SOURCE: Maisonette International Enterprises Ltd.

June 09, 2006 14:45 ET

Maisonette International Enterprises Ltd. Pays Off Its Entire Debt Principal to Highgate Capital LLC.

VANCOUVER, BC -- (MARKET WIRE) -- June 9, 2006 -- Maisonette International Enterprises Ltd. ("The Company") (PINKSHEETS: MAEN), is pleased to announce that it has completed a payment arranged through its Chairman for a complete payment towards it debt owed to the lending fund, Highgate Capital LLC. "Highgate".

Following a press release dated June 5 2006, in which the Company stated that it was hoping to have its debenture debt completely expunged from Highgate, the Company has informed the Board of Directors that a conventional financing has been arranged by a group of shareholders, a large financial institution and the Chairman of the Company.

The financing has been secured by the assets of the Chairman of the Company, and the conventional loan has been made to the Company's subsidiary Maple Seal homes Ltd. at a rate of 7% approximately. HSBC Bank Canada (TSX: HSB-PA) a subsidiary of the HSBC Group ( has arranged for the line of credit issued to Maple Seal Homes Ltd. ( "MSH". MSH is to pay back the line of credit with its revenues expected in 2006 and beyond and will pay all interests to the financial institution in additional to any and all fees related to this transaction.

The first payment of USD 235,000, representing the entire principal amount due including incurred interests, has been made in the morning of June 9th 2006 to Highgate Capital LLC. to their bank in New Jersey. The Company is still negotiating the pre-payment buyout penalty with Highgate and anticipates to have this paid within the next 4 months or sooner.

Charles Fussenegger, the Company's President added: "We are very grateful to the Chairman of the Company and his partners for their efforts in facilitating this line of credit for MSH. This paves the way for the Company to finally have its shares traded at fair value to what the Company perceives them to be. There may be some volatility as some shares might still have to be converted by Highgate, due to some conversions that Highgate has not exercised yet. We are still trying to have this issue resolved, but overall this is a very big milestone for our Company."

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, Canada and the United Kingdom with interests in e-Business, electronic payment processing, online retailing and lifestyle content, 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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