VANCOUVER, British Columbia, Aug. 15, 2006 (PRIMEZONE) -- Maisonette International Enterprises Ltd. ("the Company") (Pink Sheets:MAEN) (http://www.maisonetteworld.com) is pleased to announce that it has completed the terms of acquisition of Maple Seal Homes Ltd. "MSH," its prefabricated homes builder in Canada as of Friday, August 11th, 2006. The acquisition announced on March 27, 2006, was conditional upon the Company relinquishing a number of shares it holds in Spectre Technology Corporation in addition to its 25% ownership in both Maisonette Online PLC and its 25% ownership in Total Home Solutions, Inc. (now renamed E-Shopping Technologies Inc.).
For exchange of shares purposes, certain perceived values have been pegged to each of the companies involved in this final transaction.
The final value of Maple Seal Homes Ltd. has been estimated at one time estimated sales for 2007 and the value of sales has been estimated based on estimated sales of USD 1,000,000 in 2007. The 75% of MSH purchased not already owned by the Company therefore received a net value of USD 750,000.
The final value of Maisonette Online PLC has been pegged at zero dollar, as it has a negative net asset value and no sales. Assets of Maisonette Online PLC are USD 57,000 against liabilities of USD 114,000 and the buyer will assume all the liabilities of Maisonette Online PLC. Furthermore Maisonette Online PLC will cease to exist as a PLC and will be converted to a Limited company by its new owners and will operate in a different field than e-commerce.
The final value of Total Home Solutions Inc. (renamed E-Shopping Technologies Inc.) has been pegged at one time estimated sales of 2007 of USD 300,000. The final value of E-Shopping Technologies Inc. has therefore been pegged at USD 300,000 and the 25% ownership the Company holds has been valued at USD 75,000.
The value of Spectre Technology Corporation has been pegged at USD 0.50 per share. This is based on the last price paid for its share before it has received clearance from the SEC to apply to the NASD for a ticker symbol, its sales and its significant progress in its technology in the last few months.
The Company is therefore buying assets worth USD 750,000 in exchange for USD 75,000 in shares of E-Shopping Technologies Inc. and 1,350,000 shares of Spectre Technology Corporation.
The transaction is expected to be closed no later than December 31, 2006. A press release will be announced at the time of closing.
MSH has received numerous emails and calls of interest on its panelized homes product and is currently working on a second project in the United Kingdom and a potential joint venture in France. The success of MSH has prompted the Company to sell its non-core assets and focus on its core business of housing and living environment product sales. MSH is awaiting a deposit from its second client in the United Kingdom and its first client has already erected three homes in the U.K. The Company will still be holding shares in Spectre Technology Corporation and is planning to keep them for the long term as a valuable investment and a good source of leverage for any future acquisition it has in mind.
Alain Ghiai, Chairman of the Board of Directors of the Company added: "The Board of Directors is pleased with this transaction, as it finally puts clarity in all our company assets and the direction it is taking. After this transaction is completed, the value of our company at about three million US dollars approaches the actual market capitalization it currently has in the marketplace. We have paid back the hedge fund early and now we need to concentrate on the long term business of our company and focus on growing our assets through attrition and operational income. This will afford us a higher value per share as opposed to trading at just one time asset value. I look forward to having positive net earnings in our company in the coming years and we are working very hard to achieve this goal. Every dollar of profit we are making is now allocated to pay our debt and grow our business. We are also looking forward to file our financials and start procedures for filing application to trade on the OTC Bulletin Board of NASDAQ. This is a task we have set out to achieve by the end of 2007."
About Maisonette International Enterprises Ltd.
Maisonette International Enterprises Ltd. is a publicly held holding company incorporated in Nevada, USA. Its assets include several holdings operating in the USA and Canada with interests in electronic payment processing and 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.
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