----

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**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      DC 20549**

**FORM 10-Q/A      **

| **ý** | **QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES                EXCHANGE ACT OF 1934** |
|------------|-------------------------------------------------------------------------------------------------------------------------------------|

**For      the quarterly period ended June 30, 2006**

**or**

| **o** | **TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES                EXCHANGE ACT OF 1934** |
|-------|--------------------------------------------------------------------------------------------------------------------------------------|

**Commission      file number: 000-51456**

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**AD.VENTURE        PARTNERS, INC.**

| **Delaware**                                                                                  |   | **20-2650200**                                      |
|-----------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|
| (State                or other jurisdiction ofincorporation                or organization)   |   | (I.R.S.                Employer Identification No.) |
|                                                                                          |   |                                                |
| **360                Madison Avenue, 21****st****Floor****New                York, New York** |   | **10017**                                           |
| (Address                of principal executive offices)                                       |   | (Zip                Code)                           |

**(212)      682-5357**

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**AD.VENTURE      PARTNERS, INC.**

**Table      of Contents**

| **PART I                - FINANCIAL INFORMATION**                                                                                |     |
|---------------------------------------------------------------------------------------------------------------------------------------|----------|
| **Item                1. Financial Statements**                                                                                       | 4        |
| Balance                Sheets                                                                                                         | 4        |
| Statements                of Operations                                                                                               | 5        |
| Statement                of Cash Flows                                                                                                | 6        |
| Notes                to Consolidated Financial Statements                                                                             | 7        |
| **Item                2. Management’s Discussion and Analysis of Financial Condition and Results                of Operations** | 14       |
| **Item                3. Quantitative and Qualitative Disclosures about Market                Risk**                                  | 18       |
| **Item                4. Controls and Procedures**                                                                                    | 18       |
| **PART II                - OTHER INFORMATION**                                                                                   |     |
| **Item                1. Legal Proceedings**                                                                                          |  20 |
| **Item                2. Unregistered Sales of Equity Securities and Use of                Proceeds**                                 | 20       |
| **Item                3. Defaults Upon Senior Securities**                                                                            |  20 |
| **Item                4. Submission of Matters to a Vote of Security                Holders**                                         |  20 |
| **Item                5. Other Information**                                                                                          |  20 |
| **Item                6. Exhibits**                                                                                                   | 20       |
| **SIGNATURES**                                                                                                                        | 21       |

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**Explanatory      Note**

***Company***
***August      2006 Form 8-K***
***EITF      No. 00-19***
***public      warrants***
***embedded      warrants***
***September      2005 Form 8-K***
***Form      10-K***

***Prior      Amended Filings***

***SEC***
***Forms      10-Q***

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**PART I      - FINANCIAL INFORMATION**

**Item      1.** **Financial      Statements.**

**AD.VENTURE      PARTNERS, INC.**

**BALANCE      SHEETS**

**(UNAUDITED)**

**(As      Restated)**

|                                                                                                                                                                                                                        |   | **June                30,****2006** |       | **March                31,****2006** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|------------|--------------------------------------|--------|
|                                                                                                                                                                                                                        |   |                                |       |                                 |   | **(Restated)** |   |
| **ASSETS**                                                                                                                                                                                                                  |   |                                |       |                                 |   |   |   |
| Current                Assets:                                                                                                                                                                                              |   |                                |       |                                 |   |   |   |
| Cash                and cash equivalents                                                                                                                                                                                    |   | $                                   | 352,189    |                                 | $      | 579,029 |   |
| Prepaid                expenses                                                                                                                                                                                             |   |                                | 52,873     |                                 |   | 72,488 |   |
| Total                current assets                                                                                                                                                                                         |   | $                                   | 405,062    |                                 | $      | 651,517 |   |
|                                                                                                                                                                                                                        |   |                                |       |                                 |   |   |   |
| Investments                held in Trust Account                                                                                                                                                                            |   |                                | 51,496,984 |                                 |   | 51,108,343 |   |
| Fixed                assets, net of accumulated depreciation                                                                                                                                                                |   |                                | 3,808      |                                 |   | 4,062 |   |
|                                                                                                                                                                                                                        |   |                                |       |                                 |   |   |   |
| Total                assets                                                                                                                                                                                                 |   | $                                   | 51,905,854 |                                 | $      | 51,763,922 |   |
|                                                                                                                                                                                                                        |   |                                |       |                                 |   |   |   |
| **LIABILITIES                AND STOCKHOLDERS’ EQUITY**                                                                                                                                                               |   |                                |       |                                 |   |   |   |
| Current                liabilities                                                                                                                                                                                          |   |                                |       |                                 |   |   |   |
| Accrued                expenses                                                                                                                                                                                             |   | $                                   | 57,268     |                                 | $      | 90,310 |   |
| Taxes                payable                                                                                                                                                                                                |   |                                | 64,000     |                                 |   | 116,000 |   |
| Derivative                liabilities                                                                                                                                                                                       |   |                                | 8,616,602  |                                 |   | 13,393,035 |   |
| Total                current liabilities                                                                                                                                                                                    |   | $                                   | 8,737,870  |                                 | $      | 13,599,345 |   |
|                                                                                                                                                                                                                        |   |                                |       |                                 |   |   |   |
| Common                stock, and changes in Trust Account value attributable to shares                subject                to possible redemption, 1,799,100 shares at $5.60 per                share                     |   |                                | 10,298,245 |                                 |   | 10,193,318 |   |
|                                                                                                                                                                                                                        |   |                                |       |                                 |   |   |   |
| **STOCKHOLDERS’                EQUITY**                                                                                                                                                                               |   |                                |       |                                 |   |   |   |
| Preferred                stock — $.0001 par value, 1,000,000 shares authorized; 0 shares issued and                outstanding                                                                                        |   |                                | —    |                                 |   | — |   |
| Common                stock — $.0001 par value, 50,000,000 shares authorized; 11,249,997 shares                issued and outstanding (which includes 1,799,100 shares subject to                possible redemption) |   |                                | 1,125      |                                 |   | 1,125 |   |
| Additional                paid-in capital                                                                                                                                                                                   |   |                                | 32,343,046 |                                 |   | 32,343,046 |   |
| Retained                earnings (deficit)                                                                                                                                                                                  |   |                                | 525,568    |                                 |   | (4,372,912 | ) |
| Total                stockholders’ equity                                                                                                                                                                             |   |                                | 32,869,739 |                                 |   | 27,971,259 |   |
| Total                liabilities and stockholders’ equity                                                                                                                                                             |   | $                                   | 51,905,854 |                                 | $      | 51,763,922 |   |

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**AD.VENTURE      PARTNERS, INC.**

**STATEMENTS      OF OPERATIONS**

**(UNAUDITED)**

**(As      Restated)**

|                                                                                                                                                 |   | **Three                Months****Ended****June                30,****2006** |       | **April                7, 2005****(Date                of Inception) Through****June                30, 2005** |   | **April                7, 2005****(Date                of Inception) Through****June                30, 2006** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                 |   |                                                                        |       |                                                                                                           |   |                                                                                                           |   |
| Operating                costs                                                                                                                       |   | $                                                                           | (101,567   | )                                                                                                              | $      | (1,119                                                                                                         | )      | $ | (317,660 | ) |
| Loss                from operations                                                                                                                  |   |                                                                        | (101,567   | )                                                                                                              |   | (1,119                                                                                                         | )      |   | (317,660 | ) |
| Gain                (loss) from derivative liabilities                                                                                               |   |                                                                        | 4,776,433  |                                                                                                           |   | —                                                                                                        |   |   | 113,870 |   |
| Other                income—interest                                                                                                           |   |                                                                        | 392,541    |                                                                                                           |   | 310                                                                                                            |   |   | 1,132,643 |   |
| Income                (loss) before provision for income taxes                                                                                       |   |                                                                        | 5,067,407  |                                                                                                           |   | (809                                                                                                           | )      |   | 928,853 |   |
| Provision                for income taxes                                                                                                            |   |                                                                        | (64,000    | )                                                                                                              |   | —                                                                                                        |   |   | (180,000 | ) |
| Net                income (loss)                                                                                                                     |   | $                                                                           | 5,003,407  |                                                                                                           | $      | (809                                                                                                           | )      | $ | 748,853 |   |
| Weighted                average number of shares outstanding—basic                                                                             |   |                                                                        | 11,249,997 |                                                                                                           |   | 2,249,997                                                                                                      |   |   | — |   |
| Net                income per share—basic                                                                                                      |   | $                                                                           | 0.44       |                                                                                                           | $      | 0.00                                                                                                           |   |   | — |   |
| Weighted                average number of shares outstanding—diluted                                                                           |   |                                                                        | 12,935,798 |                                                                                                           |   | 2,249,997                                                                                                      |   |   | — |   |
| Net                income per share—diluted                                                                                                    |   | $                                                                           | 0.04       |                                                                                                           | $      | 0.00                                                                                                           |   |   | — |   |
|                                                                                                                                                      |   |                                                                        |       |                                                                                                           |   |                                                                                                           |   |   |   |   |
| Pro                Forma Adjustment:                                                                                                                 |   |                                                                        |       |                                                                                                           |   |                                                                                                           |   |   |   |   |
| Interest                income attributable to common stock subject to possible redemption                (net of                taxes of $0)        |   | $                                                                           | (104,927   | )                                                                                                              |   | —                                                                                                        |   | $ | (223,285 | ) |
| Pro                forma net income attributable to common stockholders not subject                to                possible redemption             |   | $                                                                           | 4,898,480  |                                                                                                           |   | —                                                                                                        |   | $ | 525,568 |   |
| Pro                forma weighted average number of shares outstanding, excluding shares                subject to possible redemption—basic   |   |                                                                        | 9,450,897  |                                                                                                           |   | —                                                                                                        |   |   | — |   |
| Pro                forma net income per share, excluding shares subject to possible                redemption—basic                            |   | $                                                                           | 0.52       |                                                                                                           |   | —                                                                                                        |   |   | — |   |
| Pro                forma weighted average number of shares outstanding, excluding shares                subject to possible redemption—diluted |   |                                                                        | 11,136,698 |                                                                                                           |   | —                                                                                                        |   |   | — |   |
| Pro                forma net income per share, excluding shares subject to possible                redemption—diluted                          |   | $                                                                           | 0.04       |                                                                                                           |   | —                                                                                                        |   |   | — |   |

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**AD.VENTURE      PARTNERS, INC.**

**STATEMENT      OF CASH FLOWS**

**(unaudited)**

**(As      Restated)**

|                                                                                                                   |   | **Three                Months****Ended****June                30,****2006** |       | **April                7, 2005****(Date                of Inception) Through****June                30, 2005** |   | **April                7, 2005****(Date                of Inception) Through****June                30, 2006** |   |
|------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                   |   |                                                                        |       |                                                                                                           |   |  **(Restated)**                                                                                           |   |
| **Cash                flows from operating activities:**                                                               |   |                                                                        |       |                                                                                                           |   |                                                                                                           |   |   |   |   |
| Net                income (loss)                                                                                       |   | $                                                                           | 5,003,407  |                                                                                                           | $      | (809                                                                                                           | )      | $ | 748,853 |   |
| Adjustments                to reconcile net income (loss) to net cash provided by operating                activities: |   |                                                                        |       |                                                                                                           |   |                                                                                                           |   |   |   |   |
| Depreciation                                                                                                           |   |                                                                        | 254        |                                                                                                           |   | —                                                                                                        |   |   | 1,269 |   |
| Derivative                liabilities                                                                                  |   |                                                                        | (4,776,433 | )                                                                                                              |   | —                                                                                                        |   |   | (113,870 | ) |
| Changes                in operating assets and liabilities                                                             |   |                                                                        |       |                                                                                                           |   |                                                                                                           |   |   |   |   |
| Prepaid                expenses                                                                                        |   |                                                                        | 19,615     |                                                                                                           |   | 70,000                                                                                                         |   |   | (52,873 | ) |
| Accrued                expenses                                                                                        |   |                                                                        | (33,042    | )                                                                                                              |   | —                                                                                                        |   |   | 57,268 |   |
| Accrued                interest payable                                                                                |   |                                                                        | —    |                                                                                                           |   | (70,000                                                                                                        | )      |   | — |   |
| Taxes                payable                                                                                           |   |                                                                        | (52,000    | )                                                                                                              |   |                                                                                                           |   |   | 64,000 |   |
| Notes                payable to stockholder                                                                            |   |                                                                        | —    |                                                                                                           |   | 87,018                                                                                                         |   |   | — |   |
| Net                cash provided by operating activities                                                               |   |                                                                        | 161,801    |                                                                                                           |   | 86,209                                                                                                         |   |   | 704,647 |   |
| **Cash                flows from investing activities:**                                                               |   |                                                                        |       |                                                                                                           |   |                                                                                                           |   |   |   |   |
| Investments held                in Trust Account                                                                  |   |                                                                        | (388,641   | )                                                                                                              |   | —                                                                                                        |   |   | (51,496,984 | ) |
| Purchase                of property and equipment                                                                      |   |                                                                        | —    |                                                                                                           |   | —                                                                                                        |   |   | (5,077 | ) |
| Net                cash used in investing activities                                                                   |   |                                                                        | (388,641   | )                                                                                                              |   | —                                                                                                        |   |   | (51,502,061 | ) |
| **Cash                flows from financing activities:**                                                               |   |                                                                        |       |                                                                                                           |   |                                                                                                           |   |   |   |   |
| Issuance                of stock                                                                                       |   |                                                                        | —    |                                                                                                           |   | —                                                                                                        |   |   | 51,148,503 |   |
| Proceeds                from notes payable to stockholder                                                              |   |                                                                        | —    |                                                                                                           |   | —                                                                                                        |   |   | 150,000 |   |
| Repayment                of note payable to stockholder                                                                |   |                                                                        | —    |                                                                                                           |   | —                                                                                                        |   |   | (150,000 | ) |
| Proceeds                from sale of common stock to founders                                                          |   |                                                                        | —    |                                                                                                           |   | (9,375                                                                                                         | )      |   | 1,000 |   |
| Proceeds                from issuance of representative’s option                                                 |   |                                                                        | —    |                                                                                                           |   | —                                                                                                        |   |   | 100 |   |
| Net                cash provided by (used in) financing activities                                                     |   |                                                                        | —    |                                                                                                           |   | (9,375                                                                                                         | )      |   | 51,149,603 |   |
| Net                increase (decrease) in cash and cash equivalents                                                    |   |                                                                        | (226,840   | )                                                                                                              |   | 76,834                                                                                                         |   |   | 352,189 |   |
| Cash                and cash equivalents—beginning of period                                                     |   |                                                                        | 579,029    |                                                                                                           |   | —                                                                                                        |   |   | — |   |
| Cash                and cash equivalents—end of period                                                           |   | $                                                                           | 352,189    |                                                                                                           | $      | 76,834                                                                                                         |   | $ | 352,189 |   |

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**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**N**
**OTE**
**      A—O**
**RGANIZATION**
**      A**
**ND**
**      B**
**USINESS**
**      O**
**PERATIONS**

***Company***
***Business      Combination***

***Offering***
***Trust      Account***
***Initial      Stockholders***

***Acquisition      Period***

**N**
**OTE**
**      B—S**
**UMMARY**
**      O**
**F**
**      S**
**IGNIFICANT**
**      A**
**CCOUNTING**
**      P**
**OLICIES**

**[1]  **
**Cash      and cash equivalents: **

**[2]  **
**Investments      held in Trust Account:**

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**[3]  **
**Accounting      for Warrants and Derivative Instruments**

***EITF      No. 00-19***
***public      warrants***

***Securities      Act***

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**[4]**
**Earnings      per common share:**

**[5]      **
**Use      of estimates: **

**[6]      **
**Income      taxes: **

**N**
**OTE**
**      C — R**
**ESTATEMENT**
**      A**
**ND**
**      R**
**ECLASSIFICATION**
**      O**
**F**
**      P**
**REVIOUSLY**
**      I**
**SSUED**
**      F**
**INANCIAL**
**      S**
**TATEMENTS**
**      A**
**ND**
**      D**
**ERIVATIVE**
**      L**
**IABILITIES**

***August      2006 Form 8-K***
***embedded      warrants***
***September      2005 Form 8-K***
***Form      10-K***

***Prior      Amended Form 8-K***
*** ***
***Prior      Amended Form 10-K***
***Prior      Amended Filings***

----

***Forms      10-Q***

**Statement      of Operations Impact **

|                                                                                                                                            |   | **Quarterly                Period Ended****June                30, 2006** |       | **April                7, 2005 (Date of Inception) Through****June                30, 2006** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------|--------|
|                                                                                                                                            |   | **(unaudited)**                                                           |       | **(unaudited)**                                                                              |   |
|                                                                                                                                            |   | **As                Previously Reported**                                 |       |  **Adjustments**                                                                        |   |  **As                Restated** |   | **As                Previously Reported** |   |  **Adjustments** |   | **As                Restated** |   |
|                                                                                                                                            |   |                                                                      |       |                                                                                         |   |   |   |   |   |   |   |   |   |
| Operating                costs                                                                                                                  |   | $                                                                         | (101,567   | )                                                                                            |   | — |   | $ | (101,567 | ) | $ | (317,660 | ) |   | — |   | $ | (317,660 | ) |
| Loss                from operations                                                                                                             |   |                                                                      | (101,567   | )                                                                                            |   | — |   |   | (101,567 | ) |   | (317,660 | ) |   | — |   |   | (317,660 | ) |
| Gain                (loss) from derivative liabilities                                                                                          |   |                                                                      | 4,657,111  |                                                                                         |   | 119,322 |   |   | 4,776,433 |   |   | (94,748 | ) |   | 208,618 |   |   | 113,870 |   |
| Other                income - interest                                                                                                          |   |                                                                      | 392,541    |                                                                                         |   | — |   |   | 392,541 |   |   | 1,132,643 |   |   |   |   |   | 1,132,643 |   |
| Income                before provision for income taxes                                                                                         |   |                                                                      | 4,948,085  |                                                                                         |   | 119,322 |   |   | 5,067,407 |   |   | 720,235 |   |   |   |   |   | 928,853 |   |
| Provision                for income taxes                                                                                                       |   |                                                                      | (64,000    | )                                                                                            |   | — |   |   | (64,000 | ) |   | (180,000 | ) |   | — |   |   | (180,000 | ) |
| **Net                income**                                                                                                                   |   | $                                                                         | 4,884,085  |                                                                                         |   | 119,322 |   | $ | 5,003,407 |   | $ | 540,235 |   |   | 208,618 |   | $ | 748,853 |   |
| Weighted                average number of shares outstanding--basic                                                                             |   |                                                                      | 11,249,997 |                                                                                         |   | — |   |   | 11,249,997 |   |   | — |   |   | — |   |   | — |   |
| Net                Income per share--basic                                                                                                      |   | $                                                                         | 0.43       |                                                                                         |   | — |   | $ | 0.44 |   |   | — |   |   | — |   |   | — |   |
| Weighted                average number of shares outstanding--diluted                                                                           |   |                                                                      | 12,945,649 |                                                                                         |   | (9,851 | ) |   | 12,935,798 |   |   | — |   |   | — |   |   | — |   |
| Net                income per share--diluted                                                                                                    |   | $                                                                         | 0.03       |                                                                                         |   | — |   | $ | 0.04 |   |   | — |   |   | — |   |   | — |   |
|                                                                                                                                            |   |                                                                      |       |                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pro                Forma Adjustment:                                                                                                            |   |                                                                      |       |                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                income attributable to common stock subject to possible redemption                (net of                taxes of $0)   |   |                                                                      | (104,927   | )                                                                                            |   | — |   |   | (104,927 | ) |   | (223,285 | ) |   | — |   |   | (223,285 | ) |
| Pro                forma net income attributable to common stockholders not subject                to                possible redemption        |   | $                                                                         | 4,779,158  |                                                                                         |   | 119,322 |   | $ | 4,898,480 |   | $ | 316,950 |   |   | 208,616 |   | $ | 525,568 |   |
| Pro                forma weighted average number of shares outstanding, excluding shares                subject to possible redemption--basic   |   |                                                                      | 9,450,897  |                                                                                         |   | — |   |   | 9,450,897 |   |   | — |   |   | — |   |   | — |   |
| Pro                forma net income per share, excluding shares subject to possible                redemption--basic                            |   | $                                                                         | 0.51       |                                                                                         |   | — |   | $ | 0.52 |   |   | — |   |   | — |   |   | — |   |
| Pro                forma weighted average number of shares outstanding, excluding shares                subject to possible redemption--diluted |   |                                                                      | 11,146,549 |                                                                                         |   | (9,851 | ) |   | 11,136,698 |   |   | — |   |   | — |   |   | — |   |
| Pro                forma weighted average number of shares outstanding, excluding shares                subject to possible redemption--diluted |   | $                                                                         | 0.03       |                                                                                         |   | — |   | $ | 0.04 |   |   | — |   |   | — |   |   | — |   |

----

**Balance      Sheet Impact**

|                                                                                                                                                                                                                                |   | **June                30, 2006**          |       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|------------|
|                                                                                                                                                                                                                                |   | **(unaudited)**                           |       |
|                                                                                                                                                                                                                                |   | **As                Previously Reported** |       |  **Adjustments** |   |  **As                Restated** |   |
| **ASSETS**                                                                                                                                                                                                                          |   |                                      |       |   |   |   |   |   |   |   |
| **Current                assets**                                                                                                                                                                                                   |   |                                      |       |   |   |   |   |   |   |   |
| Cash                and cash equivalents                                                                                                                                                                                            |   | $                                         | 352,189    |   |   | — |   | $ | 352,189 |   |
| Prepaid                expenses                                                                                                                                                                                                     |   |                                      | 52,873     |   |   | — |   |   | 52,873 |   |
| Total                current assets                                                                                                                                                                                                 |   |                                      | 405,062    |   |   | — |   |   | 405,062 |   |
|                                                                                                                                                                                                                                |   |                                      |       |   |   |   |   |   |   |   |
| Investments                held in Trust Account                                                                                                                                                                                    |   |                                      | 51,496,984 |   |   | — |   |   | 51,496,984 |   |
| Fixed                assets, net of accumulated depreciation                                                                                                                                                                        |   |                                      | 3,808      |   |   | — |   |   | 3,808 |   |
| Total                assets                                                                                                                                                                                                         |   | $                                         | 51,905,854 |   |   | — |   | $ | 51,905,854 |   |
|                                                                                                                                                                                                                                |   |                                      |       |   |   |   |   |   |   |   |
| **LIABILITIES                AND STOCKHOLDERS’ EQUITY**                                                                                                                                                                       |   |                                      |       |   |   |   |   |   |   |   |
| **Current                liabilities**                                                                                                                                                                                              |   |                                      |       |   |   |   |   |   |   |   |
| Accrued                expenses                                                                                                                                                                                                     |   | $                                         | 57,268     |   |   | — |   | $ | 57,268 |   |
| Taxes                payable                                                                                                                                                                                                        |   |                                      | 64,000     |   |   | — |   |   | 64,000 |   |
| Derivative                liabilities                                                                                                                                                                                               |   |                                      | 7,221,032  |   |   | 1,395,570 |   |   | 8,616,602 |   |
| Total                current liabilities                                                                                                                                                                                            |   |                                      | 7,342,300  |   |   | 1,395,570 |   |   | 8,737,870 |   |
|                                                                                                                                                                                                                                |   |                                      |       |   |   |   |   |   |   |   |
| Common                stock, subject to possible redemption, 1,799,100 shares at $5.60                per                share                                                                                                      |   |                                      | 10,298,245 |   |   | — |   |   | 10,298,245 |   |
|                                                                                                                                                                                                                                |   |                                      |       |   |   |   |   |   |   |   |
| Preferred                stock, $.0001 par value, authorized 1,000,000 shares; none issued                and                outstanding                                                                                            |   |                                      | —    |   |   | — |   |   | — |   |
| Common                stock, $.0001 par value, authorized 50,000,000 shares; issued and                outstanding 11,249,997 shares (which includes 1,799,100 shares subject                to                possible redemption) |   |                                      | 1,125      |   |   | — |   |   | 1,125 |   |
| Additional                paid-in capital                                                                                                                                                                                           |   |                                      | 33,947,234 |   |   | (1,604,188 | ) |   | 32,343,046 |   |
| Retained                earnings                                                                                                                                                                                                    |   |                                      | 316,950    |   |   | 208,618 |   |   | 525,568 |   |
| Total                stockholders’ equity                                                                                                                                                                                     |   |                                      | 34,265,309 |   |   | (1,395,570 | ) |   | 32,869,739 |   |
| Total                liabilities and stockholders’ equity                                                                                                                                                                     |   | $                                         | 51,905,854 |   |   | — |   | $ | 51,905,854 |   |

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**N**
**OTE**
**      D—P**
**UBLIC**
**      O**
**FFERING**

***Units***
***Warrants***

***unit      purchase option***

----

**N**
**OTE**
**      E—N**
**OTES**
**      P**
**AYABLE      **
**T**
**O**
**      S**
**TOCKHOLDER**

**N**
**OTE**
**      F—R**
**ELATED**
**      P**
**ARTY**
**      T**
**RANSACTION**

**N**
**OTE**
**      G—C**
**OMMON**
**      S**
**TOCK**
**      R**
**ESERVED**
**      F**
**OR**
**      I**
**SSUANCE**

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**Item      2.**
**Management’s      Discussion and Analysis of Financial Condition and Results of      Operations.**

**Restatement      of Financial Statements**

***August      2006 Form 8-K***
***EITF      No. 00-19***
***public      warrants***
***embedded      warrants***
***September      2005 Form 8-K***
***Form      10-K***

***Prior      Amended Filings***

***Forms      10-Q***

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**Statement      of Operations Impact**

|                                                                                                                                            |   | **Quarterly                Period Ended****June                30, 2006** |       | **April                7, 2005 (Date of Inception) Through****June                30, 2006** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------|--------|
|                                                                                                                                            |   | **(unaudited)**                                                           |       | **(unaudited)**                                                                              |   |
|                                                                                                                                            |   | **As                Previously Reported**                                 |       |  **Adjustments**                                                                        |   |  **As                Restated** |   | **As                Previously Reported** |   |  **Adjustments** |   | **As                Restated** |   |
|                                                                                                                                            |   |                                                                      |       |                                                                                         |   |   |   |   |   |   |   |   |   |
| Operating                costs                                                                                                                  |   | $                                                                         | (101,567   | )                                                                                            |   | — |   | $ | (101,567 | ) | $ | (317,660 | ) |   | — |   | $ | (317,660 | ) |
| Loss                from operations                                                                                                             |   |                                                                      | (101,567   | )                                                                                            |   | — |   |   | (101,567 | ) |   | (317,660 | ) |   | — |   |   | (317,660 | ) |
| Gain                (loss) from derivative liabilities                                                                                          |   |                                                                      | 4,657,111  |                                                                                         |   | 119,322 |   |   | 4,776,433 |   |   | (94,748 | ) |   | 208,618 |   |   | 113,870 |   |
| Other                income - interest                                                                                                          |   |                                                                      | 392,541    |                                                                                         |   | — |   |   | 392,541 |   |   | 1,132,643 |   |   | — |   |   | 1,132,643 |   |
| Income                before provision for income taxes                                                                                         |   |                                                                      | 4,948,085  |                                                                                         |   | 119,322 |   |   | 5,067,407 |   |   | 720,235 |   |   | — |   |   | 928,853 |   |
| Provision                for income taxes                                                                                                       |   |                                                                      | (64,000    | )                                                                                            |   | — |   |   | (64,000 | ) |   | (180,000 | ) |   | — |   |   | (180,000 | ) |
| **Net                income**                                                                                                                   |   | $                                                                         | 4,884,085  |                                                                                         |   | 119,322 |   | $ | 5,003,407 |   | $ | 540,235 |   |   | 208,618 |   | $ | 748,853 |   |
| Weighted                average number of shares outstanding--basic                                                                             |   |                                                                      | 11,249,997 |                                                                                         |   | — |   |   | 11,249,997 |   |   | — |   |   | — |   |   | — |   |
| Net                Income per share--basic                                                                                                      |   | $                                                                         | 0.43       |                                                                                         |   | — |   | $ | 0.44 |   |   | — |   |   | — |   |   | — |   |
| Weighted                average number of shares outstanding--diluted                                                                           |   |                                                                      | 12,945,649 |                                                                                         |   | (9,851 | ) |   | 12,935,798 |   |   | — |   |   | — |   |   | — |   |
| Net                income per share--diluted                                                                                                    |   | $                                                                         | 0.03       |                                                                                         |   | — |   | $ | 0.04 |   |   | — |   |   | — |   |   | — |   |
|                                                                                                                                            |   |                                                                      |       |                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pro                Forma Adjustment:                                                                                                            |   |                                                                      |       |                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                income attributable to common stock subject to possible redemption                (net of                taxes of $0)   |   |                                                                      | (104,927   | )                                                                                            |   | — |   |   | (104,927 | ) |   | (223,285 | ) |   | — |   |   | (223,285 | ) |
| Pro                forma net income attributable to common stockholders not subject                to                possible redemption        |   | $                                                                         | 4,779,158  |                                                                                         |   | 119,322 |   | $ | 4,898,480 |   | $ | 316,950 |   |   | 208,616 |   | $ | 525,568 |   |
| Pro                forma weighted average number of shares outstanding, excluding shares                subject to possible redemption--basic   |   |                                                                      | 9,450,897  |                                                                                         |   | — |   |   | 9,450,897 |   |   | — |   |   | — |   |   | — |   |
| Pro                forma net income per share, excluding shares subject to possible                redemption--basic                            |   | $                                                                         | 0.51       |                                                                                         |   | — |   | $ | 0.52 |   |   | — |   |   | — |   |   | — |   |
| Pro                forma weighted average number of shares outstanding, excluding shares                subject to possible redemption--diluted |   |                                                                      | 11,146,549 |                                                                                         |   | (9,851 | ) |   | 11,136,698 |   |   | — |   |   | — |   |   | — |   |
| Pro                forma weighted average number of shares outstanding, excluding shares                subject to possible redemption--diluted |   | $                                                                         | 0.03       |                                                                                         |   | — |   | $ | 0.04 |   |   | — |   |   | — |   |   | — |   |

----

**Balance      Sheet Impact**

|                                                                                                                                                                                                                                |   | **June                30, 2006**          |       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|------------|
|                                                                                                                                                                                                                                |   | **(unaudited)**                           |       |
|                                                                                                                                                                                                                                |   | **As                Previously Reported** |       |  **Adjustments** |   |  **As                Restated** |   |
| **ASSETS**                                                                                                                                                                                                                          |   |                                      |       |   |   |   |   |   |   |   |
| **Current                assets**                                                                                                                                                                                                   |   |                                      |       |   |   |   |   |   |   |   |
| Cash                and cash equivalents                                                                                                                                                                                            |   | $                                         | 352,189    |   |   | — |   | $ | 352,189 |   |
| Prepaid                expenses                                                                                                                                                                                                     |   |                                      | 52,873     |   |   | — |   |   | 52,873 |   |
| Total                current assets                                                                                                                                                                                                 |   |                                      | 405,062    |   |   | — |   |   | 405,062 |   |
|                                                                                                                                                                                                                                |   |                                      |       |   |   |   |   |   |   |   |
| Investments                held in Trust Account                                                                                                                                                                                    |   |                                      | 51,496,984 |   |   | — |   |   | 51,496,984 |   |
| Fixed                assets, net of accumulated depreciation                                                                                                                                                                        |   |                                      | 3,808      |   |   | — |   |   | 3,808 |   |
| Total                assets                                                                                                                                                                                                         |   | $                                         | 51,905,854 |   |   | — |   | $ | 51,905,854 |   |
|                                                                                                                                                                                                                                |   |                                      |       |   |   |   |   |   |   |   |
| **LIABILITIES                AND STOCKHOLDERS’ EQUITY**                                                                                                                                                                       |   |                                      |       |   |   |   |   |   |   |   |
| **Current                liabilities**                                                                                                                                                                                              |   |                                      |       |   |   |   |   |   |   |   |
| Accrued                expenses                                                                                                                                                                                                     |   | $                                         | 57,268     |   |   | — |   | $ | 57,268 |   |
| Taxes                payable                                                                                                                                                                                                        |   |                                      | 64,000     |   |   | — |   |   | 64,000 |   |
| Derivative                liabilities                                                                                                                                                                                               |   |                                      | 7,221,032  |   |   | 1,395,570 |   |   | 8,616,602 |   |
| Total                current liabilities                                                                                                                                                                                            |   |                                      | 7,342,300  |   |   | 1,395,570 |   |   | 8,737,870 |   |
|                                                                                                                                                                                                                                |   |                                      |       |   |   |   |   |   |   |   |
| Common                stock, subject to possible redemption, 1,799,100 shares at $5.60                per                share                                                                                                      |   |                                      | 10,298,245 |   |   | — |   |   | 10,298,245 |   |
| **Stockholders’                equity**                                                                                                                                                                                       |   |                                      |       |   |   |   |   |   |   |   |
| Preferred                stock, $.0001 par value, authorized 1,000,000 shares; none issued                and                outstanding                                                                                            |   |                                      | —    |   |   | — |   |   | — |   |
| Common                stock, $.0001 par value, authorized 50,000,000 shares; issued and                outstanding 11,249,997 shares (which includes 1,799,100 shares subject                to                possible redemption) |   |                                      | 1,125      |   |   | — |   |   | 1,125 |   |
| Additional                paid-in capital                                                                                                                                                                                           |   |                                      | 33,947,234 |   |   | (1,604,188 | ) |   | 32,343,046 |   |
| Retained                earnings                                                                                                                                                                                                    |   |                                      | 316,950    |   |   | 208,618 |   |   | 525,568 |   |
| Total                stockholders’ equity                                                                                                                                                                                     |   |                                      | 34,265,309 |   |   | (1,395,570 | ) |   | 32,869,739 |   |
| Total                liabilities and stockholders’ equity                                                                                                                                                                     |   | $                                         | 51,905,854 |   |   | — |   | $ | 51,905,854 |   |

**Overview**

----

**Results      of Operations**

*Net      Income*

**Liquidity      and Capital Resources**

----

*Off-Balance      Sheet Arrangements *

*Contractual      Obligations *

**Item      3.**
**Quantitative      and Qualitative Disclosures About Market Risk.**

**Item      4.** **Controls      and Procedures.**

----

----

**PART II      - OTHER INFORMATION**

**Item      1.** **Legal      Proceedings.**

**Item      2.**
 **Unregistered      Sales of Equity Securities and Use of Proceeds.**

**Item      3.**
**Defaults      Upon Senior Securities.**

**Item      4.**
**Submission      of Matters to a Vote of Security Holders.**

**Item      5.**
**Other      information.**

**Item      6.** **Exhibits.**

| 31.1 | Section 302                Certification of Chief Executive Officer |
|------|--------------------------------------------------------------------------|
| 31.2 | Section 302                Certification of Chief Financial Officer |
| 32.1 | Section 906                Certification                            |

----

**SIGNATURES**

|                                  |                                                                                                                               |                                    |
|---------------------------------------|------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|
|                                  | **AD.VENTURE                PARTNERS, INC.**                                                                                       |
|                             |                                                                                                                          |                               |
| Date:                January 12, 2007 | By:                                                                                                                      | /s/              Howard S. Balter  |
|                                  | Howard                S. Balter*Chairman                and Chief Executive**Officer                (Principal Executive Officer)* |

|   |                                                                                                                              |                                               |
|--------|-----------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|
|   | By:                                                                                                                     | /s/              Ilan              M. Slasky  |
|   | Ilan                M. Slasky*President                and Secretary (Principal Financial and Accounting                Officer)* |

----