Item 5. Other Events

On the 9^th day of August, 2006 the Company closed the purchase of the assets of WV Fiber LLC through the United States Bankruptcy Court for the Middle District of Tennessee Nashville Division.

Summary of Purchase and Exchange Terms

All of the Seller's right, title and interest in and to the properties, contracts, rights and other assets owned or leased (subject to the terms of those leases and related purchase options) by the Seller and utilized in the Business, wherever located and whether or not reflected on the books and records of the Seller as the same shall exist on August 8, 2006. Without limiting the generality of the foregoing, the Purchased Assets included:

(1)     all of Seller's inventory, now or hereafter owned or acquired by Seller wherever located, including all inventory, merchandise, goods and other personal property which are held by or on behalf of Seller for sale or lease or are furnished or are to be furnished under a contract of service or which constitute raw materials, whole goods, spare parts or components, work in process or materials used or consumed or to be used or consumed in Seller's business or in the processing, production, packaging, promotion, delivery or shipping of the same, including other supplies;

(2)     all right, title and interest of Seller's accounts receivable, other receivables, book debts and other forms of obligations, whether arising out of a sale, lease or other disposition of goods or other property, out of a rendering of services, or otherwise arising under any contract or agreement; rights in, to and under all purchase orders or receipts for goods or services; rights to any goods represented or purported to be represented by any of the foregoing (including unpaid Seller's rights of rescission, replevin, reclamation and stoppage in transit and rights to returned, reclaimed or repossessed goods); and monies due or to become due to Seller under all purchase orders and contracts for the sale or lease of goods or the performance of services or both by Seller (but only to the extent Purchaser assumes and performs under such purchase orders and contracts), including the proceeds of the foregoing;

(3)     all of Seller's owned equipment, including all machinery, vehicles, furniture, fixtures, manufacturing equipment, shop equipment, office and recordkeeping equipment, parts, telephone systems, tools and supplies;

(4)     all Seller's rights and interests in its general intangibles, including licenses, permits, patents, patent applications, copyrights, trademarks, trade names, trade secrets, Seller's rights in its telephone numbers, customer or supplier lists, product information and formulae and contracts, manuals, operating instructions, permits, franchises, the right to use Seller's name, and the goodwill of Seller's business; together with

(5)     all substitutions and replacements for and products of any of the foregoing property;

(6)     in the case of all tangible property, together with all accessions, accessories, attachments, parts, equipment and repairs attached or affixed to or used in connection with any such goods, and all warehouse receipts, bills of lading and other documents of title now or hereafter covering such goods; and

Further, Louros Networks satisfied all other prepetition secured claims, that may be allowed to Wilhagen Ventures, Peter Marcum, Thomas Lunn, Fred Filsooth, Broadband Concepts and any spouses, insiders, affiliates, subsidiaries, successors or assigns of the foregoing (referred to as the “Founders” and their secured claims, if any, being referred to as “Founder Debt”) with consent of the holders of such claims or by final order of the Bankruptcy Court and in accordance with the Share Exchange Terms described herein below.

Item 7. Financial Statements and Exhibits

Exhibit A – Press Release from Integrated Media Holdings, Inc.