Maisonette cancels $5 million equity line, closes $500,000 private placement

By Sheri Kasprzak

Atlanta, April 28 - Maisonette International Enterprises Ltd. said it has terminated a $5 million equity line it received in October 2004 and has wrapped up a $500,000 private placement.

The company received the equity line from Dutchess Private Equities Fund II, LLP on Oct. 29, 2004.

The details of the new equity financing could not be obtained by press time Thursday.

"We believe it is in the best interest of the company and our shareholders to terminate this equity line of credit facility and utilize alternative financing methods to execute our business plan," said Alain Ghiai, the company's chairman, in a statement.

"We have successfully closed a half a million dollars private equity line and are in talks with other financial institutions for a better financing facility. As our company grows and sales increase, the value of our share[s] will increase and the amount of shares required to raise working capital will diminish. This is one of the reasons why we are choosing to go with other financing solutions."

Based in Vancouver, B.C., Maisonette is a holding company with interests in the e-commerce and online retail fields.

On Thursday, Maisonette's stock closed unchanged at $0.25.

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