Document:

EXHIBIT 10.3

SHARE PURCHASE AGREEMENT

This Agreement is made as of January 1, 1999 between

               GRANT BROTHERS SALES, LIMITED, a corporation
               existing under the laws of Canada (the "Vendor"),

                                       and

               SPECTRE INDUSTRIES, INC., a corporation existing under the
               laws of Nevada (the "Purchaser").

RECITALS

A. The Vendor is the registered and beneficial owner of the Purchased Shares.

B. The Purchaser wishes to purchase and the Vendor wishes to sell the Purchased
Shares on the terms of this Agreement.

For value received, the parties agree as follows.

SECTION 1 - INTERPRETATION

1.1 Definitions. In this Agreement the following terms have the meanings set out
below.

(a) Agreement means this share purchase agreement including any recitals and
schedules to this share purchase agreement, as amended, supplemented or restated
from time to time.

(b) Closing Time means the first moment of time following the completion of the
transactions on the date of this Agreement contemplated by the asset purchase
agreement of even date between the Vendor and the Corporation.

(c) Common Stock means common shares, par value of US$.0001, of the Purchaser.

(d) Corporation means Grant Automotive Group Inc., a corporation existing under
the laws of Ontario.

(e) Encumbrances means all options, pledges, mortgages, security interests,
liens, charges, adverse claims, rights, restrictions, burdens and encumbrances
whatsoever.

(f) Purchase means the transaction of purchase and sale contemplated by this
Agreement.

(g) Purchase Price has the meaning given to it in section 2.1.

(h) Purchased Shares means all the common shares issued and outstanding in the
capital of the Corporation as at the Closing Time.

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(i) Securities Act means the United States Securities Act of 1933, as amended.

1.2 Other Defined Terms. Each capitalized term not otherwise defined in this
Agreement has the meaning given to it in the asset purchase agreement of even
date between the Vendor and the Corporation.

1.3 Headings and References. The division of this Agreement into sections and
the insertion of headings are for convenience of reference only and shall not
affect the construction or interpretation of this Agreement.

1.4 Extended Meanings. Words importing the singular include the plural and vice
versa and words importing gender include all genders. The term "including" means
"including without limitation" and the term "includes" has a similar meaning.

SECTION 2 - PURCHASE, SALE AND PLEDGE

2.1 Purchased Shares. On the terms of this Agreement, as at the Closing Time,
the Vendor hereby sells to the Purchaser free and clear of all Encumbrances and
the Purchaser hereby purchases all of Vendor's right, title and interest in and
to the Purchased Shares for a purchase price equal to the aggregate value of
US$1,000,000, as adjusted in accordance with section 2.4, plus the market value
of the 400,000 shares of the Purchaser, calculated as at the dates on which such
shares are to be issued to the Vendor (collectively, the "Purchase Price").

2.2 Payment of the Purchase Price. The Purchaser shall satisfy the Purchase
Price:

      (a)   by paying at the Closing Time US$300,000 to the Vendor by wire
            transfer in immediately available funds;

      (b)   by paying on or before March 1, 1999 US$200,000 (together with
            interest calculated at the annual rate of 7.75% for the period from
            January 1, 1999 to the date of payment) to the Vendor by wire
            transfer in immediately available funds;

      (c)   subject to section 2.4, by paying on or before August 2, 1999
            US$500,000 (together with interest calculated at the annual rate of
            7.75% for the period from January 1, 1999 to the date of payment) to
            the Vendor by wire transfer in immediately available funds;

      (d)   by delivering at the Closing Time 300,000 Common Stock to the
            Vendor; and

      (e)   by delivering on or before February 1, 1999 100,000 Common Stock to
            the Vendor.

2.3 Audit. Promptly following the date of this Agreement, the parties shall
retain the Vendor's auditor upon such terms as the parties agree (including as
to a quotation on price and a requirement to deliver a written report to the
parties upon completion). The parties shall request the auditor to conduct an
audit to confirm the amount of:

      (a)   the total revenues attributable to the Business for 1998, expressed
            in US dollars and assuming an exchange rate in which one Canadian
            dollar is equal to US 68(cent); and

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      (b)   the Accounts Receivable determined as at the close of business on
            December 31, 1998.

The auditor shall provide the parties with a draft audit report on which to
comment. The parties shall have 10 days to provide their comments and then the
auditor shall finalize its report. The audit report shall be final and binding
on the parties. The Purchaser shall pay for all auditing costs attributable to
the audit of the total revenues for 1998 and the Vendor shall pay for all
auditing costs attributable to the audit of the Accounts Receivable.

2.4 Adjustment of Purchase Price. If the total revenues attributable to the
Business for 1998 set out in the audit prepared in accordance with section 2.3
exceeds US$1,000,000, then the amount of the payment referred to in section
2.2(c) shall be increased by the difference in those two amounts. If the total
revenues attributable to the Business for 1998 set out in the audit prepared in
accordance with section 2.3 is less than US$1,000,000, then the amount of the
payment referred to in section 2.2(c) shall be decreased by the difference in
those two amounts.

2.5 Pledge of Purchased Shares. As continuing collateral security for the timely
payment in full when due of all payments and deliveries of shares referred to in
section 2.2, the Purchaser hereby pledges to the Vendor, and grants to the
Vendor a security interest in, the Purchased Shares (including all share
certificates evidencing the Purchased Shares), together with any substitutions
therefor and accretions thereto, and all dividends, income, cash, instruments
and other property or proceeds from time to time received, receivable or
otherwise distributed in respect of, or in substitution for, or in addition to,
or in exchange for any or all of the foregoing (collectively, the "Pledged
Collateral"). The Purchaser hereby delivers the Purchased Shares to the Vendor.
Prior to the release of the security interest pursuant to section 2.8, the
Common Stock delivered to the Vendor pursuant to section 2.2(d) and the
Purchased Shares shall be deposited with Vendor's counsel. The Purchaser shall
deliver all other Pledged Collateral, if any, to the Vendor as soon as possible.
Except for the pledge and grant of security interest set out in this section
2.5, the Purchaser shall not, without the prior written consent of the Vendor,
sell, assign, transfer, pledge or otherwise encumber any of its rights in or to
the Pledged Collateral.

2.6 Defaults and Remedies. If the Purchaser fails to make a payment or a
delivery of shares referred to in section 2.2 in full when due, the parties will
have 60 days to discuss the matter and to agree on an acceptable alternative,
including payment or delivery of shares in full at a later date. If the
Purchaser then fails to satisfy all the terms of such acceptable alternative or
if the parties fail to reach any agreement on an acceptable alternative within
such 60 day period, then:

      (a)   the Vendor may exercise any and all rights of sale, conversion,
            exchange, subscription or any other rights, privileges or options
            pertaining to the Pledged Collateral as if the Vendor were the
            absolute owner thereof; and

      (b)   the Purchaser hereby irrevocably constitutes and appoints any
            officer of the Vendor the true and lawful attorney of the Purchaser,
            with full power of substitution, to do, make and execute all such
            statements, assignments, documents, acts, matters or things with the
            right to use the name of the Purchaser

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            whenever and wherever such officer may deem necessary or advisable
            and from time to time to exercise all rights and powers and to
            perform all acts of ownership with respect to the Pledged
            Collateral.

The Vendor shall then, within a reasonable period of time, purchase the Pledged
Collateral in accordance with section 2.7 or sell the Pledged Collateral,
whether in connection with a sale made under the power of sale herein contained
or pursuant to judicial proceedings or otherwise. If the Pledged Collateral is
not freely distributable to the public without the filing of a prospectus or
registration under applicable securities laws at the time of any proposed sale,
then the Vendor is not required to effect such filing of a prospectus or
registration or cause the same to be effected but, in the Vendor's discretion
(subject only to applicable law), may require that any sale hereunder (including
a sale at auction) be conducted on such terms and subject to restrictions as the
Vendor may determine, acting reasonably. The Purchaser acknowledges that any
private sale (conducted in the manner set out above) of the Pledged Collateral
may result in prices and other terms less favourable to the seller than if such
sale were a public sale and, notwithstanding such circumstances, agrees that any
such private sale shall be deemed to have been made in a commercially reasonable
manner. The Purchaser will not interfere with any right, power and remedy of the
Vendor provided for in respect of the pledge of the Pledged Collateral now or
hereafter existing at law or in equity or by statute or otherwise, or the
exercise or beginning of the exercise by the Vendor of any one or more of such
rights, powers, or remedies.

2.7 Application of Proceeds. After payment of all direct and indirect expenses
respecting the sale of the Pledged Collateral, together with a deduction of all
damages incurred by the Vendor before or after the date of this Agreement, by
reason of the Purchaser's failure to satisfy its obligations under section 2.2
(net of the proceeds, if any, from the sale of the Common Stock delivered to the
Vendor pursuant to section 2.2(e)), any amount held by the Vendor in respect of
the sale by the Vendor of the Pledged Collateral shall be applied by the Vendor
to satisfy any outstanding payment and share delivery obligations referred to in
section 2.2 and if any surplus amount remains, it shall be paid to the
Purchaser. For greater certainty, the Vendor shall remain liable for the payment
of obligations and the delivery of shares referred to in section 2.2 to the
extent that they remain owing to the Vendor after application of all cash
proceeds following any sale of the Pledged Collateral. Notwithstanding the
foregoing, the Vendor may, as an alternative, purchase the Pledged Collateral.
If the Vendor so purchases the Pledged Collateral, the Vendor shall return to
the Purchaser the Common Stock delivered to the Vendor pursuant to section
2.2(d) and the amounts received by the Vendor in accordance with section 2.2,
after deducting therefrom:

      (a)   all direct and indirect expenses respecting any contemplated or
            attempted sale of the Pledged Collateral;

      (b)   all direct and indirect expenses respecting the carrying out of the
            purchase of the Pledged Collateral; and

      (c)   all damages incurred by Vendor before or after the date of this
            Agreement, by reason of Purchaser's failure to satisfy its
            obligations under section 2.2 (net of the proceeds, if any, from the
            sale of the Common Stock delivered to the Vendor pursuant to section
            2.2(e)).

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Once such shares are delivered to the Purchaser and such payment is made to the
Purchaser, this Agreement shall terminate and neither party will have any
obligation to the other party hereunder.

2.8 Release of Security. Once the Purchaser has fulfilled all of its payment and
share delivery obligations in accordance with section 2.2 or in accordance with
an acceptable alternative agreed by the parties under section 2.6, the Vendor
shall promptly deliver the Pledged Collateral in its possession or control to
the Purchaser.

SECTION 3 -- REPRESENTATIONS AND WARRANTIES OF THE VENDOR

            The Vendor represents and warrants to the Purchaser as stated below
and acknowledges that the Purchaser is relying on the accuracy of each such
representation and warranty in entering into this Agreement and completing the
Purchase.

3.1 Corporate Matters

(a) Status and Capacity of Vendor. The Vendor is a subsisting corporation under
the laws of Canada, and has the corporate power and capacity to execute and
deliver this Agreement and to consummate the Purchase.

(b) Authorization of Purchase. The execution and delivery of this Agreement and
the consummation of the Purchase have been validly authorized by the Vendor.

(c) Enforceability. This Agreement has been validly executed and delivered by
the Vendor and is a legally binding obligation of the Vendor enforceable against
the Vendor, subject, as to enforcement, to bankruptcy, insolvency and other laws
affecting creditors' rights generally and to general principles of equity.
Neither the execution and delivery of this Agreement nor the consummation of the
transactions contemplated hereby will:

      (1)   require any consent, authorization, approval or other action of any
            government authority; or

      (2)   violate or constitute a default under the articles or by-laws of the
            Vendor or any note, indenture, mortgage, deed of trust or other
            contract, agreement or commitment of the Vendor.

(d) Residence. The Vendor is not a non-resident of Canada within the meaning of
the Income Tax Act (Canada).

3.2 The Corporation.

(a) Status of Corporation. The Corporation has been duly incorporated and
organized and is a subsisting corporation under the laws of Ontario. The
Corporation is a "private company" within the meaning of the Securities Act
(Ontario).

(b) Authorized and Issued Share Capital. The authorized capital of the
Corporation consists of an unlimited number of common shares, of which 10,000
common shares have been duly issued and are outstanding as fully paid and
non-assessable shares in the capital of the Corporation. The Corporation has not
issued or authorized the issue of any shares except the Purchased Shares.

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(c) Title to Shares. The Vendor legally and beneficially owns and controls all
of the Purchased Shares with a good and marketable title thereto free of any
Encumbrances, other than Encumbrance contained in laws of general application.

(d) No Other Agreements. Except for the asset purchase agreement dated even date
between the Vendor and the Corporation, a copy of which has been delivered to
the Purchaser, the Corporation has not entered into any agreement with any other
party, except for any business banking agreement with the bankers to the
Corporation. The Corporation has no employees, nor has it ever employed an
employee.

3.3 Common Stock.

(a) Nature and Characteristics of Common Stock. The Vendor understands that the
Common Stock will be issued without registration under the Securities Act, in
reliance upon exemptions from registration under the Securities Act. The Vendor
also understands that such exemptions depend in part upon, and such shares will
be issued in reliance on, the representations and warranties made by the Vendor
in this section 3.3. Accordingly, the Vendor represents and warrants to
Purchaser, as of the date of this Agreement as follows:

      (1)   the Vendor will acquire the Common Stock for the Vendor's own
            account for investment purposes only and not with a view to resale
            or other distribution thereof, in whole or in part in violation of
            the Securities Act and the Vendor will not assign, sell, hypothecate
            or otherwise transfer any of the Common Stock in the United States
            unless,

            (A)   a registration statement is in effect under the Securities Act
                  and all applicable state securities laws with respect to the
                  Common Stock, or

            (B)   a written opinion of counsel reasonably acceptable to
                  Purchaser is obtained to the effect that no such registration
                  is required.

      (2)   the Vendor acknowledges, agrees and is aware that,

            (A)   no federal, state or any foreign agency has passed upon the
                  accuracy, validity or completeness of any materials provided
                  to the Vendor relating to the Purchaser and the Common Stock
                  or made any finding or determinations to the fairness of an
                  investment in the Common Stock,

            (B)   the Common Stock has not been registered under the Securities
                  Act or under the securities laws of any other jurisdiction in
                  the United States,

            (C)   in the absence of registration under the Securities Act, an
                  offer or sale of any of the Common Stock by Vendor in the
                  United States will require the availability of an exemption
                  thereunder,

            (D)   the following restrictive legend shall be placed on the
                  certificates representing the Common Stock,

                  THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE FEDERAL SECURITIES LAWS OF

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                  THE UNITED STATES OR THE SECURITIES LAWS OF ANY STATE OF THE
                  UNITED STATES. SUCH SECURITIES MAY NOT BE SOLD, PLEDGED,
                  HYPOTHECATED, OR OTHERWISE TRANSFERRED IN THE UNITED STATES AT
                  ANY TIME WHATSOEVER, EXCEPT UPON SUCH REGISTRATION OR UPON
                  DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY
                  TO THE BOARD OF DIRECTORS OF THE COMPANY THAT REGISTRATION IS
                  NOT REQUIRED FOR SUCH TRANSFER AND/OR SUBMISSION TO THE BOARD
                  OF DIRECTORS OF THE COMPANY OF SUCH EVIDENCE AS MAY BE
                  SATISFACTORY TO THE BOARD OF DIRECTORS OF THE COMPANY TO THE
                  EFFECT THAT ANY SUCH TRANSFER SHALL NOT BE IN VIOLATION OF THE
                  SECURITIES ACT OF 1933, AS AMENDED, APPLICABLE STATE
                  SECURITIES LAWS IN THE UNITED STATES AND ANY RULES OR
                  REGULATIONS PROMULGATED THEREUNDER. UPON ANY TRANSFER OF THE
                  SECURITIES REPRESENTED BY THIS CERTIFICATE ON THE LONDON STOCK
                  EXCHANGE, ALL LEGENDS WILL BE REMOVED WITHOUT THE NEED TO
                  DELIVER ANY OPINION OF COUNSEL.

(b) Acknowledgments. The Vendor acknowledges that:

      (1)   the Vendor has been given the opportunity to ask questions of, and
            receive answers from, the Purchaser and its officers and employees
            concerning the terms and conditions of the Vendor's acquisition of
            the Common Stock and other matters pertaining to an investment in
            the Common Stock, has been given the opportunity to obtain such
            additional information necessary to evaluate the merits and risks of
            acquiring the Common Stock to the extent the Purchaser possesses
            such information, and has received all documents and information
            that the Vendor has requested relating to an investment in the
            Common Stock;

      (2)   the Vendor is familiar with the nature of and risks attendant to
            investments in the business of the Purchaser and securities in
            general and has carefully considered and has, to the extent the
            Vendor believes such discussion necessary, discussed with the
            Vendor's professional legal, financial and tax advisers the
            suitability of an investment in the Common Stock for the Vendor's
            particular financial and tax situation and has determined that the
            Common stock is a suitable investment for Vendor;

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      (3)   the Vendor has not relied upon any representations or other
            information (whether oral or written) from the Purchaser or its
            directors, officers or affiliates, or from any other persons, other
            than the representations and warranties made in this Agreement and
            publicly available information with respect to the Purchaser, and

      (4)   the Vendor has made, and is solely responsible for making, the
            Vendor's own independent evaluation of the economic and other risks
            involved in the Vendor's investment in the Common Stock and the
            Vendor's own independent decision to make such investment.

SECTION 4 - REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

            The Purchaser represents and warrants to the Vendor as stated below
and acknowledges that the Vendor is relying on the accuracy of each such
representation and warranty in entering into this Agreement and completing the
Purchase.

4.1 Status. The Purchaser is a subsisting corporation under the laws of Nevada,
and has the corporate power and capacity to execute and deliver this Agreement
and to consummate the Purchase.

4.2 Due Authorization. The execution and delivery of this Agreement and the
consummation of the Purchase have been validly authorized by the Purchaser.

4.3 Enforceability. This Agreement has been validly executed and delivered by
the Purchaser and is a legally binding agreement of the Purchaser enforceable
against the Purchaser, subject, as to enforcement, to bankruptcy, insolvency and
other laws affecting creditors' rights generally and to general principles of
equity. Neither the execution and delivery of this Agreement nor the
consummation of the transactions contemplated hereby will:

      (1)   require any consent, authorization, approval or other action of any
            government authority; or

      (2)   violate or constitute a default under the articles or by-laws of the
            Vendor or any note, indenture, mortgage, deed of trust or other
            contract, agreement or commitment of the Vendor.

4.4 Common Stock. The Common Stock is fully paid and non-assessable and the
Vendor, on the date of this Agreement, will be registered as the holder of
300,000 Common Stock, free from all Encumbrances, except pursuant to the
Securities Act and the rules and regulations promulgated by the Securities and
Exchange Commission thereunder. As of the date of this Agreement, the authorized
capital stock of the Purchaser consists of 100 million shares of common stock,
of which 9,732,450 shares of common stock are outstanding as of the date hereof.

4.5 Exemption from Registration and Restrictions on Offer and Sale of Same or
Similar Securities. Assuming the representations and warranties of the Vendor
set out in section 3.3 are true and correct, the offer and sale of the Common
Stock made pursuant to this Agreement is exempt from the registration
requirements of the Securities Act and applicable state securities or "blue sky"
laws. Neither the Purchaser nor any person authorized to act on Purchaser's
behalf has, in connection with the offering of the Common Stock, engaged in:

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      (a)   any form of general solicitation or general advertising (as those
            terms are used within the meaning of Rule 501(c) under the
            Securities Act);

      (b)   any action involving a public offering within the meaning of section
            4(2) of the Securities Act; or

      (c)   any action that would require the registration under the Securities
            Act of the offering and sale of the Common Stock or that would
            violate applicable state securities or "blue sky" laws.

Neither the Purchaser nor any person acting on behalf of Purchaser has made,
directly or indirectly, any offer or sale of Common Stock or of securities of
the same or a similar class as the Common Stock that, if as a result of the
offer and sale of the Common Stock contemplated hereby, could fail to be
entitled to exemption from the registration requirements of the Securities Act.
As used herein, the terms "offer" and "sale" have the meanings specified in
section 2(3) of the Securities Act.

4.6 Sale of Common Stock. Notwithstanding any other term in this Agreement, the
Vendor may assign, sell, hypothecate or otherwise transfer any of the 300,000
Common Stock in the United States at any time after the expiry of one year
following the date of this Agreement and this representation and warranty shall
survive the closing of the Purchase for a period of five years after the date of
this Agreement.

SECTION 5 -- SURVIVAL AND INDEMNIFICATION

5.1 Survival. The representations and warranties contained in sections 3 and 4
shall survive the closing for a period of one year and the undertakings and
agreements to be performed after the date of this agreement shall survive the
closing indefinitely unless otherwise specified in this Agreement.
Notwithstanding the foregoing, any representation, warranty, undertaking or
agreement that survives the closing but would otherwise terminate in accordance
with this section 5.1 will continue to survive to the extent notice of any claim
has been given on or prior to the termination of such survival until the related
claim for indemnity has been satisfied or otherwise resolved as provided in this
section 5.

5.2 Indemnity for Purchaser. The Vendor shall, subject to the other terms of
this Agreement, indemnify the Purchaser and save and hold the Purchaser harmless
from, against, for and in respect of any and all damages (including amounts paid
in settlement with the Vendor's consent), losses, obligations, liabilities,
liens, deficiencies, costs and expenses, including reasonable attorneys' fees
and other reasonable costs and expenses incident to any suit, action,
investigation, claim or proceeding net of any amounts recoverable under
insurance policies, suffered, sustained, incurred or required to be paid by the
Purchaser by reason of:

      (a)   any representation or warranty made by the Vendor in this Agreement
            which is untrue or incorrect in any material respect; or

      (b)   any material failure by the Vendor to observe or perform its
            undertakings and agreements set out in this Agreement.

5.3 Indemnity for Vendor. The Purchaser shall, subject to the other terms of
this Agreement, indemnify the Vendor and save and hold the Vendor harmless from,
against, for and

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in respect of any and all damages (including amounts paid in settlement with the
Purchaser's consent), losses, obligations, liabilities, claims, deficiencies,
costs and expenses, including reasonable attorneys' fees and other reasonable
costs and expenses incident to any suit, action, investigation, claim or
proceeding net of any amounts recoverable under insurance policies, suffered,
sustained, incurred or required to be paid by the Vendor by reason of:

      (a)   any representation or warranty made by the Purchaser in this
            Agreement which is untrue or incorrect in any material respect;

      (b)   any material failure by the Purchaser to observe or perform its
            undertakings and agreements set out in this Agreement.

5.4 Right to Defend. Upon receipt of a notice of a claim under this section 5 (a
"Claim Notice"), the party obliged to provide an indemnity under this Agreement
(the "Indemnifying Party") shall promptly assume the defense of, and contest or
otherwise protect against, such suit, action investigation, claim or proceeding
at its own cost and expense. The other party (the "Indemnified Party") shall
have the right, but not the obligation, to participate at its own expense in the
defense thereof by counsel of its own choosing, but the Indemnifying Party shall
be entitled to control the defense unless the Indemnified Party has relieved the
Indemnifying Party from liability with respect to the particular matter or in
the event set out in the next sentence. In the event the Indemnifying Party
shall fail to defend, contest or otherwise protect within 10 days of the receipt
of a Claim Notice against any such suit, action, investigation, claim or
proceeding, the Indemnified Party shall have the right, but not the obligation,
to defend, contest or otherwise protect against the same and, with the prior
written approval of the Indemnifying Party, make any compromise or settlement
thereof and subject to the limitations set out in sections 5.2 or 5.3, as the
case may be, recover the entire cost thereof from the Indemnifying Party
including all amounts paid as a result of such suit, action, investigation,
claim or proceeding or the compromise or settlement thereof which was approved
by the Indemnifying Party. However, if the Indemnifying Party undertakes the
defense of such matters, the Indemnified party shall not be entitled to recover
from the Indemnifying Party any legal or other expenses subsequently incurred by
the Indemnified Party in connection with the defense thereof other than the
reasonable costs of investigation undertaken by the Indemnified Party with the
prior written consent of the Indemnifying Party.

SECTION 6 -- ARBITRATION

6.1 Scope. Any dispute or other controversy between the parties relating to this
Agreement (including any dispute as to whether an issue is arbitrable) shall be
referred to arbitration under the Arbitration Act, 1991 (Ontario), but subject
to the terms of this section 6.

6.2 Appointment of Arbitrators. A party desiring arbitration under this section
6 shall give a notice of arbitration to the other party containing a concise
description of the matter submitted for arbitration. Within 10 business days
after a party gives a notice of arbitration, the parties shall jointly appoint a
single arbitrator (the "Arbitrator"), who shall be a retired judge of the
Ontario Court (General Division) or of any court of a province of Canada having
jurisdiction comparable to or higher than that of such court. If the parties
fail to appoint an Arbitrator within such time, an Arbitrator shall be
designated by a judge of the Ontario Court (General Division) upon application
by either party.

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6.3 Powers of Arbitrator. The Arbitrator may determine all questions of law and
jurisdiction (including questions as to whether a dispute is arbitrable) and all
matters of procedure relating to the arbitration. The Arbitrator shall have the
right to grant legal and equitable relief (including injunctive relief) and to
award costs (including legal fees and the costs of the arbitration) and
interest.

6.4 Arbitration Procedure. The arbitration shall take place in the Municipality
of Metropolitan Toronto at such place therein and time as the Arbitrator may
fix. No later than 20 business days after hearing the representations and
evidence of the parties, the Arbitrator shall make his or her determination in
writing and deliver one copy to each of the parties. The decision of the
Arbitrator shall be final and binding upon the parties in respect of all matters
relating to the arbitration, the conduct of the parties during the proceedings,
and the final determination of the issues in the arbitration.

6.5 Awards and Appeal. There shall be no appeal from the determination of the
Arbitrator to any court under the Arbitration Act, 1991 (Ontario). Judgment upon
any award rendered by the Arbitrator may be entered in any court having
jurisdiction thereof.

6.6 Costs of Arbitration. The costs of any arbitration under this section 6
shall be borne by the parties in the manner specified by the Arbitrator in his
or her determination.

6.7 Rules. Insofar as they do not conflict with this section 6, the Rules of
Procedure For Commercial Arbitration of the Arbitration and Mediation Institute
of Canada Inc. in effect at the date of commencement of any arbitration held
under this section 6 shall be applicable to the arbitration, and the Arbitrator
shall have jurisdiction to take such action and make such orders as are
contemplated in such rules.

6.8 Condition Precedent. Submission to arbitration under this section 6 shall be
a condition precedent to bringing any action with respect to this Agreement.

SECTION 7 -- GENERAL

7.1 Notice. Unless otherwise specified, each notice to a party must be given in
writing and delivered personally or by overnight courier or transmitted by fax
to the party as follows:

         If to the Vendor:         Grant Brothers Sales, Limited
                                   140 Wendell Avenue, Unit #1
                                   North York, Ontario M9N 3R2
                                   Attention: President
                                   Fax No: (416) 249-5864

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         If to the Purchaser:      Spectre Industries, Inc.
                                   c/o Ian Grant, Chief Executive Officer
                                   3992 Sunnycrest Drive
                                   North Vancouver, B.C.
                                   Canada V7R 3C9

                                   with a copy to:

                                   Mr. Daniel Wuersch
                                   Wuersch & Gering LLP
                                   Attorneys At Law
                                   11 Hanover Square
                                   21st Floor
                                   New York, New York
                                   USA 10005
                                   Fax No: (212) 509-9559

or to any other address, fax number or individual that the party designates. Any
notice, if delivered personally or by courier, will be deemed to have been given
when actually received, and if transmitted by fax before 3:00 p.m. (Toronto
time) on a business day, will be deemed to have been given on that business day,
and if transmitted by fax after 3:00 p.m. (Toronto time) on a business day, will
be deemed to have been given on the next business day.

7.2 Time. Time shall be of the essence of this Agreement.

7.3 Governing Law. This Agreement shall be governed by and interpreted in
accordance with the laws of the Province of Ontario, and each of the parties
irrevocably attorns to the non-exclusive jurisdiction of the courts of Ontario.

7.4 Entire Agreement. This Agreement constitutes the entire agreement between
the parties with respect to the subject matter and supersedes all prior
agreements, representations, negotiations and understandings, whether written or
verbal. No term of this Agreement may be amended or waived except in writing.

7.5 Severability. Any term of this Agreement which is invalid or unenforceable
shall not affect any other term and shall be deemed to be severable.

                                       12
<PAGE>

7.6 Assignment and Enurement. No party may assign this Agreement without the
prior written consent of the other party (except to an affiliate of such party),
which consent may not be unreasonably withheld or delayed. This Agreement enures
to the benefit of and binds the parties and their respective successors and
permitted assigns.

The parties have duly executed this Agreement.

                                        GRANT BROTHERS SALES, LIMITED

                                        By: /s/ John D. Grant
                                           -------------------------------------
                                        Name:
                                        Title:

                                        By: /s/ Ian S. Grant
                                           -----------------------------
                                           Name:
                                           Title:

                                        SPECTRE INDUSTRIES, INC.

                                        By: /s/ Olof Hildebrand
                                           -------------------------------------
                                           Name: Olof Hildebrand
                                           Title: Chairman

                                       13EXHIBIT 10.4

MANAGEMENT SERVICES AGREEMENT

This Agreement is made as of January 1, 1999 between

             GRANT BROTHERS SALES, LIMITED, a corporation
             existing under the laws of Canada ("Grant Brothers"),

                                       and

             GRANT AUTOMOTIVE GROUP INC., a corporation existing
             under the laws of Ontario ("Grant Auto").

RECITALS

A. Grant Brothers, under the Asset Purchase Agreement, transferred its wholesale
automotive business group, consisting of its traditional automotive division and
the heavy duty division to Grant Auto.

B. On the date of this Agreement, under a share purchase agreement, Grant
Brothers sold all of the issued and outstanding shares of Grant Auto to Spectre
Industries, Inc., a corporation existing under the laws of Nevada.

C. Grant Auto wishes to have Grant Brothers provide certain services to Grant
Auto so that Grant Auto can continue to operate the Business and to maximize
Grant Auto's benefits from the operation of the Business.

For value received, the parties agree as follows.

SECTION 1 - INTERPRETATION

1.1 Definitions. In this Agreement the following terms have the meanings set out
below.

(a) Agreement means this management services agreement including any recitals
and schedules to this management services agreement, as amended, supplemented or
restated from time to time.

(b) Asset Purchase Agreement means the asset purchase agreement of even date
between Grant Brothers and Grant Auto.

(c) Business means the business transferred to Grant Auto under the Asset
Purchase Agreement, as it changes from time to time thereafter.

(d) Joint Account is defined in section 2.4.

                                       1
<PAGE>

(e) Management Committee means the management committee established in
accordance with section 2.5(a).

(f) Monthly Base Expenses means the amount of Grant Brothers' monthly operating
expenses jointly established by the parties before the date hereof with respect
to the first fiscal year of the term of this Agreement and by the Management
Committee with respect to any subsequent fiscal year, before the beginning of
such fiscal year (and as may be adjusted by the Management Committee during any
fiscal year).

(g) Net Cash Flow of the Business means the net cash flow of the Business
determined for any particular period in accordance with generally accepted
accounting principles in effect in Canada from time to time, including the
accounting recommendations published in the Handbook of the Canadian Institute
of Chartered Accountants.

1.2 Other Defined Terms. Each capitalized term not otherwise defined in this
Agreement has the meaning given to it in the Asset Purchase Agreement.

1.3 Headings and References. The division of this Agreement into sections and
the insertion of headings are for convenience of reference only and shall not
affect the construction or interpretation of this Agreement.

1.4 Extended Meanings. Words importing the singular include the plural and vice
versa and words importing gender include all genders. The term "including" means
"including without limitation".

1.5 Currency. All amounts to be paid under this Agreement are to be paid in US
dollars.

SECTION 2 - SERVICES AND FEES

2.1 Services. Subject to the terms of this Agreement, Grant Brothers shall
provide the following services to Grant Auto:

(a) Supply of Personnel. Grant Brothers shall make available to the Business
such personnel as are reasonably required to operate the Business substantially
in the manner that the Business was conducted before the date of this Agreement
and subject to any changes in the operation of the Business as are agreed on
from time to time by the Management Committee and with a view to meeting the
various sales targets in the various territories agreed by the Management
Committee from time to time. Grant Brothers may also introduce such changes as
they desire from time to time to the extent that Grant Brothers believes that
the changes will improve the operations of the Business.

(b) Provision of Office Space. Grant Brothers shall provide the necessary office
space, office equipment and office supplies for its personnel to carry out the
activities referred to in section 2.1(a).

(c) Strategic Advice. Grant Brothers shall provide all reasonable assistance to
management of Grant Auto's ultimate parent company, Spectre Industries, Inc., in
respect of strategic planning for, the capital structure of, new business
development for, and cost base management in connection with, the Business.

                                       2
<PAGE>

(d) New Opportunities. Grant Brothers shall consider new opportunities for the
Business that would complement the Business (including the identification of
potential acquisitions and the making of introductions to potential
acquisitions). Grant Brothers shall communicate the result of such
considerations in a timely manner to Grant Auto from time to time. To this end,
Grant Brothers shall cause its Chief Operating Officer and its Chief Financial
Officer to devote at least 15% of their time to the foregoing duties. Grant Auto
shall reimburse Grant Brothers for all reasonably incurred costs directly
attributable to the identification of potential acquisitions and the making of
introductions to potential acquisitions.

(e) Monthly Reporting. Grant Brothers shall deliver to Grant Auto within 45 days
of the end of each calendar month a report in respect of the Business for such
month containing:

      (1)   a profit and loss statement for such month;

      (2)   a balance sheet as at the end of such month;

      (3)   a cash flow statement for such month, including a line analysis in
            respect of each manufacturer; and

      (4)   a detailed analysis indicating the reasons for all material
            deviations from the quarterly financial forecast applicable to such
            month.

(f) Quarterly Reporting. Grant Brothers shall deliver to Grant Auto within 45
days of the end of each calendar quarter a report in respect of the Business for
such quarter containing:

      (1)   a profit and loss statement for such quarter;

      (2)   a balance sheet as at the end of such quarter;

      (3)   a cash flow statement for such quarter, including a line analysis in
            respect of each manufacturer;

      (4)   a detailed analysis indicating the reasons for all material
            deviations from the quarterly financial forecast applicable to such
            quarter; and

      (5)   a financial forecast for the next three calendar quarters, including
            projected profit and loss and projected cash flow for each such
            quarter.

Representatives of Grant Brothers shall make themselves available at their
offices to meet with representatives of Spectre Industries, Inc. at a mutually
agreeable time during the 60 day period following the delivery to Grant Auto of
the quarterly report to discuss the contents of that report.

(g) Annual Reporting. Grant Brothers shall deliver to Grant Auto within three
months of the end of each year under this Agreement a report in respect of the
Business for such year containing:

      (1)   financial statements, reviewed by the Grant Brothers' outside
            accountants, for such year (containing a profit and loss statement
            and a balance sheet for such year);

                                       3
<PAGE>

      (2)   a financial forecast and business plan for the next two years under
            this Agreement; and

      (3)   a detailed financial budget for the then current year under this
            Agreement.

Representatives of Grant Brothers shall make themselves available at their
offices to meet with representatives of Spectre Industries, Inc. at a mutually
agreeable time during the 60 day period following the delivery to Grant Auto of
the annual report to discuss the contents of that report. During the 180 day
period following the delivery of the annual report Grant Brothers shall provide
to Grant Auto access to the financial records which Grant Brothers maintains in
connection with the Business, including all materials used in the preparation of
the annual financial statements and all documents prepared by Grant Brothers'
outside accountants in respect of their review of such statements.

(h) Other Services. Grant Brothers shall provide to Grant Auto such other
services as the parties may agree from time to time.

2.2 Authorized Representative. To assist in fulfilling the obligations of Grant
Brothers set out in section 2.1(a), Grant Auto hereby appoints Grant Brothers as
its authorized representative to act in Grant Auto's name to carry on the
Business, including with the power to sign any agreements on behalf of Grant
Auto. Grant Auto shall ensure that its by-laws or other corporate documents
specifically authorizes such signing of documents by Grant Brothers. All new
contracts respecting the Business shall be entered into in the name of Grant
Auto.

2.3 Reimbursements, Fees and Bonuses. Grant Auto shall pay Grant Brothers the
following amounts at the times set out below.

(a) Reimbursements. By the 15th day of each month under this Agreement, Grant
Auto shall pay to Grant Brothers an amount to reimburse Grant Brothers for all
of its costs associated directly with its services provided under this
Agreement, including all amounts paid to or in respect of employees of Grant
Brothers, plus agreed overhead for such employees and all amounts reimbursed by
Grant Brothers to any of its employees in respect of services provided under
this Agreement on behalf of Grant Auto, including all amounts to be reimbursed
in accordance with section 2.1(d).

(b) Net Cash Flow Distribution. With respect to any fiscal year, the Net Cash
Flow of the Business shall be distributed between Grant Auto and Grant Brothers
as follows.

      (1)   The first US$100,000 of the Net Cash Flow of the Business shall be
            distributed to Grant Auto.

      (2)   The second US$100,000 of the Net Cash Flow of the Business shall be
            distributed to Grant Brothers.

      (3)   Any Net Cash Flow of the Business in excess thereof shall be
            distributed 95% to Grant Auto and 5% to Grant Brothers.

(c) Distribution Mechanics.

                                       4
<PAGE>

      (1)   General. In respect of any fiscal year during the term hereof, at
            the end of each month Grant Auto shall be entitled to receive out of
            the Joint Account any excess funds remaining after all costs and
            expenses with respect to such month, including amounts payable under
            section 2.3(a), have been paid until Grant Auto shall have received
            US$100,000 (the "Grant Auto Base Compensation") in respect of such
            year. Thereafter, Grant Brothers shall be entitled to receive at the
            end of each month in respect of such year out of the Joint Account
            any excess funds remaining after all costs and expenses with respect
            to such month, including amounts payable under section 2.3(a), have
            been paid until Grant Brothers shall have received US$100,000 (the
            "Grant Brothers Base Compensation") in respect of such year.
            Thereafter, at the end of each month in respect of such year, an
            amount equal to 95% of the excess over any costs and expenses with
            respect to such month, including amounts payable under section
            2.3(a), shall be paid to Grant Auto (the "Grant Auto Bonus") and an
            amount equal to 5% of such excess shall be paid to Grant Brothers
            (the "Grant Brothers Bonus").

      (2)   Negative Cash Balance. If at any time in any fiscal year during the
            term hereof, there shall be a negative cash balance in the Joint
            Account, funds shall be contributed to the Joint Account by the
            parties as follows until any such shortfall shall be covered:

            (A)   by Grant Brothers up to an amount equal to the aggregate Grant
                  Brothers Bonus paid to Grant Brothers through such date;

            (B)   by Grant Auto up to an amount equal to the aggregate Grant
                  Auto Bonus paid to Grant Auto through such date;

            (C)   by Grant Brothers up to an amount equal to the aggregate Grant
                  Brothers Base Compensation paid to Grant Brothers through such
                  date;

            (D)   by Grant Auto up to an amount equal to the aggregate Grant
                  Auto Base Compensation paid to Grant Auto through such date;
                  and

            (E)   by Grant Brothers.

            In such event, prior to making any distribution pursuant to section
            2.3(c)(1) during such fiscal year, the parties shall be entitled to
            receive an amount equal to their contributions pursuant to this
            section 2.3(c)(2) in the reverse order in which such contributions
            were made.

      (3)   Year End Reconciliation. Within 10 business days of the receipt of
            the audited financial statements for Grant Auto for the previous
            fiscal year, the Management Committee shall determine the definitive
            Net Cash Flow Distribution in accordance with section 2.3(c)(1). To
            the extent any party shall have received an amount in excess of the
            amount to which such party would be entitled pursuant to such
            determination, such party shall pay to the other an amount equal to
            such excess within 30 days of such determination.

                                       5
<PAGE>

2.4 Joint Account. Grant Auto and Grant Brothers shall establish a joint bank
account (the "Joint Account") with a reputable financial institution in Toronto.
Any and all cash received from the accounts receivables transferred to Grant
Auto pursuant to the Asset Purchase Agreement shall be deposited in the Joint
Account. The Joint Account shall be administered by the Management Committee.
Except as otherwise set forth herein, any disposition of funds out of the Joint
Account shall require the signature of one Grant Auto representative and one
Grant Brothers representative on the Management Committee. During the term of
this Agreement, any and all amounts received by either party with respect to the
Business (other than any Net Cash Flow distribution pursuant to section
2.3(c)(1)) shall be deposited in the Joint Account and any and all expenses with
respect to the Business shall be paid out of funds available in the Joint
Account. On or prior to the 15th day of each month during the term of this
Agreement, an amount equal to the Monthly Base Expenses shall be paid to Grant
Brothers out of funds available in the Joint Account and, in the event such
amount is not so paid, each Grant Brothers representative on the Management
Committee shall be entitled to transfer from the Joint Account an amount equal
to any due and unpaid Monthly Base Expenses to Grant Brothers.

2.5 Management Committee.

(a) Purpose and Membership. A Management Committee consisting of up to two
representatives from Grant Auto (each, an "Grant Auto Representative") and up to
two representatives from Grant Brothers (each a "Grant Brothers Representative")
shall be established for the purpose of overseeing the operation of the Business
during the term of this Agreement. A party may change its representatives from
time to time by delivering a notice to this effect to the other party.

(b) Rights and Duties. The Management Committee shall:

      (1)   administer the Joint Account;

      (2)   approve the payment of any expenses to Grant Brothers in excess of
            the Monthly Base Expenses;

      (3)   determine or amend the annual budget, the amount of the overhead
            referred to in section 2.3(a) and Monthly Base Expenses; and

      (4)   perform such other functions as the parties may delegate to it from
            time to time.

In addition, the Management Committee shall be consulted prior to any material
decision by Grant Brothers affecting (or being likely to affect) the Business or
the expansion thereof contemplated hereby, including prior to the hiring or
firing of any member of senior management of the Grant Brothers division
administering the Business or of any other employees thereof other than in the
ordinary course of business. The Management Committee shall meet in person or by
telephone conference at such times and places as shall be necessary to perform
its function, but at least once a month.

                                       6
<PAGE>

SECTION 3 - TERM, RENEWAL AND TERMINATION

3.1 Term and Renewal. The term of this Agreement shall commence on the date
hereof and continue for three years. At the expiration of such three-year
period, this Agreement shall automatically be renewed for successive one-year
periods unless it is terminated by either party giving the other at least six
months prior written notice effective on the last day of such three-year or
one-year period, as the case may be.

3.2 Termination. Notwithstanding section 3.1, a party may terminate this
Agreement at any time on the occurrence of any of the following events:

      (a)   the other party fails to pay any amount when due and fails to pay
            such amount within five days of receipt of a notice indicating the
            non-payment;

      (b)   the other party breaches any of its obligations under this Agreement
            and such breach is not rectified within 30 days of receipt of a
            notice indicating the breach;

      (c)   a proceeding in bankruptcy, receivership, insolvency,
            reorganization, liquidation or winding-up of the other party is
            instituted by or against such other party;

      (d)   the other party makes a general assignment for the benefit of its
            creditors; or

      (e)   the other party ceases to carry on business as a going concern for
            more than five business days.

The expiration or termination of this Agreement shall not relieve or release a
party from any of its obligations to pay any amount due and payable or to
perform any obligation which by its nature shall survive such expiration or
termination (including the obligations set out in sections 3.5, 4.3, 5 and 6). A
party which terminates this Agreement in accordance with this section 3.2 shall
not be liable to the other party for any loss or damage of any kind whatsoever,
arising directly or indirectly from the termination of this Agreement.

3.3 Early Termination by Grant Auto. Grant Auto may terminate this Agreement if
Grant Brothers does not, within the first 12 months of this Agreement, introduce
Grant Auto to at least two reasonable potential acquisitions, as required by
section 2.1(d).

3.4 Performance of Certain Contracts. Upon the termination of this Agreement, if
any Contracts (including any Shared Contracts) remain subject to the terms of
the section in the Asset Purchase Agreement entitled "Certain Contracts Not
Assigned But Held in Trust", Grant Auto shall, from the date of the termination
of this Agreement cause all of the obligations of Grant Brothers to be satisfied
under those Contracts (except that in respect of Shared Contracts, Grant Auto
shall only be obliged to fulfil such obligations to the extent that they relate
to the Business). Grant Brothers shall, from the date of the termination of this
Agreement cause all of the obligations of Grant Brothers to be satisfied under
the Shared Contracts, but only to the extent that such obligations arise under
Shared Contracts and relate to matters not related to the Business. Except as
provided by the foregoing, the section in the Asset Purchase Agreement entitled
"Certain Contracts Not Assigned But Held in Trust" shall continue to apply to
all Contracts to which that section relates. Grant Auto shall reimburse Grant
Brothers for all direct

                                       7
<PAGE>

expenses incurred in carrying out any obligations under that section of the
Asset Purchase Agreement.

3.5 Transfer of Business. As soon as commercially reasonable after the date
hereof, but in any event before the expiration of the term of this Agreement,
Grant Brothers shall use all commercially reasonable efforts to assign and/or
otherwise transfer to Grant Auto any and all Contracts not heretofore assigned
to Grant Auto and to obtain separate agreements for those parts of the Shared
Contracts which have been transferred to Grant Auto pursuant to the terms of the
Asset Purchase Agreement. Grant Brothers shall report semi-annually to the
Management Committee as to the progress of its efforts hereunder. To the extent
the Management Committee determines, with respect to a particular Contract, not
to seek the assignment or transfer thereof to Grant Auto or to obtain separate
agreements, the parties shall enter into an appropriate contractual relationship
which provides Grant Auto otherwise with the benefits of such Contract.

SECTION 4 - FORCE MAJEURE, LIABILITY AND INDEMNITY

4.1 Force Majeure. Neither party shall be liable to the other for any failure to
perform any obligation under this Agreement, to the extent that such failure is
beyond the reasonable control of such party (aside from lack of funds). A party
which is not able to so perform an obligation under this Agreement shall
promptly provide a notice in respect of such failure to the other party and take
all commercially reasonable steps to mitigate the effects of such failure. In
such cases, the party so failing to perform shall not be responsible to the
other party for any loss or damage of any kind whatsoever which may be incurred
by the other party or any third parties as a result of any such failure.

4.2 Liability. A party's liability to the other party under this Agreement shall
be limited to any direct loss or damage to such other party caused by the first
party's negligence or wilful misconduct. Notwithstanding the foregoing, no term
in this section 4.2 shall operate so as to limit the liability of Grant Brothers
in respect of any of its actions or failures to act, to the extent that Grant
Brothers would have been liable in respect of such actions or failures to act
had such taken place before the date of this Agreement when Grant Brothers owned
and operated the Business.

4.3 Indemnity. Subject to the limitation imposed by section 4.2, Grant Brothers
shall indemnify and save harmless Grant Auto on its behalf and as trustee for
its officers, directors, shareholders, employees and agents against all costs,
damages, claims and other liabilities (including legal fees and expenses)
arising out of any breach of an obligation of Grant Brothers under this
Agreement. Subject to the limitation imposed by section 4.2, Grant Auto shall
indemnify and save harmless Grant Brothers on its behalf and as trustee for its
officers, directors, shareholders, employees and agents against all costs,
damages, claims and other liabilities (including legal fees and expenses)
arising out of any breach of an obligation of Grant Auto under this Agreement.

SECTION 5 -- CONFIDENTIALITY AND COMPETITION

5.1 Confidential Information. Grant Brothers shall hold in confidence, and shall
not disclose to any third party or use any confidential information of Grant
Auto (other than in

                                       8
<PAGE>

respect of the good faith performance of Grant Brothers' duties under this
Agreement) where such information was obtained by Grant Brothers in the course
of providing services to Grant Auto under this Agreement, except as required by
law (including any applicable securities laws or the rules of any applicable
securities commission) or legal process.

5.2 Non-Competition. Grant Brothers shall not directly or indirectly (through an
affiliate or otherwise) own, manage, operate, join, control or otherwise
participate in, whether as a partner, shareholder or otherwise, any enterprise
in the business of representing manufacturers in the sale of spare parts in the
automotive wholesale market (the "Competitive Activities"), in Canada during the
currency of this Agreement and (except where Grant Brothers terminates this
Agreement under section 3.2 other than by providing six months' notice or where
Grant Auto terminates this Agreement under section 3.2 by providing six months'
notice) during the one year period following the termination of this Agreement,
except that, notwithstanding the foregoing, such non-competition period shall
not terminate prior to the fifth anniversary of the date hereof.

5.3 Non-Solicitation. Without the consent of Grant Brothers, Grant Auto shall
not solicit for employment or employ any employee of Grant Brothers during the
currency of this Agreement and (except where Grant Auto terminates this
Agreement under section 3.2 other than by providing six months' notice) during
the one year period following the termination of this Agreement. Without the
consent of Grant Auto, Grant Brothers shall not solicit for employment or employ
any employee of Grant Auto during the currency of this Agreement and during the
one year period following the termination of this Agreement.

SECTION 6 -- ARBITRATION

6.1 Scope. Any dispute or other controversy between the parties relating to this
Agreement (including any dispute as to whether an issue is arbitrable) shall be
referred to arbitration under the Arbitration Act, 1991 (Ontario), but subject
to the terms of this section 6.

6.2 Appointment of Arbitrators. A party desiring arbitration under this section
6 shall give a notice of arbitration to the other party containing a concise
description of the matter submitted for arbitration. Within 10 business days
after a party gives a notice of arbitration, the parties shall jointly appoint a
single arbitrator (the "Arbitrator"), who shall be a retired judge of the
Ontario Court (General Division) or of any court of a province of Canada having
jurisdiction comparable to or higher than that of such court. If the parties
fail to appoint an Arbitrator within such time, an Arbitrator shall be
designated by a judge of the Ontario Court (General Division) upon application
by either party.

6.3 Powers of Arbitrator. The Arbitrator may determine all questions of law and
jurisdiction (including questions as to whether a dispute is arbitrable) and all
matters of procedure relating to the arbitration. The Arbitrator shall have the
right to grant legal and equitable relief (including injunctive relief) and to
award costs (including legal fees and the costs of the arbitration) and
interest.

6.4 Arbitration Procedure. The arbitration shall take place in the Municipality
of Metropolitan Toronto at such place therein and time as the Arbitrator may
fix. No later than 20 business days after hearing the representations and
evidence of the parties, the Arbitrator shall make his or her determination in
writing and deliver one copy to each of the parties. The

                                       9
<PAGE>

decision of the Arbitrator shall be final and binding upon the parties in
respect of all matters relating to the arbitration, the conduct of the parties
during the proceedings, and the final determination of the issues in the
arbitration.

6.5 Awards and Appeal. There shall be no appeal from the determination of the
Arbitrator to any court under the Arbitration Act, 1991 (Ontario). Judgment upon
any award rendered by the Arbitrator may be entered in any court having
jurisdiction thereof.

6.6 Costs of Arbitration. The costs of any arbitration under this section 6
shall be borne by the parties in the manner specified by the Arbitrator in his
or her determination.

6.7 Rules. Insofar as they do not conflict with this section 6, the Rules of
Procedure For Commercial Arbitration of the Arbitration and Mediation Institute
of Canada Inc. in effect at the date of commencement of any arbitration held
under this section 6 shall be applicable to the arbitration, and the Arbitrator
shall have jurisdiction to take such action and make such orders as are
contemplated in such rules.

6.8 Condition Precedent. Submission to arbitration under this section 6 shall be
a condition precedent to bringing any action with respect to this Agreement.

SECTION 7 -- GENERAL

7.1 Notice. Unless otherwise specified, each notice to a party must be given in
writing and delivered personally or by overnight courier or transmitted by fax
to the party as follows:

         If to Grant Brothers:      Grant Brothers Sales, Limited
                                    140 Wendell Avenue, Unit #1
                                    North York, Ontario M9N 3R2
                                    Attention: President
                                    Fax No: (416) 249-5864

         If to Grant Auto:          Grant Automotive Group Inc.
                                    140 Wendell Avenue, Unit #1
                                    North York, Ontario M9N 3R2
                                    Attention: President
                                    Fax No: (416) 249-5864

         with a copy to:            Mr. Daniel Wuersch
                                    Wuersch & Gering LLP
                                    Attorneys At Law
                                    11 Hanover Square
                                    21st Floor
                                    New York, New York
                                    USA 10005
                                    Fax No: (212) 509-9559

or to any other address, fax number or individual that the party designates. Any
notice, if delivered personally or by courier, will be deemed to have been given
when actually received, and if transmitted by fax before 3:00 p.m. (Toronto
time) on a business day, will be deemed to

                                       10
<PAGE>

have been given on that business day, and if transmitted by fax after 3:00 p.m.
(Toronto time) on a business day, will be deemed to have been given on the next
business day.

7.2 Time. Time shall be of the essence of this Agreement.

7.3 Governing Law. This Agreement shall be governed by and interpreted in
accordance with the laws of the Province of Ontario, and each of the parties
irrevocably attorns to the non-exclusive jurisdiction of the courts of Ontario.

7.4 No Set-Off. Payments made under this Agreement shall be made without set-off
or counterclaim.

7.5 Entire Agreement. This Agreement constitutes the entire agreement between
the parties with respect to the subject matter and supersedes all prior
agreements, representations, negotiations and understandings, whether written or
verbal. No term of this Agreement may be amended or waived except in writing.

7.6 Severability. Any term of this Agreement which is invalid or unenforceable
shall not affect any other term and shall be deemed to be severable.

                                       11
<PAGE>

7.7 Assignment and Benefit. No party may assign this Agreement without the prior
written consent of the other party, which consent may not be unreasonably
withheld or delayed. This Agreement enures to the benefit of and binds the
parties and their respective successors and permitted assigns.

The parties have duly executed this Agreement.

                                        GRANT BROTHERS SALES, LIMITED

                                        By: /s/ John D. Grant
                                           -------------------------------------
                                           Name:
                                           Title:

                                        By: /s/ Ian S. Grant
                                           -------------------------------------
                                           Name:
                                           Title:

                                        GRANT AUTOMOTIVE GROUP INC.

                                        By: /s/ David Nunn
                                           -------------------------------------
                                           David Nunn
                                           President

                                       12
<PAGE>

INDEMNITY

All defined terms in this Indemnity have the meanings given to them in the
foregoing Management Services Agreement (the "Management Services Agreement") to
which this Indemnity is attached.

In consideration of Grant Brothers entering into the Management Services
Agreement with Grant Auto, a wholly-owned subsidiary of the undersigned, the
undersigned hereby agrees to indemnify and save harmless Grant Brothers on its
behalf and as trustee for its officers, directors, shareholders, employees and
agents against all costs, damages, claims and other liabilities (including legal
fees and expenses) arising out of any breach of an obligation of Grant Auto set
out in the Management Services Agreement. Notwithstanding the foregoing, the
undersigned is not liable under this Indemnity for any amount that Grant Auto
would not be liable for under the Management Services Agreement. Accordingly,
section 4.2 of the Management Services Agreement operates to limit the
undersigned's liability under this Indemnity in the same manner that it operates
to limit Grant Auto's liability.

This Indemnity is governed by, and shall be construed and interpreted in
accordance with, the laws of Ontario and the laws of Canada applicable in
Ontario. For the purpose of all legal proceedings, this Indemnity shall be
deemed to have been performed in Ontario and the courts of Ontario shall have
the non-exclusive jurisdiction to entertain any action arising hereunder.

                                        SPECTRE INDUSTRIES, INC.

                                        By: /s/ Olof Hildebrand
                                           -------------------------------------
                                           Name: Olof Hildebrand
                                           Title: Chairman

                                       13

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