UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
DC  20549








Form
10-Q








(Mark
one)


x
            Quarterly
      Report Under Section 13 or 15(d) of the Securities Exchange Act of
      1934





For the quarterly period ended March
31, 2008





o
            
            Transition
      Report Under Section 13 or 15(d) of the Securities Exchange Act of
      1934





For the transition period from
______________ to _____________











Commission
File Number: 000-51185





Signet
International Holdings, Inc.


(Exact
name of small business issuer as specified in its charter)






Delaware
              16-1732674(State
      of incorporation)
              (IRS
      Employer ID Number)





205 Worth Avenue, Suite 316,
Palm Beach, Florida 33480


(Address
of principal executive offices)





(561)
832-2000


(Issuer's
telephone number)





Check
whether the issuer (1) filed all reports required to be filed by Section 13 or
15(d) of the Exchange Act during the past 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.  YES  x  NO 
o





Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.  See the definitions of “large accelerated filer”,
“accelerated filer” and “smaller reporting company” in Rule 12b-2 of the
Exchange Act. (Check one):




Large
      accelerated filer
              o
              
              Accelerated
      filer
              oNon-accelerated
      filer
                (Do
      not check if a smaller reporting company)
              o
              
              Smaller
      reporting company
              x






Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act):


YES 
x  NO 
o





State the
number of shares outstanding of each of the issuer's classes of common equity as
of the latest practicable date:  April 18, 2008:
4,504,962




















Signet
International Holdings, Inc.





Form 10-Q
for the Quarter ended March 31, 2008





Table of
Contents








PagePart
      I - Financial InformationItem 1 Financial
      Statements
            3Item 2 Management's
      Discussion and Analysis or Plan of Operation
            14Item 3 Controls and
      Procedures
            18Part
      II - Other InformationItem 1 Legal
      Proceedings
            18Item 2 Recent Sales of
      Unregistered Securities and Use of Proceeds
            18Item 3 Defaults Upon Senior
      Securities
            18Item 4 Submission of
      Matters to a Vote of Security Holders
            18Item 5 Other
      Information
            18Item
    6 Exhibits
            19Signatures
            19










2











Item 1


Part
1 - Financial Statements




Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Consolidated
Balance Sheets


March 31,
2008 and December 31, 2007





(Unaudited)




March
      31,
              
              
              March
      31,2008
              
              
              2007ASSETSCurrent
      AssetsCash
      in bank
              
              $
              22,538
              
              
              $
              121,569Other
      AssetsBroadcast
      and intellectual properties,net
      of accumulated amortization of $-0-
              
              
              4,007,249
              
              
              
              -Total
      Assets
              
              $
              4,029,787
              
              
              $
              121,569LIABILITIES AND
      SHAREHOLDERS’ EQUITY (DEFICIT)LiabilitiesCurrent
      LiabilitiesAccounts
      payable - trade
              
              $
              95,009
              
              
              $
              17,260Other
      accrued liabilities
              
              
              175,375
              
              
              
              95,125Accrued
      officer compensation
              
              
              373,670
              
              
              
              251,170Total
      Current Liabilities
              
              
              644,054
              
              
              
              363,555Commitments
      and ContingenciesShareholders’
      Equity (Deficit)Preferred
      stock - $0.001 par value50,000,000
      shares authorized5,000,000
      shares designated,issued
      and outstanding, respectively
              
              
              5,000
              
              
              
              5,000Common
      stock - $0.001 par value.100,000,000
      shares authorized.4,504,962
      and 4,102,000 shares issued and outstanding, respectively
              
              
              4,505
              
              
              
              4,102Additional
      paid-in capital
              
              
              4,688,741
              
              
              
              737,592Deficit
      accumulated during the development stage
              
              
              (1,312,513
              )
              
              
              (988,680
              )Total
      Shareholders’ Equity (Deficit)
              
              
              3,385,733
              
              
              
              (241,986
              )Total
      Liabilities and Shareholders’ Equity
              
              $
              4,029,787
              
              
              $
              121,569


The
financial information presented herein has been prepared by
management
 without
audit by independent certified public accountants.




3





Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Consolidated
Statements of Operations and Comprehensive Loss


Three
months ended March 31, 2008 and 2007 and


Period
from October 17, 2003 (date of inception) through March 31, 2008





(Unaudited)





Period
      fromOctober
      17, 2003Three
      months
              
              
              Three
      months
              
              
              (date
      of inception)ended
              
              
              ended
              
              
              throughMarch
      31,
              
              
              March
      31,
              
              
              March
      31,2008
              
              
              2007
              
              
              2008Revenues
              
              $
              -
              
              
              $
              -
              
              
              $
              -ExpensesOrganizational
      and formation expenses
              
              
              -
              
              
              
              -
              
              
              
              89,801Officer
      compensation
              
              
              17,500
              
              
              
              17,500
              
              
              
              309,170Other
      salaries
              
              
              32,500
              
              
              
              22,000
              
              
              
              216,125Other
      general and administrative expenses
              
              
              31,527
              
              
              
              25,285
              
              
              
              506,987“Compensation
      expense” related to saleof
      common stock at less than “fair value”
              
              
              -
              
              
              
              -
              
              
              
              181,430Total
      Expenses
              
              
              81,527
              
              
              
              64,785
              
              
              
              1,303,513Loss
      from Operations
              
              
              (81,527
              )
              
              
              (64,785
              )
              
              
              (1,303,513
              )Other
      ExpenseInterest
      expense
              
              
              -
              
              
              
              -
              
              
              
              (9,000
              )Loss
      before Provision for Income Taxes
              
              
              (81,527
              )
              
              
              (64,785
              )
              
              
              (1,012,513
              )Provision
      for Income Taxes
              
              
              -
              
              
              
              -
              
              
              
              -Net
      Loss
              
              
              (81,527
              )
              
              
              (64,785
              )
              
              
              (1,012,513
              )Other
      Comprehensive Income
              
              
              -
              
              
              
              -
              
              
              
              -Comprehensive
      Loss
              
              $
              (81,527
              )
              
              $
              (64,785
              )
              
              $
              (1,012,513
              )Loss
      per weighted-average shareof
      common stock outstanding,computed
      on Net Loss -basic
      and fully diluted
              
              $
              (0.02
              )
              
              $
              (0.02
              )
              
              $
              (0.26
              )Weighted-average
      number of sharesof
      common stock outstanding
              
              
              4,504,962
              
              
              
              4,102,000
              
              
              
              3,863,117






The
financial information presented herein has been prepared by
management
 without
audit by independent certified public accountants.


4


Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Consolidated
Statements of Cash Flows


Three
months ended March 31, 2008 and 2007 and


Period
from October 17, 2003 (date of inception) through March 31, 2008





(Unaudited)





Period
      fromOctober
      17, 2003Three
      months
              
              
              Three
      months
              
              
              (date
      of inception)ended
              
              
              ended
              
              
              throughMarch
      31,
              
              
              March
      31,
              
              
              March
      31,2008
              
              
              2007
              
              
              2008Cash
      Flows from Operating ActivitiesNet
      Loss
              
              $
              (81,527
              )
              
              $
              (64,785
              )
              
              $
              (1,312,513
              )Adjustments
      to reconcile net income to net cashprovided by operating activitiesDepreciation
              
              
              -
              
              
              
              -
              
              
              
              -Organizational
      expenses paid with issuanceof common and preferred stock
              
              
              -
              
              
              
              -
              
              
              
              50,810Expenses
      paid with common stock
              
              
              -
              
              
              
              -
              
              
              
              125,000“Compensation
      expense” relatedto sale of common stock atless than “fair value”
              
              
              -
              
              
              
              -
              
              
              
              181,430Increase
      (Decrease) inAccounts payable - trade
              
              
              7,881
              
              
              
              (9,283
              )
              
              
              20,009Accrued liabilities
              
              
              36,250
              
              
              
              24,290
              
              
              
              175,375Accrued officers compensation
              
              
              17,500
              
              
              
              17,500
              
              
              
              373,670Net
      cash used in operating activities
              
              
              (19,896
              )
              
              
              (32,278
              )
              
              
              (386,219
              )Cash
      Flows from Investing Activities
              
              
              -
              
              
              
              -
              
              
              
              -Cash
      Flows from Financing ActivitiesCash
      proceeds from note payable
              
              
              -
              
              
              
              -
              
              
              
              90,000Cash
      paid to retire note payable
              
              
              -
              
              
              
              -
              
              
              
              (90,000
              )Cash
      proceeds from sale of common stock
              
              
              -
              
              
              
              -
              
              
              
              435,389Purchase
      of treasury stock
              
              
              -
              
              
              
              -
              
              
              
              (50,000
              )Cash
      paid to acquire capital
              
              
              -
              
              
              
              -
              
              
              
              (10,447
              )Capital
      contributed to support operations
              
              
              -
              
              
              
              -
              
              
              
              33,812Net
      cash provided by financing activities
              
              
              -
              
              
              
              -
              
              
              
              408,757Increase
      (Decrease) in Cash and Cash Equivalents
              
              
              (19,896
              )
              
              
              (32,278
              )
              
              
              22,538Cash
      and cash equivalents at beginning of period
              
              
              42,434
              
              
              
              153,847
              
              
              
              -Cash
      and cash equivalents at end of period
              
              $
              22,538
              
              
              $
              121,569
              
              
              $
              22,538Supplemental
      Disclosures of Interest and Income Taxes PaidInterest
      paid during the period
              
              $
              -
              
              
              $
              -
              
              
              $
              -Income
      taxes paid (refunded)
              
              $
              -
              
              
              $
              -
              
              
              $
              -




The
financial information presented herein has been prepared by
management
 without
audit by independent certified public accountants.


5





Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Notes
to Consolidated Financial Statements


March 31,
2008 and 2007











Note
A - Organization and Description of Business





Signet
International Holdings, Inc. was incorporated on February 2, 2005 in accordance
with the Laws of the State of Delaware as 51142, Inc.





On
September 8, 2005, pursuant to a Stock Purchase Agreement and Share Exchange
(Agreement) by and among Signet International Holdings, Inc. (Signet); Signet
Entertainment Corporation (SIG) and the shareholders of SIG (Shareholders)
(collectively SIG and the SIG shareholders shall be known as the “SIG Group”),
Signet acquired 100.0% of the then issued and outstanding preferred and common
stock of SIG for a total of 3,421,000 common shares and 5,000,000 preferred
shares of Signet’s stock issued to the SIG Group.  Pursuant to the
agreement, SIG became a wholly owned subsidiary of Signet.





Signet
Entertainment Corporation was incorporated on October 17, 2003 in accordance
with the Laws of the State of Florida.  SIG was formed to establish a
television network “The Gaming and Entertainment Network”.





The
Company is considered in the development stage and, as such, has generated no
significant operating revenues and has incurred cumulative operating losses of
approximately $1,312,500.








Note
B - Preparation of Financial Statements





The
acquisition of Signet Entertainment Corporation by Signet International
Holdings, Inc. effected a change in control of Signet International Holdings,
Inc. and is accounted for as a “reverse acquisition” whereby Signet
Entertainment Corporation is the accounting acquirer for financial statement
purposes.  Accordingly, for all periods subsequent to the “reverse
merger” transaction, the financial statements of the Signet International
Holdings, Inc. will reflect the historical financial statements of Signet
Entertainment Corporation from it’s inception and the operations of Signet
International Holdings, Inc. subsequent to the September 8, 2005 transaction
date.





The
Company follows the accrual basis of accounting in accordance with accounting
principles generally accepted in the United States of America and has a year-end
of December 31.





The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period.  Actual results could differ from those
estimates.





Management
further acknowledges that it is solely responsible for adopting sound accounting
practices, establishing and maintaining a system of internal accounting control
and preventing and detecting fraud.  The Company’s system of internal
accounting control is designed to assure, among other items, that 1) recorded
transactions are valid; 2) valid transactions are recorded; and 3) transactions
are recorded in the proper period in a timely manner to produce financial
statements which present fairly the financial condition, results of operations
and cash flows of the Company for the respective periods being
presented.





During
interim periods, the Company follows the accounting policies set forth in its
annual audited financial statements filed with the U. S. Securities and Exchange
Commission on its Annual Report on Form 10-KSB for the year ended December 31,
2007.  The information presented within these interim financial
statements may not include all disclosures required by generally accepted
accounting principles and the users of financial information provided for
interim periods should refer to the annual financial information and footnotes
when reviewing the interim financial results presented herein.





In the
opinion of management, the accompanying interim financial statements, prepared
in accordance with the U. S. Securities and Exchange Commission’s amended
instructions for Form 10-Q, issued on January 4, 2008, are unaudited and contain
all material adjustments, consisting only of normal recurring adjustments
necessary to present fairly the financial condition, results of operations and
cash flows of the Company for the respective interim periods
presented.  The current period results of operations are not
necessarily indicative of results which ultimately will be reported for the full
fiscal year ending December 31, 2008.






6









Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Notes
to Consolidated Financial Statements - Continued


March 31,
2008 and 2007







Note
B - Preparation of Financial Statements - Continued





The
accompanying consolidated financial statements contain the accounts of Signet
International Holdings, Inc. and its wholly-owned subsidiary, Signet
Entertainment Corporation.  All significant intercompany transactions
have been eliminated.  The consolidated entities are collectively
referred to as “Company”.








Note
C - Going Concern Uncertainty





The
Company remains in the process of implementing it’s business plan, which will
require the raising of additional capital.  As such, the Company is
considered to be a development stage company.





The
Company's continued existence is dependent upon its ability to generate
sufficient cash flows from operations to support its daily operations as well as
provide sufficient resources to retire existing liabilities and obligations on a
timely basis.





The
Company anticipates that future sales of equity securities to fully implement
it’s business plan or to raise working capital to support and preserve the
integrity of the corporate entity may be necessary.  There is no
assurance that the Company will be able to obtain additional funding through the
sales of additional equity securities or, that such funding, if available, will
be obtained on terms favorable to or affordable by the Company.





If no
additional capital is received to successfully implement the Company’s business
plan, the Company will be forced to rely on existing cash in the bank and upon
additional funds which may or may not be loaned by management and/or significant
stockholders to preserve the integrity of the corporate entity at this
time.  In the event, the Company is unable to acquire sufficient
capital, the Company’s ongoing operations would be negatively
impacted.





It is the
intent of management and significant stockholders to provide sufficient working
capital necessary to support and preserve the integrity of the corporate
entity.  However, no formal commitments or arrangements to advance or
loan funds to the Company or repay any such advances or loans
exist.  There is no legal obligation for either management or
significant stockholders to provide additional future funding.





While the
Company is of the opinion that good faith estimates of the Company’s ability to
secure additional capital in the future to reach our goals have been made, there
is no guarantee that the Company will receive sufficient funding to sustain
operations or implement any future business plan steps.








Note
D - Summary of Significant Accounting Policies


1.
              Cash and cash
      equivalents


For
Statement of Cash Flows purposes, the Company considers all cash on hand and in
banks, certificates of deposit and other highly-liquid investments with
maturities of three months or less, when purchased, to be cash and cash
equivalents.





2.
            Organization
      costs





The
Company has adopted the provisions of AICPA Statement of Position 98-5,
“Reporting on the Costs of Start-Up Activities” whereby all organizational and
initial costs incurred with the incorporation and initial capitalization of the
Company were charged to operations as incurred.





3.
            Research and
      development expenses





Research
and development expenses are charged to operations as incurred.








7






Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Notes
to Consolidated Financial Statements - Continued


March 31,
2008 and 2007











Note
D - Summary of Significant Accounting Policies - Continued





4.
            Advertising
      expenses





The
Company does not utilize direct solicitation advertising.  All other
advertising and marketing expenses are charged to operations as
incurred.





5.
            Income
      Taxes





The
Company uses the asset and liability method of accounting for income
taxes.  At March 31, 2008 and 2007, respectively, the deferred tax
asset and deferred tax liability accounts, as recorded when material to the
financial statements, are entirely the result of temporary
differences.  Temporary differences represent differences in the
recognition of assets and liabilities for tax and financial reporting purposes,
primarily accumulated depreciation and amortization, allowance for doubtful
accounts and vacation accruals.





As of
March 31, 2008 and 2007, the deferred tax asset related to the Company’s net
operating loss carryforward is fully reserved.  Due to the provisions
of Internal Revenue Code Section 338, the Company may have no net operating loss
carryforwards available to offset financial statement or tax return taxable
income in future periods as a result of a change in control involving 50
percentage points or more of the issued and outstanding securities of the
Company.





6.
            Earnings (loss) per
      share





Basic
earnings (loss) per share is computed by dividing the net income (loss)
available to common shareholders by the weighted-average number of common shares
outstanding during the respective period presented in our accompanying financial
statements.





Fully
diluted earnings (loss) per share is computed similar to basic income (loss) per
share except that the denominator is increased to include the number of common
stock equivalents (primarily outstanding options and warrants).





Common
stock equivalents represent the dilutive effect of the assumed exercise of the
outstanding stock options and warrants, using the treasury stock method, at
either the beginning of the respective period presented or the date of issuance,
whichever is later, and only if the common stock equivalents are considered
dilutive based upon the Company’s net income (loss) position at the calculation
date.





At March
31, 2008 and 2007, and subsequent thereto, the Company’s issued and outstanding
preferred stock is considered anti-dilutive due to the Company’s net operating
loss position.








Note
E - Fair Value of Financial Instruments





The
carrying amount of cash, accounts receivable, accounts payable and notes
payable, as applicable, approximates fair value due to the short term nature of
these items and/or the current interest rates payable in relation to current
market conditions.





Interest
rate risk is the risk that the Company’s earnings are subject to fluctuations in
interest rates on either investments or on debt and is fully dependent upon the
volatility of these rates.  The Company does not use derivative
instruments to moderate its exposure to interest rate risk, if any.





Financial
risk is the risk that the Company’s earnings are subject to fluctuations in
interest rates or foreign exchange rates and are fully dependent upon the
volatility of these rates.  The company does not use derivative
instruments to moderate its exposure to financial risk, if any.









8










Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Notes
to Consolidated Financial Statements - Continued


March 31,
2008 and 2007











Note
F - Income Taxes





The
components of income tax (benefit) expense each of the three month periods ended
March 31, 2008 and 2007 and for the period from October 17, 2003 (date of
inception) through March 31, 2008, are as follows:


Three Months
      ended
                  
                  Three Months
      ended
                  
                  Period
      from
                    October
      17, 2003
                    (date
      of inception)
                    throughMarch
      31,
                  
                  March
      31,
                  
                  March
      31,2008
                  
                  2007
                  
                  2008Federal:Current
                  
                  $
                  -
                  
                  $
                  -
                  
                  $
                  -Deferred
                  
                  
                  -
                  
                  
                  -
                  
                  
                  --
                  
                  
                  -
                  
                  
                  -State:Current
                  
                  
                  -
                  
                  
                  -
                  
                  
                  -Deferred
                  
                  
                  -
                  
                  
                  -
                  
                  
                  --
                  
                  
                  -Total
                  
                  $
                  -
                  
                  $
                  -
                  
                  $
                  -


As of
March 31, 2008, the Company has a net operating loss carryforward of
approximately $602,000 for Federal and State income tax
purposes..  The amount and availability of any future net operating
loss carryforwards may be subject to limitations set forth by the Internal
Revenue Code. Factors such as the number of shares ultimately issued within a
three year look-back period; whether there is a deemed more than 50 percent
change in control; the applicable long-term tax exempt bond rate; continuity of
historical business; and subsequent income of the Company all enter into the
annual computation of allowable annual utilization of the
carryforwards.





The
Company's income tax expense (benefit) for each of the three month periods ended
March 31, 2008 and 2007 and for the period from October 17, 2003 (date of
inception) through March 31, 2008, respectively, differed from the statutory
federal rate of 34 percent as follows:




Three Months
      ended
                  
                  Three Months
      ended
                  
                  Period
      from
                    October
      17, 2003
                    (date
      of inception)
                    throughMarch
      31,
                  
                  March
      31,
                  
                  March
      31,2008
                  
                  2007
                  
                  2008Statutory
      rate applied to income before income taxes
                  
                  $
                  (28,000
                  )
                  $
                  (22,000
                  )
                  $
                  (446,000
                  )Increase
      (decrease) in income taxes resulting from:State income taxes
                  
                  
                  -
                  
                  
                  -
                  
                  
                  -Timing of deductions for accrued compensation
                  
                  
                  18,300
                  
                  
                  13,400
                  
                  
                  175,000Non-deductible consulting fees related to issuanceof common stock at less than “fair value”
                  
                  
                  -
                  
                  
                  -
                  
                  
                  61,700Other, including reserve for deferred taxasset and application of net operating loss
    carryforward
                  
                  
                  9,700
                  
                  
                  8,600
                  
                  
                  209,300Income
      tax expense
                  
                  $
                  -
                  
                  $
                  -
                  
                  $
                  -


9





Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Notes
to Consolidated Financial Statements - Continued


March 31,
2008 and 2007











Note
F - Income Taxes - Continued





Temporary
differences, consisting primarily of the prospective usage of net operating loss
carryforwards, statutory deferrals of accrued compensation and non-cash expense
charges for securities issued/sold at less than “fair value”  give
rise to deferred tax assets and liabilities as of March 31, 2008 and December
31, 2007, respectively:




March
      31,
                2008
              
              
              December 31,
                2007Deferred
      tax assetsNet
      operating loss carryforwards
              
              $
              205,000
              
              
              $
              194,000Timing
      of deductions for accrued compensation
              
              
              175,000
              
              
              
              122,000Less
      valuation allowance
              
              
              (380,000
              )
              
              
              (316,000
              )Net
      Deferred Tax Asset
              
              $
              -
              
              
              $
              -


Note
G - Preferred Stock





On March
14, 2007, the Company formally designated a series of Super Preferred Stock of
the Company’s 50,000,000 authorized shares of the capital preferred stock of the
Corporation.  The designated Series A Convertible Super Preferred
Stock (the "Series A Super Preferred Stock"), to consist of 5,000,00 shares, par
value $.001 per share, which shall have the following preferences, powers,
designations and other special rights:





Voting:
            Holders
      of the Series A Super Preferred Stock shall have ten votes per share held
      on all matters submitted to the shareholders of the Company for a vote
      thereon.  Each holder of these shares shall have the option to
      appoint two additional members to the Board of Directors.  Each
      share shall be convertible into ten (10) shares of common
      stock.





Dividends:
            The
      holders of Series A Super Preferred Stock shall be entitled to receive
      dividends or distributions on a pro rata basis with the holders of common
      stock when and if declared by the Board of Directors of the
      Company.  Dividends shall not be cumulative.  No
      dividends or distributions shall be declared or paid or set apart for
      payment on the Common Stock in any calendar year unless dividends or
      distributions on the Series A Preferred Stock for such calendar year are
      likewise declared and paid or set apart for payment.  No
      declared and unpaid dividends shall bear or accrue
    interest.





Liquidation


Preference
            Upon
      the liquidation, dissolution and winding up of the Company, whether
      voluntary or involuntary, the holders of the Series A Super Preferred
      Stock then outstanding shall be entitled to, on a pro-rata basis with the
      holders of common stock, distributions of the assets of the Corporation,
      whether from capital or from earnings available for distribution to its
      stockholders.





The Board
of Directors has the authority, without further action by the shareholders, to
issue, from time to time, preferred stock in one or more series for such
consideration and with such relative rights, privileges, preferences and
restrictions that the Board may determine. The preferences, powers, rights and
restrictions of different series of preferred stock may differ with respect to
dividend rates, amounts payable on liquidation, voting rights, conversion
rights, redemption provisions, sinking fund provisions and purchase funds and
other matters. The issuance of preferred stock could adversely affect the voting
power or other rights of the holders of common stock.





On
October 20, 2003, in conjunction with the formation and incorporation of Signet
Entertainment Corporation, SIG issued 4,000,000 shares of preferred stock to the
incorporating persons.   This transaction was valued at
approximately $40,000, which approximates the value of the services
provided.





On July
19, 2005, the Company issued 1,000,000 shares of preferred stock to an existing
shareholder and Company officer for services related to the organization and
structuring of the Company and it’s proposed business plan.  This
transaction was valued at approximately $10,000, which approximates the value of
the services provided.








10






Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Notes
to Consolidated Financial Statements - Continued


March 31,
2008 and 2007











Note
G - Preferred Stock - Continued





Concurrent
with the reverse merger transaction, these shareholders exchanged their Signet
Entertainment Corporation preferred stock for equivalent shares of Signet
International Holdings, Inc. Series A Super Preferred stock, as described
above.








Note
H - Common Stock Transactions





On
October 17, 2003 and November 1, 2003, in connection with the incorporation and
formation of the Company, an aggregate of approximately 3,294,000 shares of
restricted, unregistered shares of common stock and were issued to various
founding individuals.  This combined preferred stock and common stock
issuances were collectively valued at approximately $40,810, which approximated
the fair value of the time provided by the individuals and the related
out-of-pocket expenses.





On June
16, 2004 and December 3, 2004, the Company sold, in three separate transactions
to three unrelated individuals, an aggregate 70,000 shares of restricted,
unregistered common stock for $35,000 cash.  These shares were sold
pursuant to an exemption from registration under Section 4(2) of the Securities
Act of 1933, as amended, and no underwriter was used any of the three
transactions.





Between
July 20, 2005 and August 26, 2005, Signet Entertainment Corporation sold an
aggregate 57,000 shares of common stock to existing and new shareholders at a
price of $0.01 per share for gross proceeds of approximately $570.  As
this selling price was substantially below the “fair value” of comparable
transactions, the Company recognized a charge to operations for consulting
expense equivalent to the difference between the established “fair value” of
$1.00 per share (as determined by the pricing in the September 2005 Private
Placement Memorandum) and the selling price of $0.01 per share.





On
September 9, 2005, the Company commenced the sale of common stock pursuant to a
Private Placement Memorandum in a self-underwritten offering.  This
Memorandum is offering for sale to persons who qualify as accredited investors
and to a limited number of sophisticated investors, on a best efforts basis, up
to 2,000,000 of our common shares at $1.00 per share, for anticipated gross
proceeds of $2,000,000.  The common shares will be offered through the
Company’s officers and directors on a best-efforts basis.  The minimum
investment is $1,000, however, the Company might, at it’s sole discretion,
accept subscriptions for lesser amounts.  Funds received from all
subscribers will be released to the Company upon acceptance of the subscriptions
by the Company’s management.  Through December 31, 2006, the
Company has sold an aggregate 381,000 shares for gross proceeds of $381,000
under this Memorandum.





On March
31, 2006, the Company repurchased 50,000 shares of common stock from the estate
of a deceased shareholder which purchased said shares for $50,000 cash pursuant
to the aforementioned September 2005 Private Placement Memorandum for $50,000
cash.  In June 2006, the Company’s Board of Directors cancelled these
shares and returned them to unissued status.





On June
22, 2006, the Company issued 250,000 shares of unregistered, restricted common
stock, valued at $0.50 per share or $125,000,  in payment of
consulting fees.  As the  agreed-upon value of the services
provided was less than the “fair value” of comparable transactions, the Company
has recognized an additional charge to Consulting Fees equivalent to the
difference between the established “fair value” of $1.00 per share (as
determined by the pricing in the September 2005 Private Placement Memorandum)
and the agreed-upon value of $0.50 per share in the corresponding line item in
the Company’s Statement of Operations.








11





Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Notes
to Consolidated Financial Statements - Continued


March 31,
2008 and 2007











Note
H - Common Stock Transactions - Continued





On April
16, 2007, the Company issued 270,000 shares of unregistered, restricted common
stock for the acquisition of certain broadcast and other production
rights.  These shares were sold pursuant to an exemption from
registration under Section 4(2) of the Securities Act of 1933, as amended, and
no underwriter was used in this transaction.





On May 2,
2007, the Company sold, in a private transaction, 6,800 shares of unregistered,
restricted common stock at a price of $1.00 per share for cash.  These
shares were sold pursuant to an exemption from registration under Section 4(2)
of the Securities Act of 1933, as amended, and no underwriter was used in this
transaction.





On May
22, 2007, the Company issued 113,662 shares of unregistered, restricted common
stock for the acquisition of intellectual properties related to literary
works.  These shares were sold pursuant to an exemption from
registration under Section 4(2) of the Securities Act of 1933, as amended, and
no underwriter was used in this transaction.





On August
30, 2007, the Company sold, in a private transaction, 12,500 shares of
unregistered, restricted common stock at a price of $1.00 per share for
cash.  These shares were sold pursuant to an exemption from
registration under Section 4(2) of the Securities Act of 1933, as amended, and
no underwriter was used in this transaction.








Note
I - Commitments





Leased office
space





The
Company operates from leased office facilities at 205 Worth Avenue, Suite 316
Palm Beach, FL 33480 under an operating lease.  The lease agreement
was originally expired to expire in July 2009 and has been subsequently amended
to a month-to-month basis.  The lease currently requires monthly
payments of approximately $1,000.  The Company is not responsible for
any additional charges for common area maintenance.





The
Company also reimburses two non-executive personnel for the use of their
personal home offices, which are not exclusive to the Company’s business, at
approximately $250 per month.  These agreements are on a
month-to-month basis.





For the
respective three month periods ended March 31, 2008 and 2007, respectively, the
Company paid or accrued an aggregate of approximately $6,760 and $5,100 for rent
under these agreements.





Triple Play Management
Agreement





On
October 23, 2003, Signet Entertainment entered into a Management Agreement with
Triple Play Media Management (Triple Play) of Peoria, Arizona.  Triple
Play is engaged to be the management company to manage and operate any acquired
Signet facility (facilities) on a permanent basis for Signet for a period of ten
years (the initial period) with an automatic extension of an additional ten
years unless the dissenting party gives proper notice.





To
facilitate this Management Agreement, Signet will endeavor to raise capital
contributions through a Private Placement Offering, Regulation 506 and /or a
Public Offering and show evidence of the total capital funds required for the
establishment of the Network including providing funds for the budgeted
operations of the business for the term of this agreement plus extensions.
Signet will also provide a minimum of 17,500 square feet of permanent structure
(connector facility), fully equipped to accommodate full- service television
studios, sound stages and various production equipment within completely
air-conditioned and heated work places and mobile modular production unit (s)
fully equipped and a Eutelsat satellite Hot Bird and delivery
system.  Triple Play will, in turn, perform the following
actions:  a) acquire and maintain various licenses; b) compliance with
local ordinances and state laws; c) maintain complete books of account, which
shall comply with requirements of any governmental agency including all Federal
Communications commission (FCC) regulations; d),provide an annual budget to
Signet, addressing all operating activities, including a reserve for repairs,
refurbishment, and replacements to maintain the premises and equipment in good
condition; e) make no expenditures other than those items provided in an annual
budget; f) maintain books and records to be made available to Signet
representatives; g) have complete creative control and authority to determine
all matters concerning decor, design, arrangement, format and all production
presentations including creative design, absolute control and
discretion






12





Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Notes
to Consolidated Financial Statements - Continued


March 31,
2008 and 2007











Note
I - Commitments - Continued





Triple Play Management
Agreement - continued





with
respect to the operation of the premises; and h) be responsible for all
necessary and proper insurances safeguarding against all reasonably foreseeable
risks on a replacement cost basis of coverage to both parties , the business and
its assets.





Upon
Signet’s raising the necessary required funding through a secondary offering,
Signet will begin funding the working capital requirements of Triple Play for a
share of Triple Play’s profit.  The working capital commitment is
based on mutually agreed budgets and is projected to amount approximately $15
million, inclusive of management fees.  This advance of management
fees would be drawn down by Triple Play over approximately the first 12 months
of its operations which would begin once Signet has access to the secondary
offering funding.  This advance will be recovered by Signet from
Triple Play’s future cash flows.  In return, Signet will receive 87.5
% of Triple Play’s monthly gross revenues less Triple Play’s  monthly
operating expenses.





For the
services, Triple Play shall render to Signet, Signet shall pay management fees
to Triple Play based upon Triple Play’s gross revenues, as follows: a) 12% of
Triple Play’s gross revenues, provided that Triple Play realizes a minimum pre
tax net profit of 25%, plus b) 1⁄2% (one half percent) of Triple Play’s gross
revenues for Triple Play’s costs of licenses and permits for international air
waves and feeds duties and taxes, satellite transmission links, down links,
including earth stations.  The fees in a) and b), noted above, shall
become due from Signet within 90 days after the close of each calendar year
based on a determination by independently prepared Certified Public Accountants’
reports. These reports will account for advances Signet has made.





Triple
Play’s Chief Executive Officer, Richard Grad, one of Signet’s founding
shareholders, will be paid by Signet, a signing bonus of $50,000 upon the
funding of a future Signet offering.  Signet will also pay to Mr. Grad
the following annual compensation during the entire term of this agreement,
including extensions thereto:  1) a guaranteed annual salary of
$200,000.(Two Hundred Thousand), per year payable at the beginning of each month
at the rate of twelve equal installments and will be subsequently deducted from
each annual management fee settlement noted above; 2) an allowance of $1,500 for
moving and relocation expenses and 3) ordinary and reasonable employee benefits
related to health insurance.  It is specifically noted that Mr. Grad
will function solely as an independent contractor representing Triple Play and
will not be construed as a Signet employee.





Big Vision Management
Contract





On July
22, 2005, Signet Entertainment entered into a Management Agreement with Big
Vision Studios,  a Nevada Limited Liability Company (Big Vision)
located in both Las Vegas, Nevada and Burbank, California whereby Big Vision
will be the exclusive supplier of High Definition Equipment and Studio rental
for Signet.  This agreement is for a period of one (1) year,
commencing with the submission by Signet’s of evidence of the total capital
funds required for the establishment of Signet’s Network including providing
funds for the budgeted operations of the business for the term of this agreement
plus extensions to Big Vision, with an automatic extension of an additional five
years unless the dissenting parry gives proper notice.  Signet has
agreed to pay a reduced fee to Big Vision, at a discount negotiated off of Big
Vision’s published standard rate card, for the first year of Signer’s
operations.  After the initial year, Signet has agreed to pay Big
Vision based on Big Vision’s published standard rate card  at that
point in time  plus an additional 15% in consideration of Big Vision’s
concession in rates for the first year.  Signet has agreed to continue
paying pursuant to Big Vision’s published standard rate card plus 15% for as
long as this agreement is in place.  All fees will be paid as they
become due and payable according to Big Vision’s requirements.











(Remainder
of this page left blank intentionally)








13





Part
I - Item 2





Management’s
Discussion and Analysis of Financial Condition and Results of
Operations





(1)
            Caution
      Regarding Forward-Looking
Information








Certain
statements contained in this quarterly filing, including, without limitation,
statements containing the words "believes", "anticipates", "expects" and words
of similar import, constitute forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors that
may cause the actual results, performance or achievements of the Company, or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements.





Such
factors include, among others, the following: international, national and local
general economic and market conditions: demographic changes; the ability of the
Company to sustain, manage or forecast its growth; the ability of the Company to
successfully make and integrate acquisitions; raw material costs and
availability; new product development and introduction; existing government
regulations and changes in, or the failure to comply with, government
regulations; adverse publicity; competition; the loss of significant customers
or suppliers; fluctuations and difficulty in forecasting operating results;
changes in business strategy or development plans;
business  disruptions; the ability to attract and retain qualified
personnel; the ability to protect technology; and other factors referenced in
this and previous filings.





Given
these uncertainties, readers of this Form 10-Q and investors are cautioned not
to place undue reliance on such forward-looking statements. The Company
disclaims any obligation to update any such factors or to publicly announce the
result of any revisions to any of the forward-looking statements contained
herein to reflect future events or developments.





(2)         Results
of Operations and Plan of Operation





Period ended March 31, 2008
and 2007





We had no
revenue for either of the respective three months ended March 31, 2008 and 2007,
respectively.





General
and administrative expenses for the three months ended March 31, 2008 and 2007
were approximately $31,500 and $25,300, respectively.  These costs
relate principally to the maintenance of our corporate offices and the
implementation of our business plan.





For the
three months ended March 31, 2008 and 2007, we accrued compensation to our chief
executive officer, Ernie Letiziano of $17,500 for each respective three month
period.  Effective January 1, 2007, we engaged the services of and
commenced the accrual of executive compensation of $17,500 per quarter to Thomas
Donaldson for his role in implementing the Company’s business plan for future
growth and/or acquisitions in the broadcast marketplace.





Our net
loss for the three months ended March 31, 2008 and 2007, respectively, was
approximately $(81,500) and $(65,000).  Our earnings per share for the
respective quarters ended March 31, 2008 and 2007 were approximately $(0.02) and
$(0.02) based on the respective weighted-average shares issued and outstanding
at the end of each quarter.





The
Company does not expect to generate any meaningful revenue or incur operating
expenses for purposes other than fulfilling the obligations of a reporting
company under The Securities Exchange Act of 1934 unless and until such time
that the Company’s operating subsidiary begins meaningful
operations.





At March
31, 2008 and 2007, respectively, the Company had working capital of
approximately $(247,846) and $9,200, exclusive of accrued officer
compensation.  Both Mr. Letiziano and Mr. Donaldson have both agreed
to defer payment of their accrued compensation until such time that we have
adequate cash flows to service these obligations without undue hardship to our
operations and expansion plans.






14







It is the
intent of management and significant stockholders, if necessary,  to
provide sufficient working capital necessary to support and preserve the
integrity of the corporate entity.   However, there is no legal
obligation for either management or significant stockholders to provide
additional future funding.  Should this pledge fail to provide
financing, the Company has not identified any alternative
sources.  Consequently, there is substantial doubt about the Company's
ability to continue as a going concern.





The
Company's need for capital may change dramatically as a result of any business
acquisition or combination transaction.  There can be no assurance
that the Company will identify any such business, product, technology or company
suitable for acquisition in the future.  Further, there can be no
assurance that the Company would be successful in consummating any acquisition
on favorable terms or that it will be able to profitably manage the business,
product, technology or company it acquires.





Plan of
Business





In March
2007, we began implementation of that part of our business plan relating to the
acquisition of LPTV stations by executing by executing Sale & Share Exchange
Contracts with the LPTV Stations.  Although we have had no revenues
generated to date, we expect to realize revenues from operations of the LPTV
stations once an agreement is finalized and executed and we take control of an
LPTV Station.  Ernie Letiziano, our sole officer, director will not
relinquish control of the company to any of the  acquired LPTV
stations resulting from any of the agreement.  In addition, since the
acquisition of the LPTV stations will be based upon issuing our stock in
exchange for the LPTV station’s stock, we anticipate that we will not incur any
cash expenditures other than incidental expenses such as telephone, travel and
general and administrative expenses.  The expenses that we will incur
related to the LPTV acquisition have been anticipated and are part of our
monthly budget of cash-based expenses of approximately $10,500.00
per  month as set forth below.  The funds provided for the
budgeted monthly expenses, including the expenses for acquisition of the LPTV
stations, came from the issuance of shares raised by us in our private placement
which commenced in September 2005 and was completed in January
2006.  Our current cash budget requirements of $10,500.00 per month
will be accommodated by our current cash balance of $22,000.  Cash
requirements in excess of this amount are anticipated to be met through the sale
of additional equity securities, short-term loans from executive officers and/or
the proceeds of additional equity offerings in conjunction with the acquisition
of LPTV station(s).





We do not
anticipate significant expenses for the negotiating and finalizing of the
agreements since we will undertake the due diligence ourselves and do not have
to incur travel expenses to visit the stations.  In addition, we have
already anticipated these expenses as part of monthly budget.





It is the
intent of management and significant stockholders, if necessary, to provide
sufficient working capital necessary to support and preserve the integrity of
the corporate entity.  Although we have verbal assurances from Mr.
Letiziano that he will provide such interim working capital, there is no legal
obligation for either management or significant stockholders to provide
additional future funding.  We may raise additional funds through
public offerings of equity, securities convertible into equity or debt, private
offerings of securities.





Concurrent
with our activities to acquire LPTV stations for stock, which commenced in the
first quarter of 2007, we intend to seek additional equity or debt
financing.  To date, we have been able to raise funds in two funding
rounds through both debt and equity offerings.  We anticipate that the
funds we secure from our next round of financing will enable us to purchase
additional LPTV stations,  some with a cash consideration, and provide
additional working capital to enable us to possibly acquire some stations making
losses, purchase programming and initiate Triple Play Media
operations.  Cash costs for this phase of our plan will include
approximately $25,000 related to the funding round plus up to $30 million to
support the acquisitions of more LPTV stations, plus up to $15 million to
support Triple Play.  This phase of our plan will continue throughout
2008.  Currently, we have specific plans to raise additional
financing; however, we do not have any specifically identified source(s) of such
potential financing.






15







We have
already begun to identify the LPTV stations we would like to acquire by visiting
the online site,  www.LPTV.com, to
identify stations that are for sale.  To date, we have not identified
any specific station that we plan to negotiate  with but have visited
the website to determine what is available.  Based upon our review of
the market, we believe that we will be able to take the following steps to
effectuate the acquisition of LPTV stations in the time periods set forth
below.  However, the dates set forth below are only based upon
our  limited research of the market and may not be effectuated in the
timely manner set forth below since our registration statement
has  not been deemed effective and since we have not commenced
negotiations or due diligence on any station





We have
already commenced the first step in the acquisition process of reviewing those
markets of dominant influence (the ratings of TV households in each market.) and
will continue doing so.  We expect the expenses for our review of the
markets to be limited to the time spent by Mr. Letiziano, our sole officer and
director.  We anticipate that any additional expenses will be under
$1,000 can be paid from our current cash in hand.





Our
current monthly cash requirement budget of approximately $10,500 does not
include any post-acquisition costs of operating the LPTV stations.  We
are unsure of the expenses to be required for operating the stations since we
have not identified any specific station, their current operating status and
expenditure levels.  However, in the event that
the  stations do not generate the anticipated revenues, we may be
unable to pay any shortfall from our current cash on hand.  We may
have to rely on shareholder loans to cover such costs until the station
generates sufficient revenues or until we can obtain additional debt or equity
financing.  The fees and expenses for the due diligence, negotiations
and expenses for the additional stations will be paid from current cash on hand,
revenues or stockholder loans.




There
will be no costs associated with Big Vision until services have been provided by
Big Vision at which time we will be generating revenues to cover these
costs.  Until such time we are public, receive additional financing
and proceed with our  business we have no other contractually
obligated expenses.  We cannot assure investors that we will be able
to raise sufficient capital. In the absence of additional funding, we may not be
able to purchase some of the stations we have identified.  Even
without significant new funding later this year or early 2007, we still
anticipate being able to acquire some profitable LPTV stations for stock and
consolidate both their revenues and earnings.





The
foregoing represents our best estimate of our cash needs based on current
planning and business conditions.  The exact allocation, purposes and
timing of any monies raised in subsequent funding rounds may vary significantly
depending upon the exact amount of funds raised and status of the implementation
of our business plan when these funds are raised.





Apart
from building the board of directors, and employees of LPTV stations we acquire
as subsidiaries we do not expect any  significant changes in the
number of employees.





(3)
Capital Resources and Liquidity





As of
March 31, 2008, we had approximately $22,500 in cash.  Our monthly
cash requirements presently average  $10,500 per
month.  Given our current circumstances, we will have to obtain
additional sources of cash to preserve our plan of operation or terminate all
activities.





It is the
intent of management and significant stockholders, if necessary,  to
provide sufficient working capital necessary to support and preserve the
integrity of the corporate entity.   However, there is no legal
obligation for either management or significant stockholders to provide
additional future funding.  Should this pledge fail to provide
financing, the Company has not identified any alternative
sources.  Consequently, there is substantial doubt about the Company's
ability to continue as a going concern.





As
reflected in the accompanying financial statements, we are in the development
stage with no operations.  Our ability to continue as a going concern
is dependent on our ability to raise additional capital and implement our
business plan. The financial  statements do not include any
adjustments that might be necessary if we are unable to continue as a going
concern.  We have no plans to pay no salaries per month to our sole
officer and employee until we are properly funded. We intend to raise additional
capital to continue our operations although there is no assurance we will be
successful. Currently we have no material commitments to make capital
expenditures.






16







Our need
for capital may change dramatically as a result of any business acquisition or
combination transaction.  There can be no assurance that we will
identify any such business, product, technology or company suitable for
acquisition in the future.  Further, there can be no assurance that we
would be successful in consummating any acquisition on favorable terms or that
it will be able  to profitably manage the business, product,
technology or company it acquires.





Management
believes that actions presently being taken to obtain additional funding and
implement its strategic plans provide the opportunity for us to continue as a
going concern.  The Company is still in the process of developing and
implementing it’s business plan and raising additional capital.  As
such, the Company is considered to be a development stage company.





(4)
            Critical
      Accounting Policies





Our
financial statements and related public financial information are based on the
application of accounting principles generally accepted in the United States
(“GAAP”).  GAAP requires the use of estimates; assumptions, judgments
and subjective interpretations of accounting principles that have an impact on
the assets, liabilities, revenue and expense amounts reported.  These
estimates can also affect supplemental information contained in our external
disclosures including information regarding contingencies, risk and financial
condition.  We believe our use if estimates and underlying accounting
assumptions adhere to GAAP and are consistently and conservatively
applied.  We base our estimates on historical experience and on
various other assumptions that we believe to be reasonable under the
circumstances.  Actual results may differ materially from these
estimates under different assumptions or conditions. We continue to monitor
significant estimates made during the preparation of our financial
statements.




Our
significant accounting policies are summarized in Note D of our financial
statements.  While all these significant accounting policies impact
our financial condition and results of operations, we view certain of these
policies as critical. Policies determined to be critical are those policies that
have the most significant impact on our financial statements and require
management to use a greater degree of judgment and estimates.  Actual
results may differ from those estimates. Our management believes that given
current facts and circumstances, it is unlikely that applying any other
reasonable judgments or estimate methodologies would cause effect on our
consolidated results of operations, financial position or liquidity for the
periods presented in this report.





(5)
            Quantitative
      and Qualitative Disclosures About Market
Risk





The
Company may be subject to certain market risks, including changes in interest
rates and currency exchange rates.  At the present time, the Company
does not undertake any specific actions to limit those exposures.







17









Item
3 - Controls and Procedures





(a)
            Evaluation
      of Disclosure Controls and
Procedures





The
Company maintains disclosure controls and procedures that are designed to ensure
that information required to be disclosed in its Exchange Act reports is
recorded, processed, summarized and reported within the time periods specified
in the U. S. Securities and Exchange Commission's rules and forms, and that such
information is accumulated and communicated to the Company's management,
including the Company's Chief Executive Officer and Chief Financial Officer, as
appropriate, to allow timely decisions regarding required disclosure. Management
necessarily applied its judgment in assessing the costs and benefits of such
controls and procedures, which, by their nature, can provide only reasonable
assurance regarding management's control objectives.





The
Company carried out an evaluation, under the supervision and with the
participation of its management, including its Chief Executive Officer and Chief
Financial Officer, on the effectiveness of the design and operation of its
disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and
15d-15 as of the end of the period covered by this report.  Based upon
that evaluation, the Company's Chief Executive Officer and Chief Financial
Officer concluded that the Company's disclosure controls and procedures are
effective in timely alerting them to information relating to the Company
required to be included in the Company's Exchange Act reports.





While the
Company believes that its existing disclosure controls and procedures have been
effective to accomplish their objectives, the Company intends to continue to
examine, refine and document its disclosure controls and procedures and to
monitor ongoing developments in this area.





(b)
            Changes
      in Internal Controls





During
the quarter ended March 31, 2008, there were no changes (including corrective
actions with regard to significant deficiencies or material weaknesses) in the
Company's internal control over financial reporting that have materially
affected, or are reasonably likely to materially affect, the Company's internal
control over financial reporting.








Part
II - Other Information





Item
1 - Legal Proceedings




From time
to time, as we acquire operating properties, we may become subject to various
legal proceedings that are incidental to the ordinary conduct of its
business.  Although, to date, there have been no such proceedings, we
do not anticipate that any future proceedings, either individually or in the
aggregate, will become material to our business or be likely to result in a
material adverse effect on our future operating results, financial condition, or
cash flows.





Item
2 - Recent Sales of Unregistered Securities and Use of Proceeds




None





Item
3 - Defaults on Senior Securities




None





Item
4 - Submission of Matters to a Vote of Security Holders




The
Company has held no regularly scheduled, called or special meetings of
shareholders during the reporting period.





Item
5 - Other Information




None






18









Item
6 - Exhibits and Reports on Form 8-K




Exhibits




31.1
            Certification
      pursuant to Section 302 of Sarbanes-Oxley Act of
  2002


32.1
            Certification
      pursuant to Section 906 of Sarbanes-Oxley Act of
  2002.











SIGNATURES





In
accordance with the requirements of the Exchange Act, the registrant caused this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.






Signet
      International Holdings, Inc.Dated:
      April 18, 2008
              /s/ Ernest W. LetizianoErnest
      W. LetizianoPresident
      and Director