DEGA stock frightens me a little bit. Please see the Spectre press release below. Should we switch to Spectre stock now? Any thoughts are appreciated.
Thursday May 6, 6:59 pm Eastern Time
Company Press Release
Spectre Acquires Secured Interest in Assets of Dega Technology, Inc.
NEW YORK--(BUSINESS WIRE)--May 6, 1999--Ian S. Grant, CEO, reports that Spectre Industries, Inc. (OTCBB:STND - news) has acquired the secured interest of all rights, title and interest to and in all of the assets of Dega Technology, Inc. (''Dega'').
The acquisition was made pursuant to enforcing security agreements under certain loans made to Dega. These loans are held by Spectre. The purpose of these loans were to fund the development of Internet automotive e-commerce solutions, initially in return for agreements to acquire part of Dega's business, and later(Dec. 5, 1998) to merge the two companies into Dega.com.
Spectre's management will review the situation closely. Spectre has made significant advances in the automotive e-commerce industry as a result of the efforts put forth to complete the merger between Dega and Spectre. Spectre has through its wholly-owned subsidiary, Grant Automotive Group (''Grant''), secured a valuable data source allowing the completion of the electronic catalogue for a market launch in late 1999.
Spectre and Grant will continue their plan to build an expanded distribution base in the automotive aftermarket. The opportunity to utilize the above assets toimplement a major e-commerce initiative in the automotive aftermarket may form an important part of Spectre's business plan.
Spectre's focus is to position the company as a major player in the rapidly increasing world wide Business-to-Business, Business-to-Person and Person-to-Person Internet e-commerce business, and will continue its efforts to develop additional Internet e-commerce concepts having synergy with its existing e-commerce concepts, technologically and/or commercially and/or to expand the company's business geographically.
Spectre has therefore commenced negotiations with several European companies involving Business-to-Business, Business-to-Person and Person-to-Person e-commerce concepts, with a view to enter into strategic alliances, merge or acquire a controlling interest in the businesses.
Spectre expects to be able to publish results from these negotiations in the near future.
On behalf of the board
Ian S. Grant, CEO |
