Spectre Updates Recent Developments

20 December 1999

Spectre Updates Recent Developments

    NEW YORK--Dec. 20, 1999--Spectre Industries, Inc., (OTCBB:STND) wishes to announce the following developments:
    Spectre has structured a new management agreement with Grant Brothers Sales Ltd., effective January, 2000 that will significantly increase Spectre's automotive aftermarket presence through a wholly owned subsidiary, the Grant Automotive Group.
    Spectre has embarked on an aggressive manufacturers' agency acquisition program that will be the foundation of an international aftermarket distribution network commencing in 2000. Spectre is currently evaluating two agencies for potential acquisition.
    The major technological impact in the automotive aftermarket has been the emergence of electronic commerce within the automotive supply chain. At Industry Week recently held in Las Vegas, a presentation by Arthur Anderson Consulting Group stated that industry experts expect electronic commerce to shift from a competitive advantage to a requirement by 2003. In order to capitalize on this trend, Spectre has entered into partnering discussions with several qualified e-commerce technical providers specializing in business-to-business on-line applications. Spectre is also investigating the development of a fully owned business to supply data information needs directly to the aftermarket.
    With respect to Dega, Spectre and several other creditors have filed a petition with the United States Bankruptcy Court to place Dega Technology, Inc., into involuntary bankruptcy. Dega remains in default on its debt obligations to Spectre. Spectre will exercise all of its rights, including those set forth under applicable security agreements as a secured creditor. Further announcements will be made as appropriate in connection with this bankruptcy filing.
    Spectre wishes all of its affiliates, partners and shareholders the very best as we begin the new Millennium. We thank you for your support during the past year and your encouragement that has helped us achieve our goals.
    All the Best to You and Yours in this eventful time of Millennium.