LAS VEGAS, Mar 21, 2003 (BUSINESS WIRE) -- Nutek Inc. (NUTK) today announced that several brokerage firms have failed to deliver shares to shareholders who have requested physical ownership.

Commenting on the situation, Murray Conradie, president & CEO, said, "We are very concerned that 24 shareholders have contacted the company complaining they cannot get certificates from their brokerages. This is a direct violation of U.C.C. - Article 8, Sections 8-504, 8-507 and 8-508, which states the brokerage is required to maintain the shares corresponding to the amount of shares it has established in favor of the holders and is required to comply with any entitlement order by a shareholder requesting ownership in certificated form.

"Furthermore, incorrect and misleading excuses have been given to the shareholders by some of these brokerages as to why the certificates cannot be issued. Several shareholders have even gone so far as to close their brokerage account to obtain delivery of their shares, but to no avail. The 4,524,943 shares that are represented by these 24 shareholders were purchased through E*TRADE Group Inc. (ET), Ameritrade Holding Corp. (AMTD), Fidelity, Scottrade, Maxim Group, Harris Direct, Charles Schwab (SCH), Olde/H&R Block (HRB), R.J. Thompson Securities owned by TD Waterhouse Group Inc. (TWE) and Securities America.

"Since our decision over three months ago, on Dec. 2, 2002, that ownership of the company's common shares must now be evidenced in certificated form under seal of the company and signed by the president and secretary of the company, only 17.9% of the shares held in the name of Cede & Co. have been transferred to the name of the shareholders. Despite repeated requests, the DTC has ignored these requests by the company to exit the company from the DTC clearing system.

"Real shareholder ownership is being undermined by the failed deliveries of these certificates and we suspect there are many more shareholders who cannot obtain physical delivery of their shares, but have yet to contact the company."

In conclusion, Conradie commented, "The company strongly encourages shareholders to immediately become registered shareholders with the company by ordering their share certificates for delivery from their broker dealer. This procedure ensures authenticity of shares purchased. Shareholders who have requested physical delivery of their shares, but are being denied delivery, are to contact the company immediately by fax at 702/262-0033 or e-mail at This e-mail address is being protected from spambots. You need JavaScript enabled to view it ."

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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.