Sec Form 5 Filing - Chung Peter S @ ACE MARKETING & PROMOTIONS INC - 2005-12-31

FORM 5 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Chung Peter S 2. Issuer Name and Ticker or Trading Symbol ACE MARKETING & PROMOTIONS INC [ AMKT] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) X __ Other (specify below) GCCProvidesConsultingServices (Last) (First) (Middle) 4 WEST LAS OLAS BLVD., 8TH FLOOR 3. Date of Earliest Transaction (MM/DD/YY) 12/31/2005 (Street) FT. LAUDERDALE, FL33301 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price common stock, $0.0001 par value acquired by GCC 02/15/2005 P V 50,000 ( 1 ) A $ 1 1,218,400 ( 3 ) D ( 2 ) common stock, $0.0001 par value acquired by GCC 10/03/2005 P 1,000 A $ 1 1,218,400 ( 3 ) D ( 2 ) common stock, $0.0001 par value acquired by GCC 10/13/2005 P 4,000 A $ 1.2 1,218,400 ( 3 ) D ( 2 ) common stock, $0.0001 par value acquired by GCC 10/18/2005 P 4,500 A $ 1.2 1,218,400 ( 3 ) D ( 2 ) common stock, $0.0001 par value acquired by GCC 11/16/2005 P 8,900 A $ 1.7 1,218,400 ( 3 ) D ( 2 ) common stock, $0.0001 par value acquired by Peter S. Chung 08/01/2005 P 10,000 A $ 0.8625 1,259,010 D common stock, $0.0001 par value sold by Peter S. Chung 08/18/2005 S 500 D $ 1.2 1,259,010 D common stock, $0.0001 par value sold by Peter S. Chung 08/18/2005 S 1,000 D $ 1.1 1,259,010 D common stock, $0.0001 par value sold by Peter S. Chung ( 4 ) 08/18/2005 S 2,000 D $ 1.02 1,259,010 D common stock, $0.0001 par value sold by Peter S. Chung 09/02/2005 S 500 D $ 1.15 1,259,010 D common stock, $0.0001 par value sold by Peter S. Chung 09/02/2005 S 500 D $ 1.1 1,259,010 D common stock, $0.0001 par value sold by Peter S. Chung 09/02/2005 S 500 D $ 1.01 1,259,010 D common stock, $0.0001 par value sold by Peter S. Chung 09/02/2005 S 500 D $ 1.01 1,259,010 D common stock, $0.0001 par value sold by Peter S. Chung ( 5 ) 09/02/2005 S 4,500 D $ 0.75 1,259,010 D common stock, $0.0001 par value acquired by Peter S. Chung 10/11/2005 P 3,000 A $ 0.75 1,259,010 D common stock, $0.0001 par value acquired by Peter S. Chung 10/18/2005 P 3,260 A $ 1.2 1,259,010 D common stock, $0.0001 par value acquired by Peter S. Chung 10/19/2005 P 4,450 A $ 0.75 1,259,010 D common stock, $0.0001 par value acquired by Peter S. Chung 10/19/2005 P 7,600 A $ 0.75 1,259,010 D common stock, $0.0001 par value acquired by Peter S. Chung 11/09/2005 P 500 A $ 0.98 1,259,010 D common stock, $0.0001 par value acquired by Peter S. Chung 11/09/2005 P 1,000 A $ 0.77 1,259,010 D common stock, $0.0001 par value acquired by Peter S. Chung 12/01/2005 P 500 A $ 1.35 1,259,010 D common stock, $0.0001 par value acquired by Peter S. Chung 12/01/2005 P 1,500 A $ 1.5 1,259,010 D common stock, $0.0001 par value acquired by Peter S. Chung 12/05/2005 P 500 A $ 1.5 1,259,010 D common stock, $0.0001 par value acquired by Peter S. Chung 12/05/2005 P 2,500 A $ 1.5 1,259,010 D common stock, $0.0001 par value acquired by Peter S. Chung 12/15/2005 P 2,000 A $ 1.85 1,259,010 D common stock, $0.0001 par value acquired by Peter S. Chung 12/15/2005 P 1,000 A $ 1.35 1,259,010 D common stock, $0.0001 par value acquired by Peter S. Chung 12/15/2005 P 300 A $ 1.29 1,259,010 D common stock, $0.0001 par value acquired by Peter S. Chung 12/20/2005 P 5,000 A $ 1.2 1,259,010 D common stock, $0.0001 par value acquired by Peter S. Chung 12/23/2005 P 7,500 A $ 1.2 1,259,010 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Class B Warrants acquired by GCC ( 1 ) $ 2 02/15/2005 P V 50,000 02/15/2005 01/02/2008 Common Stock, $0.0001 par value 50,000 ( 1 ) 1,150,000 ( 6 ) D Warrant acquired by GCC ( 8 ) $ 0.1 06/10/2005 ( 7 ) Common Stock, $0.0001 par value ( 1 ) 1,100,000 1,150,000 ( 6 ) D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Chung Peter S 4 WEST LAS OLAS BLVD., 8TH FLOOR FT. LAUDERDALE, FL33301 X GCCProvidesConsultingServices Glenwood Capital CORP 2070 S. HIBISCUS DR. MIAMI, FL33180 X GCCProvidesConsultingServices Signatures /s/ Peter S. Chung, individually, and as 100% beneficial owner and President of Glenwood Capital Corp. 03/17/2006 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Acquired with acquisition of 5 Units in a private placement, each Unit consisting of 10,000 Shares of Common Stock and Warrants to purchase 10,000 Shares of Common Stock ( 2 )Peter S. Chung files for these acquisitions as they change his indirect holdings by virtue of his beneficial ownership of 100% of Glenwood Capital; GCC files for these acquisition as they cahnge its direct holdings. ( 3 )At end of fiscal year, Peter S. Chung beneficially owned 1,259,010. ( 4 )Composed of acquisitions of 1,000, 500 and 500. ( 5 )Composed of disposals of 2,500 and 2,000. ( 6 )At end of fiscal year, Peter S. Chung beneficially owned 1,150,000. ( 7 )Earlier of 5 pm on 6/9/2010, or immediately prior to any Organic Change (as defined in Section 4.3 of the Warrant). ( 8 )On June 10, 2005, the Issuer entered into an agreement to retain GCC to perform consulting services related to corporate finance and other financial service matters on a non-exclusive basis.

Remarks: This Form 5 is filed jointly by Glenwood Capital Corporation ("GCC") and Peter S. Chung, (each a "Reporting Person"). GCC and Peter S. Chung both have their business address at 4 West Las Olas Blvd., 8th Floor, Ft. Lauderdale, FL 33301. GCC is organized under the laws of the State of Florida.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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