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Spectre Converts $1.6 million of Debt into Equity

23 October 2000

Spectre Converts $1.6 million of Debt into Equity

    VANCOUVER, B.C.--Oct. 20, 2000, Spectre Industries, Inc. (OTCBB:STND), announced today that the Holders of all of its outstanding convertible debentures have agreed to convert those debentures top shares of the Company's common stock.
    The debentures were converted prior to their maturity in consideration of the Company granting a discount to the stated conversion price.
    "This conversion has eliminated all of the Company's debt obligations and significantly strengthened Spectre's balance sheet," said Ian Grant, Spectre's CEO. "We thank the debentures holders for their confidence in our company and their long standing support." Spectre Industries, Inc., through its wholly owned subsidiary, Grant Automotive Group, Inc., is a North American distribution network in the automotive aftermarket with a focus on e-commerce and industry consolidation.