Nutek Inc. Acquires Datascension Inc.
Nutek is pleased to announce the purchase of Datascension Inc., a debt free, profitable company, with approximately 210 employees. These additional employees will be further utilized in the management, order taking, packaging and fulfillment of Nutek product orders. Datascension will contribute approximately $3 million in annual revenue to Nutek and an additional $1.5 million in asset value made up of approximately $700,000 in cash and receivables and $800,000 in fixed assets.
In reporting on Nutek's progress, Mr. Conradie stated, "First, I would like to start by welcoming Datascension's competent management and employees to the Nutek team. Second, we have made significant progress in the elimination of debt by reducing 74% of the debt reported in our second quarter filings through a combination of cash and stock payment. Revenue is up over 200% for our third quarter compared to the same period last year and we are very well positioned to maintain this continued growth in Nutek." <.p>
Datascension Inc.
Datascension is a premier data solutions company representing a unique expertise in the collecting, storage, processing and interpretation of data. Mr. Scott Kincer will remain as President of Datascension, and join Nutek as a board member and Chief Operating Officer.
Commenting on the acquisition, Mr. Kincer stated, "Datascension is pleased to be a part of Nutek and we foresee significant savings and continued growth over the next 18 months for both companies resulting from the acquisition. Furthermore, Datascension has been negotiating on several contracts which we intend announcing shortly."
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Datascension Inc.
Datascension is a premier data solutions company representing a unique expertise in the collecting, storage, processing and interpretation of data. Mr. Scott Kincer will remain as President of Datascension, and join Nutek as a board member and Chief Operating Officer.
Commenting on the acquisition, Mr. Kincer stated, "Datascension is pleased to be a part of Nutek and we foresee significant savings and continued growth over the next 18 months for both companies resulting from the acquisition. Furthermore, Datascension has been negotiating on several contracts which we intend announcing shortly."
Safe Harbor for Forward-Looking Statements
Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings, the company's failure to implement its business strategies and other risks.