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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: 14pt; FONT-FAMILY: Times New Roman"><strong>UNITED
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      11, 2006</u></strong></font></div>
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                organization)</strong></font></div>
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                998-8824</u></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"><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>(Former
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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 </strong><strong>under any of
      the following provisions (see General Instruction A.2.
      below):</strong></font></div>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pre-commencement
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      2.01 Completion of Acquisition or Disposition of Assets</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      July
      24, 2006, the Registrant declared a dividend payable in the form of 0.055 shares
      of the common stock of Theater Xtreme Entertainment Group, Inc. (&#8220;Theater
      Xtreme&#8221;), which is a portfolio company of the Registrant, with respect to each
      share of Registrant common stock owned on July 31, 2006, the record date. The
      distribution occurred on August 11, 2006. The aggregate number of shares of
      Theater Xtreme distributed was 299,064, with an approximate fair value of
      $448,596 as of July 31, 2006, based on the formula set forth in the Registrant&#8217;s
      charter.</font></div>
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      dividend was paid to the Registrant&#8217;s stockholders as of July 31, 2006, based on
      their respective stockholdings in the Registrant. The number of shares to be
      distributed to each Registrant stockholder was rounded to the closest whole
      number of shares of Theater Xtreme with the effect that no fractional shares
      of
      Theater Xtreme were distributed.</font></div>
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      Registrant acquired the distributed Theater Xtreme shares on February 1, 2005
      for services valued at $0.35 per share. </font></div>
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      as a result of the dividend. </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">&#160;</div>
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      </strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><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, thereunto
      duly authorized. </font></div>
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          <tr>
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            </td>
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            </td>
            <td align="left" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" colspan="3" valign="top" width="38%">
              <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">Universal
                Capital Management, Inc.</font></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">(Registrant)</font></div>
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            <td align="left" colspan="2" valign="middle" width="7%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="6%">&#160;</td>
            <td align="left" colspan="2" valign="middle" width="33%">&#160;</td>
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                15, 2006</font></div>
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{"company-data": {"conformed-name": "Universal Capital Management, Inc.", "cik": "0001308569", "irs-number": "201568059", "state-of-incorporation": "DE", "fiscal-year-end": "0430"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51132", "film-number": "061034735"}, "business-address": {"street1": "2601 ANNAND DRIVE", "street2": "SUITE 16", "city": "WILMINGTON", "state": "DE", "zip": "19808", "phone": "302-998-8824"}, "mail-address": {"street1": "2601 ANNAND DRIVE", "street2": "SUITE 16", "city": "WILMINGTON", "state": "DE", "zip": "19808"}}
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
WASHINGTON,
      DC 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
      11, 2006
UNIVERSAL
      CAPITAL MANAGEMENT, INC.
(Exact
      name of Registrant as specified in its charter)
Delaware
000-51132
20-1568059
(State
                or other jurisdiction of incorporation or
                organization)
(Commission
                File Number)
(I.R.S.
                Employer Identification
                No.)
2601
                Annand Drive, Suite 16, Wilmington, DE
19808
(Address
                of principal executive offices)
(Zip
                Code)
Registrant's
                telephone number, including area code:
(302)
                998-8824
(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):
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
      2.01 Completion of Acquisition or Disposition of Assets
On
      July
      24, 2006, the Registrant declared a dividend payable in the form of 0.055 shares
      of the common stock of Theater Xtreme Entertainment Group, Inc. ("Theater
      Xtreme"), which is a portfolio company of the Registrant, with respect to each
      share of Registrant common stock owned on July 31, 2006, the record date. The
      distribution occurred on August 11, 2006. The aggregate number of shares of
      Theater Xtreme distributed was 299,064, with an approximate fair value of
      $448,596 as of July 31, 2006, based on the formula set forth in the Registrant's
      charter.
The
      dividend was paid to the Registrant's stockholders as of July 31, 2006, based on
      their respective stockholdings in the Registrant. The number of shares to be
      distributed to each Registrant stockholder was rounded to the closest whole
      number of shares of Theater Xtreme with the effect that no fractional shares
      of
      Theater Xtreme were distributed.
The
      Registrant acquired the distributed Theater Xtreme shares on February 1, 2005
      for services valued at $0.35 per share.
The
      Registrant will incur Federal income tax in the amount of approximately $117,300
      as a result of the dividend.
2
SIGNATURES
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, thereunto
      duly authorized.
Universal
                Capital Management, Inc.
(Registrant)
August
                15, 2006
By:
/s/    Joseph
                Drennan
Name:
Joseph
                Drennan
Title:
Chief
                Financial Officer
3