LAS VEGAS, Aug 12, 2003 (BUSINESS WIRE) -- Nutek, Inc. (NUTK) today announced a net profit of $158,551, on gross revenues of $1,936,083 for the second quarter ended June 30, 2003.

"We are extremely pleased to have achieved this level of profitability for the Company. We are well positioned to achieve record financial results for the balance of 2003," stated Nutek CEO Murray Conradie. "Over the past six quarters, Nutek's aggregate net profit surged to $1,027,068 on record revenues of $10,095,236."

"Our strategy of carefully managing our growth has enabled us to deliver solid financial results across the board," said Jason Griffith, Nutek CFO. "In addition to strong profits, our other key financial indicators including receivables, working capital and working capital ratios have all shown continued improvement." Griffith continued, "The Company is continually strengthening its financial outlook and now has total assets of $8,411,038 with shareholder equity of $7,048,571."

Outlook for Remainder of 2003

"We will continue our strategy of building significant new customer alliances and expanding sales opportunities within our existing rapidly growing customer base," stated Scott Kincer, Nutek COO. "We expect sales and earnings to continue to grow for the remainder of 2003 and expect to make announcements of additional contracts in the weeks ahead. This is a truly exciting time for Nutek and its stockholders," concluded Kincer.

About Nutek, Inc.

Nutek, Inc. is a public holding company with primary operations in three diverse industries: Datascension Inc., a leading data processing and market survey firm; Nutek Oil Inc., an oil and gas exploration and development company; and Nutek, Inc., a developer and marketer of proprietary consumer/commercial products. Additional information is available at www.nutk.com

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995  

Certain statements contained in this press release are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and information relating to the Company that is based on the beliefs of the management of the Company, as well as assumptions made by and information currently available to the management of the Company. When used in this press release, the words "estimate," "project," "believe," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events, and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. The Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.