Spectre Reports Third Quarter Results

    VANCOUVER, British Columbia--Nov. 22, 2002--Spectre Industries, Inc. (OTCBB:STND), announced today its results for the nine months ended September 30, 2002.
    The Company's principal operating subsidiary, Grant Automotive Group, Inc., ("Grant Auto") is a manufacturers' representative in the North American automotive aftermarket. The Company's primary business activity is to represent manufacturers of automotive and heavy-duty truck parts and accessories. The Company's European subsidiary, Auto Photo Kiosk, GmbH, ("APK") manufactures and distributes automated photo kiosks into the German market.
    For the nine-month period ended September 30, 2002, the Company reported $959,085 in revenues which were primarily commissions earned on the sale of automotive and heavy duty truck parts. This compares to revenues of $916,394 for the nine months ending September 30, 2001. Comparatively, this marks an increase in revenue of $42,691 or approximately 5% over the same period.
    Net loss for the nine-month period ending September 30, 2002 was $416,668 or $.02 per share. This compares to a net loss of $259,686 or $.01 per share, for the nine months ending September 30, 2001. Operating expenses increased $11,784 or approximately 2% compared to the period ended September 30, 2001.
    During the nine-month period ending September 30, 2002, the Company earned interest income of $844 and incurred interest expense of $7,597. For the same period in the prior year, the Company earned interest income of $17,514 and incurred interest expense of $15,358.
    "During the quarter, we made the decision to invest in Grant Auto's infrastructure and increase our selling resources and technical support for our automotive parts and diagnostic service lines," said Ian Grant, Spectre's President and CEO. "This impacted our margins in the third quarter, combined with a negative downturn in the automotive industry cycle. We feel that the industry has recovered and our expanded selling capability will generate increased results in 2003. We increased our ownership in APK to 80% and we successfully completed a leasing program with AML Leasing, GmbH. The operating costs for APK were increased due to Spectre's increased investment in July 2002. We are concentrating APK's resources on expanding the lease program and securing new locations for our photo booths."

    This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the Company's ability to generate increase sales in 2003 and the successful completion of an expanded leasing program for APK.
    Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainty of financial estimates and projections, stock market conditions, unforeseen technical difficulties and the Company's ability to operate the services described. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
    Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the Company's annual report on Form 10-KSB for the 2001 fiscal year, the Company's quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934.