UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   Form 10-QSB

-------------------------------------------------------------------------------


(Mark one)
    X           Quarterly Report Under Section 13 or 15(d) of the Securities
---------       Exchange Act of 1934

           For the quarterly period ended September 30, 2006

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

   YES  X    NO
      -----    ------

State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date:

   November 14, 2006: 4,102,000
   ----------------------------

Transitional Small Business Disclosure Format (check one):    YES       NO X
                                                                  ----    ---



<PAGE>



                       Signet International Holdings, Inc.

              Form 10-QSB for the Quarter ended September 30, 2006

                                Table of Contents

<TABLE>
<CAPTION>

                                                                                                      Page
Part I - Financial Information

<S>    <C>                                                                                             <C>
  Item 1 Financial Statements                                                                           3

  Item 2 Management's Discussion and Analysis or Plan of Operation                                     14

  Item 3 Controls and Procedures                                                                       16


Part II - Other Information

  Item 1 Legal Proceedings                                                                             17

  Item 2 Recent Sales of Unregistered Securities and Use of Proceeds                                   17

  Item 3 Defaults Upon Senior Securities                                                               17

  Item 4 Submission of Matters to a Vote of Security Holders                                           17

  Item 5 Other Information                                                                             17

  Item 6 Exhibits                                                                                      17


Signatures                                                                                             17



                                                                                                                  2
</TABLE>

<PAGE>



Item 1
Part 1 - Financial Statements

<TABLE>

               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
                                 Balance Sheets
                           September 30, 2006 and 2005

                                   (Unaudited)
<CAPTION>

                                                                                   September 30,      September 30,
                                                                                       2006               2005
                                                                            ----------------------------------------
                                     ASSETS
                                     ------
Current Assets
<S>                                                                                  <C>                <C>
   Cash in bank                                                                      $170,947           $156,980
                                                                                      -------            -------

Total Assets                                                                         $170,947           $156,980
                                                                                      =======            =======


                 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
                 ---------------------------------------------

Liabilities
   Current Liabilities
     Note payable                                                                    $      -           $ 90,000
     Accounts payable - trade                                                          12,877                  -
     Other accrued liabilities                                                        102,337             39,171
     Accrued officer compensation                                                     199,920            133,170
                                                                                      -------            -------

     Total Current Liabilities                                                        315,134           262,341
                                                                                      -------           -------


Commitments and Contingencies


Shareholders' Equity (Deficit)
   Preferred stock - $0.001 par value
     5,000,000 shares authorized
     5,000,000 shares issued and outstanding, respectively                              5,000              5,000
   Common stock - $0.001 par value
     50,000,000 shares authorized.
     4,102,000 and 3,621,000
       shares issued and outstanding, respectively                                      4,102              3,621
   Additional paid-in capital                                                         737,592            257,554
   Deficit accumulated during the development stage                                  (890,881)          (371,536)
                                                                                      -------            -------

   Total Shareholders' Equity (Deficit)                                              (144,187)          (105,361)
                                                                                      -------          ---------

   Total Liabilities and Shareholders' Equity                                        $170,947           $156,980
                                                                                      =======            =======



   The financial information presented herein has been prepared by management
  without audit by independent certified public accountants. The accompanying
          notes are an integral part of these financial statements.                                            3

</TABLE>

<PAGE>


<TABLE>

               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
                   Statements of Operations and Comprehensive
        Loss Nine and Three months ended September 30, 2006 and 2005 and
   Period from October 17, 2003 (date of inception) through September 30, 2006

                                   (Unaudited)

<CAPTION>

                                                                                                 Period from
                                                                                                  October 17,
                                                                                                     2003
                                                                                                  (date of
                                     Nine months     Nine months   Three months  Three months     inception)
                                        ended           ended          ended        ended          through
                                    September 30,  September 30,   September 30, September 30,   September 30,
                                        2006            2005           2006         2005            2006
                                    -----------    -----------    -----------    -----------    -----------

<S>                                 <C>            <C>            <C>            <C>            <C>
Revenues                            $        --    $        --    $        --    $        --    $        --

Expenses
   Organizational and
      formation expenses                     --         48,991             --         48,991         89,801
   Officer compensation                  52,500         52,500         17,500         17,500        204,170
   Other salaries                        26,375         16,500          9,502          6,000         61,625
   Other general and
      administrative expenses           279,888         23,903         36,751         14,027        344,855
   "Compensation expense" related
      to sale of common stock at
      less than "fair value"            125,000         56,430             --         56,430        181,430
                                    -----------    -----------    -----------    -----------    -----------
      Total Expenses                    483,763        198,324         63,753        142,948        881,881
                                    -----------    -----------    -----------    -----------    -----------

Loss from Operations                   (483,763)      (198,324)       (63,753)      (142,948)      (881,881)

Other Expense
   Interest expense                      (4,436)        (2,296)            --         (2,296)        (9,000)
                                    -----------    -----------    -----------    -----------    -----------

Loss before Provision for
   Income Taxes                        (488,199)      (200,620)       (63,753)      (145,244)      (890,881)

Provision for Income Taxes                   --             --             --             --             --
                                    -----------    -----------    -----------    -----------    -----------

Net Loss                               (488,199)      (200,620)       (63,753)      (145,244)      (890,881)

Other Comprehensive Income                   --             --             --             --             --
                                    -----------    -----------    -----------    -----------    -----------

Comprehensive Loss                  $  (488,199)   $  (200,620)   $   (63,753)   $  (145,244)   $  (890,881)
                                    ===========    ===========    ===========    ===========    ===========


Loss per weighted-average share
   of common stock outstanding,
   computed on Net Loss -
   basic and fully diluted          $     (0.12)   $     (0.06)   $     (0.02)   $     (0.04)   $     (0.27)
                                    ===========    ===========    ===========    ===========    ===========

Weighted-average number of shares
   of common stock outstanding        3,956,084      3,465,150      4,102,000      3,467,413      3,312,502
                                    ===========    ===========    ===========    ===========    ===========


   The financial information presented herein has been prepared by management
  without audit by independent certified public accountants. The accompanying
          notes are an integral part of these financial statements.                                       4


</TABLE>

<PAGE>


<TABLE>

               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
                            Statements of Cash Flows
                Nine months ended September 30, 2006 and 2005 and
   Period from October 17, 2003 (date of inception) through September 30, 2006

                                   (Unaudited)


                                                                                                   Period from
                                                                                                   October 17,
                                                                                                      2003
                                                                                                   (date of
                                                                Nine months      Nine months       inception)
                                                                   ended            ended            through
                                                               September 30,    September 30,     September 30,
                                                                   2006             2005              2006
                                                                 ---------        ---------        ---------
Cash Flows from Operating Activities
<S>                                                              <C>              <C>              <C>
   Net Loss                                                      $(488,198)       $(200,620)       $(890,881)
   Adjustments to reconcile net income to net cash
     provided by operating activities
       Depreciation                                                     --               --               --
       Organizational expenses paid with issuance
         of common and preferred stock                                  --           10,000           50,810
       Expenses paid with common stock                             125,000               --          125,000
       "Compensation expense" related
         to sale of common stock at
         less than "fair value"                                    125,000           56,430          181,430
       Increase (Decrease) in
         Accounts payable - trade                                   12,877               --           12,877
         Accrued liabilities                                        68,398           14,671          102,337
         Accrued officers compensation                              51,500           51,500          199,920
                                                                 ---------        ---------        ---------

Net cash used in operating activities                             (105,423)         (68,019)        (218,507)
                                                                 ---------        ---------        ---------


Cash Flows from Investing Activities                                    --               --               --
                                                                 ---------        ---------        ---------


Cash Flows from Financing Activities
   Cash proceeds from note payable                                      --           90,000           90,000
   Cash paid to retire note payable                                (90,000)              --          (90,000)
   Cash proceeds from sale of common stock                          15,000          135,570          416,089
   Purchase of treasury stock                                      (50,000)              --          (50,000)
   Cash paid to acquire capital                                         --          (10,447)         (10,447)
   Capital contributed to support operations                            --            9,876           33,812
                                                                 ---------        ---------        ---------

Net cash provided by financing activities                         (125,000)         224,999          389,454
                                                                 ---------        ---------        ---------

Increase (Decrease) in Cash and Cash Equivalents                  (230,423)         156,980          170,947

Cash and cash equivalents at beginning of period                   401,370               --               --
                                                                 ---------        ---------        ---------

Cash and cash equivalents at end of period                       $ 170,947        $ 156,980        $ 170,947
                                                                 =========        =========        =========

Supplemental Disclosures of Interest and Income Taxes Paid
   Interest 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. The accompanying
          notes are an integral part of these financial statements.                                        5
</TABLE>

<PAGE>



               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
                   Notes to Consolidated Financial Statements
                           September 30, 2006 and 2005


Note A - Organization and Description of Business

Signet  International  Holdings,  Inc. (Company) was incorporated on February 2,
2005  under  the Laws of the State of  Delaware  as 51142,  Inc.  The  Company's
initial  business  plan  was to  engage  in any  lawful  corporate  undertaking,
including, but not limited to, selected mergers and acquisitions.

On September 8, 2005,  pursuant to a Stock Purchase Agreement and Share Exchange
(Agreement) by and among the Company, Signet Entertainment Corporation (SIG) and
the  shareholders  of  Signet  Entertainment   Corporation  (a  private  Florida
corporation) (Shareholders)  (collectively SIG and the SIG shareholders shall be
known  as SIG  Group);  the  Company  acquired  100.0%  of the then  issued  and
outstanding shares of SIG in exchange for the issuance of an aggregate 3,421,000
shares of the Company's  common stock to the SIG  shareholders.  Pursuant to the
Agreement,  SIG  became  a  wholly  owned  subsidiary  of  the  Company.  At the
transaction  date,  the  then-sole  shareholder  of the  Company  was  also  the
controlling shareholder, chief executive officer and director of SIG.

Signet  Entertainment  Corporation (SIG) 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  acquisition  of the SIG by the Company  effected a change in control of the
Company and will be accounted for as a "reverse acquisition" whereby the Company
is the accounting acquiror for financial statement  purposes.  Accordingly,  for
all periods subsequent to the combination transaction,  the financial statements
of the Signet International Holdings, Inc. will reflect the historical financial
statements of the Company and the operations of Signet  International  Holdings,
Inc. subsequent to the transaction date.

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 $827,000.


Note B - Preparation of Financial Statements

The  acquisition  of the SIG by the Company  effected a change in control of the
Company and will be accounted for as a "reverse  acquisition" whereby the SIG is
the accounting acquiror for financial statement purposes.  Accordingly,  for all
periods subsequent to the combination  transaction,  the financial statements of
the Signet  International  Holdings,  Inc. will reflect the historical financial
statements of the SIG and the operations of Signet International  Holdings, Inc.
subsequent to the 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  which  contains  the
Company's audited financial statements for the year ended December 31, 2005. 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.

                                                                               6

<PAGE>



               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
             Notes to Consolidated Financial Statements - Continued
                           September 30, 2006 and 2005


Note B - Preparation of Financial Statements - Continued

In the opinion of management,  the accompanying  interim  financial  statements,
prepared in  accordance  with the U. S.  Securities  and  Exchange  Commission's
instructions   for  Form  10-QSB,   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, 2006.


Note C - Going Concern Uncertainty

The Company is still in the process of developing it's business plan and raising
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  future sales of equity securities to facilitate either
the  consummation  of a business  combination  transaction  or to raise  working
capital to support and preserve the integrity of the corporate entity.  However,
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  operating  capital is received  during the next twelve months,
the  Company  will be  forced  to rely on  existing  cash in the  bank  and upon
additional  funds  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  advances  from  management  and/or  significant
stockholders, 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

<PAGE>



               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
             Notes to Consolidated Financial Statements - Continued
                           September 30, 2006 and 2005


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 September 30, 2006 and 2005, 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 September  30, 2006 and 2005,  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 September  30, 2006 and 2005,  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

<PAGE>



               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
             Notes to Consolidated Financial Statements - Continued
                           September 30, 2006 and 2005


Note F - Note Payable

Note  payable  consists  of the  following  at  September  30,  2006  and  2005,
respectively:
<TABLE>
<CAPTION>

                                                                             September 30,      September 30,
                                                                                  2006              2005
                                                                             -------------      -----------
$90,000 note payable to an individual.  Interest at 10.0%.
   Principal and accrued interest due at maturity in June
   2006.  Collateralized by controlling interest in the
   common stock of Signet International Holdings, Inc.
<S>                          <C> <C>                                         <C>                    <C>
   Note paid in full on June 30, 2006.                                       $           -          $90,000
                                                                             =============      ===========
</TABLE>


Note G - Income Taxes

The  components  of income  tax  (benefit)  expense  for each of the nine  month
periods  ended  September  30, 2006 and 2005 and for the period from October 17,
2003 (date of inception) through September 30, 2006, are as follows:

<TABLE>
<CAPTION>
                                                                                                       Period from
                                                                                                       October 17,
                                                                                                       2003 (date
                                                                    Nine months     Nine months       of inception)
                                                                      ended           ended             through
                                                                   September 30,    September 30,     September 30,
                                                                       2006            2005               2006
                                                                     -------          ------             ------
<S>    <C>                                                           <C>              <C>                <C>
       Federal:
         Current                                                     $     -          $    -            $     -
         Deferred                                                          -               -                  -
                                                                     -------          ------             ------
                                                                           -               -                  -
                                                                     -------          ------             ------
       State:
         Current                                                           -               -                  -
         Deferred                                                          -               -                  -
                                                                     -------          ------             ------
                                                                           -               -                  -
                                                                     -------          ------             ------
         Total                                                       $     -          $    -            $     -
                                                                      ======          ======             ======
</TABLE>

As of September 30, 2006, the Company has a net operating loss  carryforward  of
approximately  $350,000 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.






                (Remainder of this page left blank intentionally)



                                                                               9

<PAGE>



               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
             Notes to Consolidated Financial Statements - Continued
                           September 30, 2006 and 2005


Note G - Income Taxes - Continued

The Company's income tax expense  (benefit) each of the nine month periods ended
September  30, 2006 and 2005 and for the period  from  October 17, 2003 (date of
inception) through September 30, 2006, respectively, differed from the statutory
federal rate of 34 percent as follows:
<TABLE>
<CAPTION>
                                                                                    Period from
                                                                                     October 17,
                                                                                     2003 (date
                                                 Nine months      Nine months       of inception)
                                                    ended            ended           through
                                                 September 30,    September 30,    September 30,
                                                     2006             2005             2006
                                                  ---------        ---------        ---------
Statutory rate applied to
<S>                                               <C>              <C>              <C>
   income before income taxes                     $(166,000)       $ (68,000)       $(303,000)
Increase (decrease) in income taxes
   resulting from:
     State income taxes                                  --               --               --
     Non-deductible officers compensation            18,000           18,000           69,000
     Non-deductible charge for common stock
       issued at less than "fair value"              43,000           19,000           62,000
     Other, including reserve for deferred
       tax asset and application of net
       operating loss carryforward                  105,000           31,000          172,000
                                                  ---------        ---------        ---------

Income tax expense                                $      --        $      --        $      --
                                                  =========        =========        =========
</TABLE>

Temporary  differences,  consisting  primarily of the  prospective  usage of net
operating loss carryforwards give rise to deferred tax assets and liabilities as
of September 30, 2006 and 2005, respectively:

<TABLE>
<CAPTION>
                                                        September 30,      September 30,
                                                             2006               2005
                                                        --------------     --------------
<S>                                                        <C>                <C>
       Deferred tax assets
         Net operating loss carryforwards                  $119,000           $ 62,000
         Officer compensation deductible when paid           69,000             45,000
         Less valuation allowance                          (188,000)          (107,000)
                                                            -------            -------

         Net Deferred Tax Asset                            $      -           $      -
                                                           ========           ========
</TABLE>


Note H - Preferred Stock

The  Company's  By-Laws  allow for the  issuance of up to  50,000,000  shares of
$0.001 par value Preferred Stock.

Holders of shares of preferred  stock are entitled to one vote for each share on
all matters to be voted on by the  stockholders.  Holders of preferred  stock do
not have  cumulative  voting rights.  Holders of preferred stock are entitled to
share ratably in dividends,  if any, as may be declared from time to time by the
Board of Directors in its discretion from funds legally available therefore.  In
the event of a  liquidation,  dissolution  or  winding  up of the  Company,  the
holders of preferred  stock are entitled to share pro rata all assets  remaining
after  payment  in full of all  liabilities.  All of the  outstanding  shares of
preferred  stock are fully paid and  non-assessable.  Holders of preferred stock
have no  preemptive  rights  to  purchase  our  preferred  stock.  There  are no
conversion or redemption  rights or sinking fund  provisions with respect to the
preferred stock.


                                                                              10

<PAGE>



               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
             Notes to Consolidated Financial Statements - Continued
                           September 30, 2006 and 2005


Note H - Preferred Stock - Continued

The  Board  of  Directors  has the  authority,  without  further  action  by the
shareholders,  to issue  from  time to time the  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 the
Company,  the  Company  issued  4,000,000  shares  of  preferred  stock  to  the
incorporating persons.

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.


Note I - 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, the Company 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
will recognize a charge to operations  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 as  "Compensation  expense related to common stock sold at less than "fair
value".

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 June 30, 2006, the Company has sold 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  will  recognize  a charge to
operations  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  as
"Compensation expense related to common stock issued at less than "fair value".

                                                                              11

<PAGE>



               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
             Notes to Consolidated Financial Statements - Continued
                           September 30, 2006 and 2005


Note J - 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 requires monthly payments of approximately $928.
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  years ended December 31, 2005 and 2004, the Company paid an
aggregate of $16,738 and $16,702 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  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.

                                                                              12

<PAGE>



               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
             Notes to Consolidated Financial Statements - Continued
                           September 30, 2006 and 2005


Note J - Commitments - Continued  Triple Play  Management  Agreement - continued
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.  Broadcast Property Acquisition On April 13, 2006, Signet executed
a Letter of Agreement to Purchase with Freehawk Productions,  Inc. of Royal Palm
Beach,   Florida  whereby  Signet  would  acquire  20  original   one-half  hour
screenplays  and four (4) additional  episodes per screenplay for a total of 100
separate broadcast  properties to be delivered over a 36-month period from April
13,  2006.  The  agreed-upon  purchase  price  for the  total  20 one  half-hour
ready-to-air  shows  and  the  accompanying   supplemental  80  one  half-  hour
ready-to-air  episodes is $3,000,000.00.  This price includes all of the rights,
title and privileges related to the ownership of said broadcast  properties.  On
August 19,  2006,  by mutual  agreement,  Signet  and  Freehawk  rescinded  this
Agreement and intend to enter into a restructured agreement in a future period.


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                                                                              13

<PAGE>



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-QSB  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, Liquidity and Capital Resources or Plan of Operation

Quarters Ended September 30, 2006 and 2005

The  Company  had no revenue  for either of the  respective  nine or three month
periods ended September 30, 2006 and 2005, respectively.

General and administrative expenses for the nine months ended September 30, 2006
and 2005 were approximately $359,000 and $92,900, respectively. Net loss for the
nine months ended September 30, 2006 and 2005,  respectively,  was approximately
$(488,000) and $(201,000).  Earnings per share for the respective quarters ended
September  30,  2006 and 2005  was  approximately  $(0.12)  and  $(0,06)  on the
weighted-average shares issued and outstanding.

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 September 30, 2006 and 2005, respectively, the Company had working capital of
approximately $(144,000) and $(105,000).

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 Operations

In the last quarter of fiscal year 2006,  we expect to begin  implementation  of
that part of our  business  plan  relating to the  acquisition  for stock of Low
Power Television (LPTV) stations.  Although we have had no revenues generated to
date, we expect to realize revenues  commencing with the first acquisition of an
LPTV station. Consideration needed for the initial acquisition is anticipated to
come from the issuance of new shares of our common stock and cash on hand which

                                                                              14

<PAGE>



was  obtained  through our  private  placement  memorandum  which  commenced  in
September 2005 and was completed in January 2006.

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  acquisition  of LPTV  stations  using our common  stock as
anticipated to start 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 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  incurring net operating  losses;
but, are located in areas which  management  believe are sufficient to grow into
profitable  operations,  purchase  programming  and  initiate  Triple Play Media
operations.  Cash costs for this phase of our plan will include: $25,000 related
to the funding round plus up to $30 million to support the  acquisitions of LPTV
stations, plus up to $15 million to support the Triple Play contract. This phase
of our plan is anticipated to continue throughout Calendar 2007.

We have filed a Registration  Statement on Form SB-2, pursuant to the Securities
Act of 1933, as amended,  and it is in the review and approval  process with the
U. S. Securities and Exchange Commission (SEC). Once our Registration  Statement
is declared  effective,  we will  explore  the LPTV market to identify  stations
which are available for acquisition using the following criteria:  a spectrum of
at least 550,000 TV households,  are rated Class A, and are located in a growing
market. In order to approach the market efficiently, we have adopted an order of
occurrences to be followed by priority.

     1.   Review markets of dominant  influence (the ratings of TV households in
          each market). We are currently in the process of reviewing the markets
          and will  continue to so through the fourth  quarter of Calendar  2006
          and  the  first   quarter  of  Calendar   2007.  We  expect  the  cash
          requirements for this effort to be  insignificant  and to be paid from
          our current cash in hand.

     2.   Identify which LPTV stations that are currently  operating at a profit
          and are in good  standing with the Federal  Communications  Commission
          (FCC).  We are  currently in the process of reviewing  the markets and
          will  continue to so through the fourth  quarter of Calendar  2006 and
          into  the  first  quarter  of  Calendar   2007.  We  expect  the  cash
          requirements for this effort to be  insignificant  and to be paid from
          our current cash in hand.

     3.   Identify  those LPTV  stations  for sale;  initiate  contact with LPTV
          station owner(s) and appropriate legal counsel; sign non-circumvention
          agreements   and  issue   "Letters  of  Intent.".   We  are  currently
          identifying  the stations for sale and will commence  negotiations  at
          such time that our  Registration  Statement is deemed effective by the
          SEC and our shares are approved to trade by the  National  Association
          of Securities Dealers (NASD) on the NASD Electronic Bulletin Board. We
          currently  anticipate signing at least one letter of intent by the end
          of the year.  We expect the cash  requirements  for this  effort to be
          immaterial and to be paid from our current cash in hand.

     4.   Perform  due  diligence  which will  include  the review of  financial
          statements,  customer  base,  survey of  equipment  and the  review of
          compliance with FCC regulations  researched through public records. We
          intend to commence due  diligence as soon as we have signed  letter(s)
          of intent as set forth above.  The cash  requirements  for this effort
          are anticipated to be met through our current cash in hand.

     5.   Negotiate  and finalize  agreement  to purchase the LPTV  stations and
          file,   through   appropriate   legal   counsel,   the  requisite  FCC
          applications  for approval to operate the target LPTV  stations.  This
          process will be undertaken  when we have  completed our due diligence.
          We anticipate,  based on the best of management's knowledge,  that the
          approval period will take between 60-90 days per application. The cash
          requirements  for these efforts are  anticipated to be met through our
          current cash on hand. We intend to purchase  these LPTV stations for a
          combination of cash and an amount of our common stock to be negotiated
          for each acquisition.  We anticipate that the cash for the purchase of
          these stations will come from  additional new financing to be received
          once our  Registration  Statement is deemed effective and the NASD has
          cleared  our  common  stock  for  trading.  At this  time,  we have no
          commitment for this financing.

     6.   Once the FCC has granted  approval of our acquisition and operation of
          each LPTV station,  we will then become owner and will be  responsible
          for the daily expenses  associated  with  operating the business.  The
          cash  requirements  for operating these stations will be paid from the
          revenues generated from the stations.


                                                                              15

<PAGE>



We anticipate that the process of locating, identifying,  negotiating the Letter
of Intent,  receiving FCC approval and closing our initial acquisition will take
approximately 120 days after our Registration  Statement is deemed effective and
our common stock is approved to trade on the NASDAQ  Electronic  Bulletin  Board
(OTCBB).

To date, management has identified several potential station acquisition targets
by  name  and/or  location  only.  The  management  and/or  ownership  of  these
identified LPTV stations will not be approached until our Registration Statement
is deemed effective by the SEC. Currently, we have only ascertained that certain
stations are for sale by searching  the  Internet.  The name and call letters of
these  stations are posted on various web sites.  It is our intention to finance
payment of these  stations  by issuing the sellers  newly  issued  shares of our
common stock as well as cash  payments to be  negotiated.  We can not be certain
that  any of the  stations  will  agree  to a  purchase  and/or  share  exchange
arrangement. Since our research and contacts will be made through our office, we
do not expect to incur any additional expenses other than the normal general and
administrative expenses presently being paid.

We believe we can satisfy our cash requirements for our operations over the next
twelve months with our current cash reserves.  The cash balance at September 30,
2006 is approximately $171,000. We anticipate for the next 12 months,  excluding
the costs of any LPTV station  acquisitions,  our operational as well as general
and administrative  expenses will total  approximately  $126,000.  We anticipate
that  will be able to cover  these  expenses  with our  current  cash  reserves.
Management is of the opinion that our average ongoing operating  expenses,  on a
monthly basis, are as follows:

       Accounting Fees                                              $  2,000
       Legal fees                                                      3,500
       General and administrative expenses                             2,500
       Travel & Surveys                                                1,500
       Other Expenses                                                  1,000
                                                                     -------

         Total                                                       $10,500
                                                                      ======

Our  operating  expenses  for the  first  nine  months  of  Calendar  2006  were
approximately  $358,000 and required cash resources of  approximately  $105,000.
These expenses include the accrual for executive and other  compensation,  which
will  not be  paid  until  some  future  period  where  adequate  resources  are
available,  and various charges for legal, auditing,  other fees incurred in the
process of preparing  and filing our  Registration  Statement  on Form SB-2.  We
anticipate that our actual cash  requirements  will be remain  relatively stable
for the next 12 months  and we  anticipate  a  significant  reduction  in future
overhead expense levels as discussed above.

There will be no expenses  recognized or cash  requirements  associated with the
Big Vision  contract  until such time that  services  have been  provided by Big
Vision. At the time Big Vision starts providing services,  we will be generating
revenues from acquired LPTV stations to cover these commitments. Until such time
that our common  stock is approved  for public  trading,  we receive  additional
financing and proceed with the implementation of 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  or  fully
implement our business  plan.  Even without  significant  new funding during the
fourth  quarter of  Calendar  2006 or the first  quarter of  Calendar  2007,  we
anticipate  that we will still be able to acquire some  profitable LPTV stations
with  only  our  common  stock,  after  the  effectiveness  of our  Registration
Statement, and integrate their financial operations in future periods.

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 enlarging our Board of Directors and integrating the employees of any
LPTV  stations  that  we  may  acquire  in the  future,  we do  not  expect  any
significant changes in the number of our employees.


Item 3 - Controls and Procedures

(a)  Evaluation of Disclosure Controls and Procedures

     Under  the  supervision  and  with  the  participation  of our  management,
     including our principal  executive officer and principal financial officer,
     we conducted an evaluation of our disclosure  controls and  procedures,  as
     such term is defined under Rule 13a-15(e)  promulgated under the Securities
     Exchange Act of 1934, as amended  (Exchange Act), as of September 30, 2006.
     Based on this  evaluation,  our principal  executive  officer and principal
     financial officer concluded that our disclosure controls and procedures are
     effective in alerting them on a timely basis to material

                                                                              16

<PAGE>



     information  relating to our Company required to be included in our reports
     filed or submitted under the Exchange Act.

(b)  Changes in Internal Controls

     There were no significant changes (including corrective actions with regard
     to  significant  deficiencies  or  material  weaknesses)  in  our  internal
     controls over financial  reporting  that occurred  during the quarter ended
     September 30, 2006 that has materially affected, or is reasonably likely to
     materially affect, our internal control over financial reporting.


Part II - Other Information

Item 1 - Legal Proceedings

     None

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

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

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                                   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:  November 14, 2006                    /s/ Ernest W. Letiziano
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                                                 Ernest W. Letiziano
                                                 President and Director





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