On May 30, 2006, International Sports and Media Group, Inc. (“ISMG” or the “Company”) entered into an Asset Purchase Agreement with American Aloe Nurseries, a ‘dba’ of Phrixus Holdings, Inc. (“Phrixus”), a private corporation, to acquire (i) approximately 600,000 Aloe Vera plants which are ‘in ground’ (Fructus Industrialis), (ii) nursery inventory consisting of ‘Potted’ Aloe Vera Pup plants (in containers out of ground), (iii) all Farm equipment presently used in the American Aloe Nurseries nursery/farm business. Under the terms of this agreement, the Company is acquiring these assets for a $3,500,000 Convertible Note and a $1,000,000 Demand Note.  The $3,500,000 Convertible Note converts into a total of 17,500,000 million shares of restricted common stock.  The $1,000,000 Demand Note requires the Company to make principal reduction payments based upon future capital raising transactions. The complete Asset Purchase Agreement is attached as Exhibit 2.1

Item 9.01. Financial Statements and Exhibits

(c) Exhibits. The following exhibits are being filed herewith.

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 hereunto duly authorized.


INTERNATIONAL SPORTS AND MEDIA GROUP, INC.