Spectre Reports Second Quarter Results

    VANCOUVER, British Columbia--Aug. 21, 2001--Spectre Industries, Inc. (OTCBB:STND), announced today its results for the six months ended June 30, 2001. 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 six month period ended June 30, 2001, the Company reported $611,446 in revenues. This compares to revenues of $616,487 for the six months ending June 30, 2000. Comparatively, this marks a decrease in revenue of $5,041 or approximately 1% over the same period.
    Net loss for the six-month period ending June 30, 2001 was $234,303 or $.01 per share. This compares to a net loss of $356,843 or $.02 per share for the same period in the prior year. Comparatively, this marks a decrease in the net loss of $122,540, or approximately 34% over the same period. Operating and other expenses decreased $120,686 or approximately 27% compared to the period ended June 30, 2000.
    During the six-month period ending June 30, 2001, the Company earned interest income of $14,539 and incurred interest expense of $4,678. For the same period in the prior year, the Company earned interest income of $3,048 and incurred interest expense of $78,646 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.
    "As shown by our results, the Company has maintained our revenues within a very competitive market. We are continuing to reduce costs. We are debt-free and have a good working capital position," said Ian Grant, Spectre's President and CEO. "Our principal operating subsidiary continues to generate a profit that assists in offsetting the overall corporate expenses. We are proceeding with our e-commerce business development plans to build an internet-based enterprise for the automotive aftermarket. Our team of information technology experts are assisting us to develop that side of our business. We have identified several e-commerce opportunities that we are carefully examining so that it, along with our traditional manufacturers representation business, will contribute to our corporate growth. In this economic climate, we are ensuring that we seek out good partnering opportunities that will contribute cash revenues in the short term, thereby protecting our positive working capital position."
    Spectre is preparing to file its amended Form 10-SB with revisions responsive to the comments received by the SEC's examiners on August 10, 2001.
    This release contains certain forward-looking statements which involve known and unknown risks, uncertainties and other factors not under the Company's control which may cause actual results, performance, achievements of the Company to be materially different from the results, performance of expectations implied by these forward-looking statements. These factors include, but are not limited to, the limited liquidity and the limited operating history of the Company.