HENDERSON, Nevada - (BUSINESS WIRE) - July 17, 2002 -- Nutek Inc. (NUTK-OTCBB), a publicly traded holding company, announced today that net profits for the second quarter would exceed $225,000.00.

Commenting on this earnings preview, Nutek CEO Murray Conradie commented, "The improvement in earnings over last quarter by approximately 60% can be attributed to our ongoing cost-savings measures and growth of operations. With the cost saving measures and numerous multi-year contracts in place, we fully expect to sustain profitability for the future and continue to evaluate every expense to see where further reductions can be made. These results demonstrate that our first quarter profit of $147,000 was not an aberration. We have achieved year-to-date earnings of approximately $375,000.”

Conradie continued, “Additionally, we have achieved an increase in our working capital of almost $700,000 in the second quarter to approximately $1.8 million, with total assets now close to $8 million, and shareholder equity of approximately $6 million.”

Scott Kincer, Nutek COO and Datascension president, stated, “I am extremely pleased with our results, and although many companies are struggling in this economy, we are continuing to grow at a tremendous pace while at the same time containing overhead expenditure.”

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Nutek is a holding company, with a concentrated focus on three primary operating divisions, diversified in very different industries. Nutek is devoted to the acquisition, development and marketing of proprietary consumer/commercial products. In addition to this division, Nutek Oil, Inc., (NUTO-NQB) based in San Antonio, Texas, and Datascension, Inc., based in Riverside, California, round out the current operating units of Nutek.

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.