LAS VEGAS, Mar 24, 2003 (BUSINESS WIRE) -- Nutek Inc. (NUTK) today announced that the company, along with a number of individual shareholders, filed a federal lawsuit against Ameritrade Holding Corp. (AMTD), E*Trade Group Inc. (ET), Fidelity Brokerage Services llc, Maxim Group llc and Charles Schwab & Company Inc. (SCH), for securities fraud, breach of contract, and negligence, among other claims. The plaintiff group is also demanding declaratory and injunctive relief, including asking for general, special and punitive financial damages; and that the matter be taken up for jury trial in the jurisdiction of the United States District Court's Nevada District.

Commenting on the situation, Murray Conradie, Nutek president & CEO, said, "As stated in earlier press reports, it is a major concern that at least 24 of our shareholders have contacted us and informed us that they cannot get certificates from their brokerages. Furthermore, our attorneys have documented that these shareholders have been given incorrect and misleading excuses by their brokerages as to why the certificates have not or cannot be issued. Several shareholders have even gone so far as to attempt to close their brokerage accounts to obtain delivery of their physical certificates, but to no avail.

"Since our press release last Friday, additional Nutek shareholders have notified the company that they, too, have been unable to obtain their stock certificates. We urge shareholders who are having difficulties obtaining their shares to document all correspondence with their brokerage, and to contact the company immediately either by e-mail at Esta dirección electrónica esta protegida contra spambots. Es necesario activar Javascript para visualizarla or via fax to 702/262-0033 and become part of this federal lawsuit. True shareholder ownership is being undermined by the failed deliveries of these certificates."

The company will endeavor to keep all shareholders updated as to the progress of this action, along with anticipated future civil actions against additional adverse parties as their identities are uncovered.

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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.