statement covering
      the
      issuance of the shares underlying the warrants. However, the warrant agreement
      fails to specify the remedies, if any, that would be available to warrantholders
      in the event there is no effective registration statement covering the issuance
      of shares underlying the warrants. Under EITF No. 00-19, the registration of
      the
      common stock underlying the warrants is not within the Company's control. In
      addition, under EITF No. 00-19, in the absence of explicit provisions to the
      contrary in the warrant agreement, the Company must assume that it could be
      required to settle the warrants on a net-cash basis, thereby necessitating
      the
      treatment of the potential settlement obligation as a liability. Further, EITF
      No. 00-19 requires that the Company record the potential settlement obligation
      at each reporting date using the current estimated fair value of the warrants,
      with any changes being recorded in the statement of operations. The potential
      settlement obligation will continue to be reported as a derivative liability
      until such time as the warrants are exercised, expire, or the Company is
      otherwise able to modify the warrant agreement. The values assigned to the
      derivative liability at August 31, 2005 (the date of issuance), March 31, 2006
      and June 30, 2006 were $7,126,284, $11,878,143 and $7,221,032, respectively.
      The
      fair value of the warrants at August 31, 2005 was arrived at by taking the
      difference between the price of a unit and the per-share liquidation value
      of
      the common stock held in the trust account discounted to present value,
      resulting in a valuation of approximately $0.383 per warrant or a total
      valuation of $6,887,355. The fair value of the unit purchase option at August
      31, 2005 was based upon a Black Scholes pricing model, using an expected life
      of
      five years, volatility of 92.5%, and a risk-free rate of 3.87%. The fair value
      of the embedded warrants was based upon a valuation of the unit purchase option
      at August 31, 2005 of $1,873,367 which was based on Black Scholes
      pricing model of the unit purchase option using the same assumptions. The
      Company then allocated $1,634,438 to the purchase option, which it determined
      was properly classified as an equity instrument, and $238,929 to the embedded
      warrants.
The
      fair
      value of the public warrants at March 31, 2006 and June 30, 2006 was determined
      by the trading value of the securities closest to the balance sheet date of
      each
      period. The fair value of the embedded warrants at March 31, 2006 and June
      30,
      2006 was determined based on the Black Scholes pricing model using assumptions
      that are consistent with the assumptions used in the initial valuation of the
      unit purchase option.
Amounts
      reported as a gain (loss) on derivative liability in the Company's statements
      of
      operations resulting from the change in valuation of the warrant liability
      were
      $(4,751,859) and $4,657,111 for the period from inception through March 31,
      2006
      and the period from April 1, 2006 through June 30, 2006, respectively. The
      Company had previously issued financial statements which did not classify the
      fair value of the warrants as a derivative liability. Accordingly, the financial
      statements contained within the Company's Form 8-K dated September 6, 2005
      for
      the period of April 1, 2005 (date of inception) to August 31, 2005, and Form
      10-K for the period from inception through March 31, 2006 should no longer
      be
      relied upon.
3
After
      discussions with management and members of the Board of Directors of the
      Company, the Company has determined to restate its financial statements for
      such
      periods. The restated financial statements will be included in the Company's
      Form 10-K/A for the period from inception through March 31, 2006, and Form
      8-K/A
      for the period from inception through August 31, 2005 and will record the
      warrants as derivative liabilities and make additional non-operating gains
      and
      losses related to the classification of and accounting for the warrants
      described above. The Company's filings for all periods after March 31, 2006
      will
      reflect this accounting treatment.
Company
      management has discussed the matters disclosed in this Current Report on Form
      8-K with Eisner.
4
SIGNATURE
Pursuant
      to the requirements of the Securities Exchange Act of 1934, as amended, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned, hereunto duly authorized.
AD.VENTURE
              PARTNERS, INC.
Dated:
              August 21, 2006
By:
/s/ Ilan
              M.
              Slasky
Ilan
                M. Slasky
President
5