M. Carver please look at the following press release in order to better answer inquiries directed to you.
Monday May 10, 10:48 am Eastern Time
Company Press Release
Spectre Affirms Its Position Regarding Dega
Grant Automotive Group Solely Owned by Spectre
NEW YORK--(BUSINESS WIRE)--May 10, 1999--Spectre Industries, Inc. (OTC BB:STND) today issued the following response to Dega Technology Inc.'s
(OTC BB:DEGA) press release dated May 7, 1999:
Dega is in serious default with respect to significant loans owed to Spectre. A substantial portion of these loans is secured by security interests in all of the assets of Dega. These loan agreements and the attached security agreements were executed on Dega's behalf by Mr. J.P. Makeyev, Dega's CEO and majority shareholder. Spectre will review the situation closely and determine what action is appropriate.
When asked about the future plans of Spectre, Ian Grant, Spectre's CEO, who also is CEO of Grant Automotive Group, a wholly-owned subsidiary of Spectre, said:
''We will continue to implement our business plan for Grant Automotive Group and build a leading marketing and distribution network in the automotive aftermarket. Regardless of what happens to Dega, Spectre will continue to focus on e-commerce. Through Grant Automotive Group we have the resources and relationships to become a principal player in the automotive e-commerce business.
''In this context I would also like to clarify incorrect information on Dega's web site stating that Dega acquired Grant Automotive Group. As stated in our press release of December 9, 1998, Grant Automotive Group is a wholly-owned subsidiary of Spectre, and Dega has no ownership or other interest in Grant Automotive Group.'' Mr. Grant stated that Spectre requested Dega to correct this misinformation.
Spectre Industries through Grant Automotive Group is a North American distribution network in the automotive aftermarket with a focus on e-commerce and industry consolidation. Spectre has also commenced negotiations with several European companies involving various e-commerce concepts, with a view to enter into strategic alliances, merge or acquire a controlling interest in these businesses.
For additional information, please contact:
Ian S. Grant, CEO
Spectre Industries, Inc.
604-984-0927
Contact:
Spectre Industries, Inc.
Ian S. Grant, 604/984-0927
|
