SEC FORM 4

SEC Form 4

FORM 4

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
or Section 30(h) of the Investment Company Act of 1940

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

1. Name and Address of Reporting Person^*

Christensen Mark

(Last)

(First)

(Middle)

C/O INTERNATIONAL DISPLAYWORKS, INC.

1613 SANTA CLARA DRIVE, SUITE 100

(Street)

ROSEVILLE

95661-3542

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
INTERNATIONAL DISPLAYWORKS, INC [ IDWK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/30/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/30/2006		S		15,000	D	$6.35	0	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 (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	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 (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Option	$8.95	11/30/2006		D			20,000	⁽¹⁾⁽²⁾	01/19/2010	Common Stock	20,000	⁽¹⁾⁽²⁾	0	D
Option	$6.01	11/30/2006		D			5,000	⁽¹⁾⁽³⁾	09/19/2010	Common Stock	5,000	⁽¹⁾⁽³⁾	0	D
Option	$6.26	11/30/2006		D			5,000	⁽¹⁾⁽³⁾	01/27/2011	Common Stock	5,000	⁽¹⁾⁽³⁾	0	D

Explanation of Responses:

1. The Reporting Person is filing this Form 4 to reflect disposition of securities and termination of insider status effective November 30, 2006, pursuant to the agreement and plan of merger among Issuer, Granite Acquisition Corp., a wholly-owned subsidiary of Flextronics International Ltd. ("Flextronics") and Flextronics dated September 4, 2006 (SEC File No. 000-27002) (the "Merger Agreement") and the closing of the merger transaction contemplated thereunder (the "Merger"). The Merger transaction and all dispositions hereunder are exempt from Section 16(b) pursuant to Rule 16b-3(e).

2. The vesting on this option was accelerated in full on November 28, 2006 upon Issuer's stockholder approval and public announcement of the Merger. This option was canceled on November 30, 2006 pursuant to the terms of the Merger Agreement and the Issuer's 2005 Equity Incentive Plan in exchange for no consideration, representing the difference between the product of the exchange ratio (as defined in the Merger Agreement) and closing Flextronics per share price on November 29, 2006 of $11.26 or $6.365, and the exercise price of this option.

3. The vesting on these options was accelerated in full on November 28, 2006 upon Issuer's stockholder approval and public announcement of the Merger. The options were canceled on November 30, 2006 pursuant to the terms of the Merger Agreement and the Issuer's 2005 Equity Incentive Plan in exchange for an aggregate cash payment of $2,302.78, representing the difference between the product of the exchange ratio (as defined in the Merger Agreement) and closing Flextronics per share price on November 29, 2006 of $11.26 or $6.365, and the exercise prices of these options.

	Mark A. Christensen by Alan Lefko, POA	12/01/2006
	** Signature of Reporting Person	Date
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).
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