Document:

EXHIBIT 10.15

NEWS RELEASE                                                              WATSCO

Barry S. Logan                                                      Watsco, Inc.
Vice President, Finance                       2665 S. Bayshore Drive - Suite 901
(305) 714-4102                                           Coconut Grove, FL 33133
e-mail: blogan@watsco.com                                         (305) 714-4100
                                                             Fax: (305) 858-4492
                                                                  www.watsco.com

For Immediate Release:

                       WATSCO ANNOUNCES ACTIONS TO IMPROVE
                      EFFICIENCY AND ENHANCE PROFITABILITY

                          -----------------------------

         PROVIDES EXPECTED YEAR 2000 OPERATING AND CASH FLOW PERFORMANCE
                              AND YEAR 2001 OUTLOOK

MIAMI, FLORIDA, January 22, 2001 - Watsco, Inc. (NYSE : WSO) announced today
that certain business units of the Company have adopted plans to improve
operating efficiency and profitability. These actions will supplement other
profit enhancement activities undertaken throughout 2000. Once completed, these
initiatives will eliminate underperforming locations, reduce market overlap,
dispose of inventory related to discontinued product lines and eliminate
nonproductive SKUs. Watsco's operating results for 2000 will include after-tax
charges totaling approximately $5.9 million (21 cents per share) related to
these restructuring activities and will also include other non-cash charges of
$2.5 million (9 cents per share). The Company also announced that it expects
earnings per share of 98 to 99 cents for year 2000, excluding such charges.
Watsco also announced its outlook for earnings per share in 2001 of $1.15 to
$1.17.

Watsco's profitability initiatives are primarily concentrated at three of
Watsco's fourteen business units and consist of the following:

     Location Closure and Integration

      During the year 2000, Watsco completed the closure, consolidation and
      integration of 25 locations in order to improve operating efficiency,
      reduce overlap in certain markets, eliminate underperforming locations,
      simplify the operating structure of selected business units, cut operating
      costs and reduce inventory levels. As a further measure to improve
      profitability and efficiency, Watsco has planned the additional closure
      and integration of seven locations during the first half of 2001. The
      Company's location closure and integration initiatives include efforts to
      retain valuable customers and key employees of the affected locations.

     Elimination of Unproductive Product Lines & SKUs

      The Company has adopted a plan to exit a variety of product lines that
      have unacceptable gross margins and sales growth rates. The exit of these
      product lines and reduction of other unproductive SKUs, which are expected
      to enhance long-term operating margins and increase return on capital,
      will occur throughout 2001. Additional products will periodically be added
      to Watsco's distribution network in order to leverage its infrastructure
      and broaden product offerings. Long-term retention of new products will be
      continually evaluated based on the relative strength of gross margins and
      sales growth rates achieved.

     Restructuring of Manufactured Housing Segment

      Watsco's manufactured housing operations, representing approximately 8% of
      sales, completed a substantial reduction in its workforce and incurred
      other restructuring costs in response to a 23% decline in business volume
      during 2000. Additional profitability initiatives are expected to be
      completed during 2001. An ultimate recovery of the manufactured housing
      industry, which is presently undergoing a major downturn from a diminished
      availability of homeowner and dealer financing, should provide Watsco with
      substantial upside earnings opportunity. Sales of

<PAGE>

      manufactured housing units have historically represented approximately 25%
      of the U.S. housing market.

The Company's year 2000 financial results will include after-tax charges of
approximately $5.9 million or 21 cents per share ($4.5 million or 17 cents in
the fourth quarter) related to the restructuring initiatives outlined above. The
Company's results will also include an after-tax fourth quarter charge of
approximately $1.1 million (4 cents per share) related to increased accounts
receivable valuation reserves in the Company's manufactured housing segment and
an after-tax charge of $1.4 million (5 cents per share) to reflect the
write-down of an impaired investment in one of the Company's primary
competitors.

Albert H. Nahmad, Watsco President and Chief Executive Officer, commented on the
Company's activities: "These profit-improvement initiatives are important steps
to move our financial performance forward and also have the desired effect of
simplifying our business. We are also thinking beyond the traditional yardstick
of margins and growth rates as technology and use of the internet provide a
catalyst toward reducing inefficient bricks-and-mortar while at the same time
retaining critical employees and extending more and greater services to our
customers."

Expected Year 2000 Operating Performance

For the year ended December 31, 2000, the Company expects to report record sales
of approximately $1.3 billion, including same-store sales growth of 6% in the
Company's core HVAC business. The Company's 6% same-store sales performance
reflects gains in market share based on data published by the Air Conditioning
and Refrigeration Institute, which indicate industry growth of approximately 2%
through November 2000.

The Company expects to report operating profit, excluding the impact of the
restructuring and other charges outlined above, of approximately $56-57 million.
Earnings per share, also excluding charges, is expected to be 98-99 cents per
share. The Company is scheduled to announce its year 2000 operating results and
hold a conference call for investors and analysts on February 8, 2001.

During the year 2000, eleven of fourteen Watsco business units, representing
sales of approximately $1.1 billion or 83% of sales, achieved operating margins
of approximately 5.2%, a 40 basis-point increase compared to 1999. As discussed
above, the Company's restructuring efforts are concentrated at three
underperforming business units with annual sales approximating $220 million, or
17% of annual sales. These business units are expected to return to
profitability in 2001, after having posted significant operating losses during
2000.

For the fourth quarter of year 2000, the Company expects to report sales of
approximately $289 million, including same-store sales growth of 5% in the
Company's primary HVAC business. The Company's sales performance in the quarter
was offset in part by a 26% decline in sales to the manufactured housing
segment. Earnings per share for the fourth quarter, excluding after-tax charges
of $7.0 million (26 cents per share) as described above, is expected to be a 4-5
cent loss as the Company's operating performance was adversely impacted by the
decline in the manufactured housing segment and losses incurred by the
aforementioned underperforming business units. The fourth quarter also
represents a slower seasonal period for the Company as the sale of replacement
air conditioning and related parts is concentrated in the more temperate second
and third calendar quarters.

Year 2000 Cash Flow

Cash flow from operations will approximate $48 million, far exceeding expected
net income and reflecting the Company's on-going working capital management
efforts. This strong operating cash flow performance led to an $18 million
reduction in long-term borrowings to approximately $141 million and provided
funds for the repurchase $18 million (1.7 million shares) of the Company's
common stock during 2000. With shareholders' equity exceeding $300 million at
December 31, 2000, the Company's debt-to-total capitalization ratio is 32%. To
date, the Company's Board of Directors has authorized the repurchase of up to
4.5 million shares of common stock and, since the inception of the program in
1999, the Company has repurchased 3.1 million shares at an aggregate cost of $32
million.

                                      -2-
<PAGE>

Year 2001 Outlook

The Company expects year 2001 earnings per share in the range of $1.15 to $1.17
per share with overall same-store sales growth of 4-5% based on its current
assessment of market conditions in its core residential and commercial air
conditioning and refrigeration business, including anticipated market share
gains. This growth is expected to be offset in part by a decline in business
volume in the manufactured housing segment as the dynamics caused by diminished
homeowner and dealer financing are expected to continue in 2001. The Company
expects to achieve operating margins of 4.8% to 5.0% based on on-going gross
margin enhancement activities, cost reduction and operating efficiency
initiatives and increased sales volume. Cash flow from operations in 2001 is
expected to approximate net income for the year and will be used for debt
reduction, acquisitions and share repurchases.

"The demand for our core HVAC products is driven by consumers and businesses
that need to replace air conditioning and heating equipment," commented Mr.
Nahmad. "Replacement demand is not expected to be impacted by a slowing economy
since air conditioning and heating is generally considered a necessity in the
markets served by Watsco. Our continued focus is to grow faster than the
industry and to improve our efficiency in order to ultimately move our operating
margins to 8%."

Watsco is the nation's largest distributor of air conditioning, heating and
refrigeration equipment and related products in the distribution segment of the
HVAC/R industry. The Company's strategy is to expand its distribution reach
across the United States. The Company currently operates 300 locations serving
customers in 30 states with annual revenue exceeding $1.3 billion. Additional
information about Watsco may be found on the Internet at http://www.watsco.com.

                                  -------------

This release contains statements which, to the extent they are not historical
fact, constitute "forward looking statements" under the securities laws,
including statements regarding acquisitions, financing agreements and industry,
demographic and other trends affecting the Company. All forward looking
statements involve risks, uncertainties and other factors that may cause the
actual results, performance or achievements of the Company to differ materially
from those contemplated or projected, forecasted, estimated, budgeted, expressed
or implied by or in such forward looking statements. The forward looking
statements in this document are intended to be subject to the safe harbor
protection provided under the securities laws.

--------------------------------------------------------------------------------

                                      -3-Exhibit 4.6 Form of Option Agreement for Directors

SPECTRE INDUSTRIES, INC.
OPTION AGREEMENT

      THIS AGREEMENT is made as of this ___ day of ________, 2000 in Vancouver,
British Columbia, Canada by and between Spectre Industries, Inc. ("Spectre") a
Nevada Corporation and , (the "Optionee").

                                    RECITALS

      WHEREAS, Optionee serves as a member of the Board of Directors of Spectre
and in such capacity has and will render faithful and valuable service to
Spectre; and

      WHEREAS, Spectre desires to continue to receive the benefit of Optionee
and to more fully identify his interest with the future and the success of
Spectre by granting unto him options to acquire common stock of Spectre; and

      WHEREAS, the parties hereby acknowledge that notwithstanding any other
communications whether written or verbal, this agreement is intended to set
forth the complete understanding of the parties hereto in respect to Spectre's
granting Optionee this option.

      NOW, THEREFORE, in consideration of the promises and mutual Covenants
herein contained, it has been and IT IS HEREBY AGREED AS FOLLOWS;

      1. Option to Purchase. SPECTRE hereby grants to Optionee the irrevocable
right and option to purchase from SPECTRE an aggregate of 200,000 shares of the
$.001 par value common stock of SPECTRE, upon terms and Conditions as
hereinafter set forth. The option is granted, and its exercisability will be,
contingent upon compliance with any securities registration (or registration
exemption) applicable to the option grant and exercise. Upon exercise of all or
a part of the Option, Optionee may be required to represent and warrant that his
purchase of SPECTRE common stock pursuant to this option is for investment
purposes only and not with a view to further distribution. If such
representation is required the certificate representing the shares purchases
shall be legended accordingly.

      2. Purchase Price. The purchase price of the shares to be acquired by the
Optionee pursuant to the exercise of this option shall be $.40 (40 cents) per
share and shall be paid in cash or solvent bank credits.

      3. Term of Option. This option may be exercised in full or in part at any
time during its term. In the event the option is not exercised in full as herein
provided, it shall continue until December 31, 2002 whereupon it shall
terminate.

      4. Notice of exercise of Option. This option shall be exercised in whole
or in part by written notice to Spectre at such place as Spectre's executive
offices may then be located, such notice to be delivered either personally or by
registered or certified mail, and to be accompanied by

                                                                              32
<PAGE>

payment as prescribed in paragraph 2. Such notice shall state the number of
shares Optionee elects to purchase under this Option at such time of exercise
(not exceeding the maximum number of shares which Optionee has the right to
purchase as of the date of such notice) and shall contain, in executed letter
form, a statement of investment intent in form satisfactory to SPECTRE and its
counsel. Such notice, if delivered by registered or certified mail, shall be
deemed to be received by SPECTRE at the time stated in the postmark thereon for
the purpose of establishing the date of exercise. However, SPECTRE shall not be
obligated to issue option shares nor shall Optionee become a shareholder of
record with respect to the option shares until actual receipt by SPECTRE of the
notice and payment required pursuant to this paragraph.

      5. Partial Exercise. Upon partial exercise of this Option, Optionee shall
receive a revised form of option agreement reflecting the right to purchase the
remaining shares underlying this option (as adjusted for any partial exercise)
and shall terminate on the same date as provided herein.

      6. Termination of Directorship. In the event Optionee ceases to serve as a
director of SPECTRE for any reason except death or disability, the following
will occur:

            (a) If no part of the option has been exercised, the option will be
cancelled at the time the directorship terminated.

            (b) If a portion (but less than all) of the option has been
exercised, then in SPECTRE'S sole discretion, SPECTRE may cancel any remaining
portion of the Option.

      7. Optionee's Death or Disability. In the event Optionee dies prior to
fully exercising the option or leaves the employment of SPECTRE by reason of
disability prior to fully exercising the Option for a one-year period following
such event, the unexercised portion of the Option will remain exercisable. At
the expiration of such period, the then remaining unexercised portion shall be
automatically cancelled.

      8. Nontransferability and Personal exercise of Option. During the lifetime
of the Optionee, the option may be exercised only by the Optionee. Attempted
transfer of all or any part of the option during the Optionee's lifetime will be
ineffective to confer the benefits sought to be transferred, and the number of
underlying shares of the Option for which the option may subsequently be
exercised will correspondingly be entirely eliminated or partly reduced to the
extent of the attempted transfer.

      9. Rights on Recapitalization, Merger, Etc. In the event that prior to the
exercise of this option as contemplated in paragraph 5 hereof in its entirety
there shall be any increase or reduction in the number of shares of capital
stock of SPECTRE outstanding (for which SPECTRE did not receive compensation in
money services or property) by reason of one or more stock dividends or stock
splits or other capital readjustments, or in the event that the outstanding
shares of SPECTRE shall be exchanged for other securities of SPECTRE or another
corporation by reason of merger, consolidation or other recapitalization, or
otherwise there shall be a proportionate and equitable adjustment to the terms
of the option with respect to the amount and class of stock remaining subject to
the option and

                                                                              33
<PAGE>

the purchase price to be paid therefor.

      If SPECTRE at any time shall be merged or consolidated into or with any
other corporation or substantially all of the assets of SPECTRE are assigned or
transferred to another corporation or legal entity, the provisions of this
option agreement shall be binding upon and shall inure to the benefit of the
corporation or entity resulting from such merger or consolidation or to the
entity to which such assets shall be transferred; and this provision shall apply
in the event of any subsequent merger, consolidation, assignment or transfer.

      10. Construction. This agreement has been entered into pursuant to the
laws of the state of Nevada and shall be construed in accordance with the Nevada
Corporation Code.

      11. Benefit. This option agreement may be altered, amended, or modified
only in writing and is binding upon the heirs and successors of the Optionee.

      12. No Shareholder Rights. Neither the Optionee nor the Optionee's
successors shall have the rights of a SPECTRE shareholder unless and until the
SPECTRE shares underlying this option have been purchased and the stock
certificates evidencing those option shares have been issued.

      13. Withholding Taxes. Whenever, in connection with the exercise of the
Option, delivery of the option shares, sales, other disposition of option shares
or other events relating to the option or the option Shares, SPECTRE deems
itself to be required under applicable federal, state, local or other Law or
governmental regulations, to withhold taxes, SPECTRE may deduct amounts for
withholding from any payment or payments owed by SPECTRE or any of its
subsidiaries to the Optionee.

      14. Notices. Notices to SPECTRE under this agreement (including change of
address) must be sent to its corporate Secretary at its corporate headquarters,
unless specified otherwise, notices to the Optionee will be sent to the
Optionee's most recent address on SPECTRE'S records.

      15. Scope of Agreement. This agreement binds, and will inure to the
benefit of SPECTRE and its successors and assigns.

      16. Resolution of Disputes. Any dispute or disagreement which should arise
under, or as a result of, or in any way relate to, the interpretation,
construction or applicability of this agreement will be determined by the Board
of Directors. Any determination made hereunder shall be final, binding, and
conclusive for all purposes. 17. Disclaimer Optionee hereby acknowledges that
neither Spectre nor any of its officers, agents, or representatives have made or
can make any assurance that either the granting or the exercise of the option
granted hereby will not give rise to adverse tax consequences and confirms and
agrees that he shall have no rights or remedies against Spectre or any of its
officers, agents, or representatives on account of any tax consequences flowing
from the granting or exercise of this option.

      EXECUTED as of the date first set forth above.

                                                                              34
<PAGE>

                              SPECTRE INDUSTRIES, INC.

                              By_____________________________________

Ian S. Grant, President

                              _______________________________________
, Optionee

                                                                              35

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00019-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00019-of-00352.parquet"}]]