Custom HttpModule for IIS 7 for integrated

I'm having troubles with a custom Error handler I built. It should be a HttpModule, but when I add it to my web.config's system.webServer/modules tag, it is not initiated.

This is my web.config section:

<system.webServer>
  <modules>
    <add name="AspExceptionHandler" 
         type="Company.Exceptions.AspExceptionHandler, Company.Exceptions" 
         preCondition="managedHandler" />
  </modules>
</system.webServer>

This is the code in my HttpModule:

using System;
using System.Web;
using Company.Settings;
using System.Configuration;

namespace Company.Exceptions
{
  public class AspExceptionHandler : IHttpModule
  {
    public void Dispose() { }

    public void Init(HttpApplication application)
    {
      application.Error += new EventHandler(ErrorHandler);
    }

    private void ErrorHandler(object sender, EventArgs e)
    {
      HttpApplication application = (HttpApplication)sender;
      HttpContext currentContext = application.Context;

      // Gather information5
      Exception currentException = application.Server.GetLastError();
      String errorPage = "http://www.mycompaniesmainsite.com/error.html";

      HttpException httpException = currentException as HttpException;
      if (httpException == null || httpException.GetHttpCode() != 404)
      {          
        currentContext.Server.Transfer(errorPage, true);
      }
      else
      {
        application.Response.Status = "404 Not Found";
        application.Response.StatusCode = 404;
        application.Response.StatusDescription = "Not Found";
        currentContext.Server.Transfer(errorPage, true);
      }
    }
  }
}

Could someone please explain to me what I am doing wrong, and how IIS 7 Integrated Managed Pipeline Mode works? Because most of the answers I found are about configuring HttpModules for IIS 6.