Spectre Reports Year End Results

    VANCOUVER, British Columbia--May 28, 2001-- Spectre Industries, Inc. (OTCBB:STND), announced today its results for the fiscal year ended December 31, 2000.
    The Company's principal operating subsidiary is a manufacturers' representative in the North American automotive aftermarket. The Company's primary business objective is to develop a North American distribution network by concentrating on agency consolidation and e-commerce.
    For the year ended December 31, 2000, the Company reported $1,166,302 in revenues, primarily from commissions earned by its operating subsidiary on sales of approximately $35,000,000 of its principals' automotive and heavy-duty parts products in the North American automotive aftermarket. The Company had no operating revenues in the prior year.
    Net loss for the year ending December 31, 2000 was $1,857,497 or $.11 per share. This compares to a net loss of $1,298,881 or $.11 per share for the same period in the prior year. Net loss for the year ending December 31, 2000 excluding $1,471,077 of non-cash expenses was $386,420 or $.02 per share. A major component of the non-cash expenses was a one-time expense of $1,261,630 pursuant to the conversion into common stock of all of the Company's convertible debentures. This compares to a net loss of $788,921 or $.07 per share for the same period in the prior year, excluding $509,960 of non-cash expenses.
    During the fiscal year ending December 31, 2000, the Company incurred interest expense of $109,401 pursuant to convertible debentures in the aggregate principal amount of $1,521,100. Effective September 1, 2000, the Company converted all of its convertible debentures into common stock of the Company's shares. The effect of this is to eliminate $152,100 in recurring annual interest expense.
    "This has been a great year for Spectre. We have reduced the cash loss by over 50% this year," stated Ian Grant, Spectre's President & CEO. "We are debt-free and have a good working capital position. Our principal operating subsidiary is generating a profit that assists in offsetting the overall corporate expenses. Our e-commerce efforts to build an internet-based enterprise for the automotive aftermarket are on-going. We continue to develop that side of our business so that it, along with our traditional manufacturers representation business, will contribute to our corporate growth."