Company Cancels Nine Million Additional Shares
VANCOUVER, British Columbia, September 21, 2006 - Maisonette International Enterprises Ltd. "the Company" (PINKSHEETS:MAEN) http://www.maisonetteworld.com is pleased to announce that it has cancelled and retired an additional nine million shares of its common shares outstanding. In addition to the shares retired and cancelled announced on August 30 2006, the share elimination and reduction represents a reduction of approximately 12% of the Company's total outstanding shares as of June 2006. The Company's share reduction plan as it stands is now complete and its asset swap transaction to acquire Maple Seal Homes Ltd. in exchange for its previous stake in E-Shopping Technologies Inc. and Maisonette Online PLC is now considered completed.
The Company is also pleased to announce that it is continuing discussions in regards to its merger talks with a European company involved in real estate developments and architectural and urban planning work. This will give the Company a bigger foothold with a local partner for its subsidiary's Maple Seal Homes Ltd. prefabricated panelized homes.
Charles Fussenegger, President of the Company and Alain Ghiai, Chairman of the Board of Directors of the Company added: "The Company has gone through a big change in the last two years of its history. As shareholders, we can be proud of our achievements in the last year alone as we have paid out our debt, setup a sales channel for our main products and have dispensed of non-core assets which were draining liquidity from the Company, such as our previous investments in Total Home Solutions Inc. and Maisonette Online PLC. The Company is continuing to develop its network of sales in Europe for its prefabricated homes subsidiary for the foreseeable future. The last step in this reorganization is to solidify the share structure and reduce any speculation on the Company's shares by eventually adopting a share consolidation program currently under discussion."
The Company is also waiting to accumulate some cash from its sales in order to embark on a full filing in order to be quoted on the NASDAQ's OTC Bulletin Board Exchange. More details will follow in the next few weeks in regards to this plan.
About Maisonette International Enterprises Ltd.
Maisonette International Enterprises Ltd. is a publicly held holding company incorporated in Nevada, USA. Its primary asset is a 100% wholly owned Canadian company called Maple Seal Homes Ltd. www.maplesealhomes.ca with its primary activity being the sale and distribution of panelized prefabricated housing and building materials for the general public and professionals.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors affecting the Company's operations, markets, products and prices and other factors discussed in the Company's various filings with the Securities and Exchange Commission. There may be other factors not mentioned above that may cause actual results to differ materially from any forward-looking information. Media Contact:
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