News

Spectre ups stake in photo kiosk company

July 17, 2002

VANCOUVER, British Columbia - Canadian automotive aftermarket firm Spectre Industries Inc. (OTCBB:STND), which sought to diversify its holdings in January with the purchase of a majority interest in German photo kiosk company AutoPhotoKiosk GmbH (See story: Spectre focusing on German photo kiosks), has further increased its share of the company.

Spectre, which purchased 54 percent of AutoPhotoKiosk in January, announced on July 17 that it had acquired another 26 percent of the company for $45,000 in cash. The company also announced that Marcel Moser, who is AutoPhotoKiosk's only other shareholder, has been named managing director for the photo company.

AutoPhotoKiosk has increased its presence in the German photo kiosk market since January, adding five more photo processing kiosks to raise its total number to 15. Spectre officials said the company would add "several hundred more units" over the next two to three years.

Spectre, whose primary business is to serve as a marketing agent for manufacturers of parts for the automotive aftermarket, reported a net loss of $115,630 on revenue of $317,809 for the quarter ending March 31. During the same quarter in 2001, the company lost $117,607 on revenue of $289,548. The company said its photographic services division recorded a first-quarter loss of $23,816 on revenue of $20,365.