Spectre and Grant Automotive Group Complete Agreement
10 February 2000
Spectre and Grant Automotive Group Complete Agreement
NEW YORK--Feb. 9, 2000--Spectre Industries, Inc., (OTCBB:STND) wishes to announce the following developments:Spectre, through its wholly owned subsidiary, The Grant Automotive Group (`GAG") has completed and implemented a new management agreement with Grant Brothers Sales Ltd. ("GBS") that will significantly increase GAG's aftermarket presence. In addition to a joint revenue participation program, GAG will spearhead the North American agency acquisition plan by partnering with Grant Brothers who have an excellent record in building long term equity and market presence.
GBS/GAG completed a very successful series of business developments in 1999, including being recognized as "Agency of the Year" by Chilton Publishing and "Representative of the Year" by the Kimberly-Clark Corporation. These two leading manufacturers have recognized GAG for their outstanding sales growth and new account development in the automotive aftermarket.
Chilton is a leading publisher of maintenance and repair manuals for the automotive and marine industries. They have recently announced the launch of several on-line and CD-ROM formats that GAG will be selling into the current distribution channels. Kimberly-Clark has expanded its product line for the automotive aftermarket and is enjoying significant sales gains in all trade channels.
Several other awards were received at the Automotive Industry Week recently held in Las Vegas. "GAG will continue to strive for industry leadership by ensuring we commit substantial resources to achieve our client's distribution objectives and business goals," said John D. Grant, Chief Operating Officer of GAG. "We will add value for the company and our shareholders by building on our 50-year leadership presence in the automotive aftermarket. We will always be on the forefront of innovation as we have demonstrated in the past." GAG has grown its business by an integrated strategy of a multi-divisional structure, acquisitions and building value-added business units that differentiate GAG from their competitors.
GAG has completed a letter of intent with a prominent manufacturers' agency in the Pacific Northwest region, specializing in the automotive aftermarket's traditional and mass merchandiser trade channels. Closing of this transaction is scheduled for the end of February. Management is in discussion with two other acquisition targets. Details will be forthcoming as developments occur.
GAG will be updating these developments and the results of its recent initiatives in electronic commerce over the next few weeks.
On Behalf of the Company,
Ian S. Grant